Fmr LLC increased its stake in LPL Financial Holdings Inc (NASDAQ:LPLA) by 34.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,456,514 shares of the financial services provider’s stock after buying an additional 372,986 shares during the period. Fmr LLC owned about 1.65% of LPL Financial worth $95,460,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. UBS Group AG lifted its stake in LPL Financial by 12.3% during the first quarter. UBS Group AG now owns 46,484 shares of the financial services provider’s stock worth $2,838,000 after purchasing an additional 5,092 shares during the last quarter. Guggenheim Capital LLC increased its holdings in shares of LPL Financial by 12.7% in the first quarter. Guggenheim Capital LLC now owns 31,681 shares of the financial services provider’s stock worth $1,935,000 after buying an additional 3,565 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of LPL Financial by 36.7% in the first quarter. Allianz Asset Management GmbH now owns 328,844 shares of the financial services provider’s stock worth $20,083,000 after buying an additional 88,242 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of LPL Financial by 32.3% in the second quarter. State of Alaska Department of Revenue now owns 10,740 shares of the financial services provider’s stock worth $703,000 after buying an additional 2,620 shares during the period. Finally, Xact Kapitalforvaltning AB increased its holdings in shares of LPL Financial by 25.3% in the second quarter. Xact Kapitalforvaltning AB now owns 12,381 shares of the financial services provider’s stock worth $811,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds own 94.47% of the company’s stock.
In related news, Director Michelle Oroschakoff sold 6,000 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $67.11, for a total transaction of $402,660.00. Following the transaction, the director now owns 19,811 shares in the company, valued at approximately $1,329,516.21. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by insiders.
Several research analysts have recently commented on LPLA shares. BidaskClub upgraded LPL Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 30th. Wells Fargo & Co lifted their price objective on LPL Financial from $70.00 to $74.00 and gave the stock a “market perform” rating in a report on Friday, July 27th. Zacks Investment Research downgraded LPL Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, October 5th. Citigroup lifted their price objective on LPL Financial from $80.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, October 30th. Finally, Credit Suisse Group decreased their price objective on LPL Financial from $91.00 to $88.00 and set an “outperform” rating on the stock in a report on Friday, October 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. LPL Financial currently has an average rating of “Hold” and a consensus target price of $78.18.
Shares of NASDAQ:LPLA opened at $65.15 on Friday. LPL Financial Holdings Inc has a 1 year low of $48.13 and a 1 year high of $73.28. The stock has a market cap 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. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.43.
LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.08. LPL Financial had a return on equity of 41.69% and a net margin of 7.68%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.30 billion. On average, analysts expect that LPL Financial Holdings Inc will post 5.16 earnings per share for the current fiscal 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 7th. This represents a $1.00 dividend on an annualized basis and a yield of 1.53%. LPL Financial’s dividend payout ratio is presently 33.33%.
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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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