First Trust Advisors LP grew its position in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 5.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,202 shares of the financial services provider’s stock after purchasing an additional 12,609 shares during the period. First Trust Advisors LP owned approximately 0.29% of LPL Financial worth $16,721,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of LPLA. Cornerstone Wealth Management LLC grew its position in shares of LPL Financial by 6,674.0% during the second quarter. Cornerstone Wealth Management LLC now owns 553,704 shares of the financial services provider’s stock valued at $8,391,000 after purchasing an additional 545,530 shares in the last quarter. Frontier Capital Management Co. LLC grew its position in shares of LPL Financial by 28.8% during the second quarter. Frontier Capital Management Co. LLC now owns 2,246,192 shares of the financial services provider’s stock valued at $147,215,000 after purchasing an additional 502,850 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of LPL Financial by 83.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,059,826 shares of the financial services provider’s stock valued at $69,462,000 after purchasing an additional 480,575 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of LPL Financial by 58.6% during the second quarter. Renaissance Technologies LLC now owns 1,219,400 shares of the financial services provider’s stock valued at $79,919,000 after purchasing an additional 450,500 shares in the last quarter. Finally, FMR LLC grew its position in shares of LPL Financial by 34.4% during the second quarter. FMR LLC now owns 1,456,514 shares of the financial services provider’s stock valued at $95,460,000 after purchasing an additional 372,986 shares in the last quarter. Hedge funds and other institutional investors own 94.47% of the company’s stock.
Shares of NASDAQ:LPLA opened at $65.15 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.43. LPL Financial Holdings Inc has a 12 month low of $48.13 and a 12 month high of $73.28. The stock has a market capitalization of $5.50 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 0.82 and a beta of 1.59.
LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.32 EPS for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.08. LPL Financial had a net margin of 7.68% and a return on equity of 41.69%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.30 billion. On average, sell-side analysts forecast that LPL Financial Holdings Inc will post 5.16 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 26th. Investors of record on Thursday, November 8th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Wednesday, November 7th. LPL Financial’s payout ratio is 33.33%.
A number of research analysts have recently weighed in on LPLA shares. Zacks Investment Research lowered LPL Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 15th. BidaskClub upgraded LPL Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 21st. Keefe, Bruyette & Woods restated a “buy” rating and set a $83.00 price objective on shares of LPL Financial in a research report on Friday, July 27th. Wells Fargo & Co raised their price objective on LPL Financial from $70.00 to $74.00 and gave the company a “market perform” rating in a research report on Friday, July 27th. Finally, Wolfe Research started coverage on LPL Financial in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $78.18.
In related news, Director Michelle Oroschakoff sold 6,000 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $67.11, for a total value of $402,660.00. Following the completion of the transaction, the director now owns 19,811 shares of the company’s stock, valued at approximately $1,329,516.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by company insiders.
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LPL Financial Company Profile
LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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