Allianz Asset Management GmbH increased its stake in LPL Financial Holdings Inc (NASDAQ:LPLA) by 5.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 280,139 shares of the financial services provider’s stock after buying an additional 15,721 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.32% of LPL Financial worth $18,073,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LPLA. Integrated Investment Consultants LLC acquired a new stake in shares of LPL Financial in the 2nd quarter valued at approximately $111,000. First Hawaiian Bank acquired a new stake in LPL Financial during the 3rd quarter valued at $188,000. GAM Holding AG acquired a new stake in LPL Financial during the 2nd quarter valued at $228,000. Advisors Asset Management Inc. lifted its holdings in LPL Financial by 158.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 10,983 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 6,726 shares during the last quarter. Finally, Greenleaf Trust acquired a new stake in LPL Financial during the 3rd quarter valued at $254,000. 92.07% of the stock is owned by institutional investors.
Shares of LPL Financial stock opened at $60.16 on Friday. LPL Financial Holdings Inc has a 1 year low of $52.03 and a 1 year high of $73.28. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 0.77 and a beta of 1.59. The company has a debt-to-equity ratio of 2.43, a current ratio of 1.40 and a quick ratio of 1.40.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.08. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.30 billion. LPL Financial had a return on equity of 41.69% and a net margin of 7.68%. On average, sell-side analysts forecast that LPL Financial Holdings Inc will post 5.19 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Thursday, November 8th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Wednesday, November 7th. LPL Financial’s payout ratio is 33.33%.
Several equities research analysts have issued reports on the company. Zacks Investment Research downgraded LPL Financial from a “buy” rating to a “hold” rating in a report on Tuesday, August 21st. Wolfe Research assumed coverage on LPL Financial in a report on Tuesday, September 25th. They set an “outperform” rating for the company. BidaskClub raised LPL Financial from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Morgan Stanley cut their price target on LPL Financial from $71.00 to $66.00 and set a “hold” rating for the company in a report on Wednesday, November 14th. Finally, Goldman Sachs Group assumed coverage on LPL Financial in a report on Tuesday, November 27th. They set a “conviction-buy” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. LPL Financial presently has a consensus rating of “Buy” and a consensus price target of $77.82.
In other LPL Financial news, Director George Burton White sold 23,893 shares of the stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $66.00, for a total transaction of $1,576,938.00. Following the transaction, the director now owns 50,582 shares in the company, valued at approximately $3,338,412. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michelle Oroschakoff sold 6,000 shares of the stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $63.00, for a total value of $378,000.00. Following the transaction, the insider now owns 19,811 shares in the company, valued at approximately $1,248,093. The disclosure for this sale can be found here. Insiders have sold a total of 30,143 shares of company stock worth $1,971,038 in the last quarter. Company insiders own 2.60% of the company’s stock.
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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