Riverhead Capital Management LLC boosted its holdings in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 36.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,650 shares of the financial services provider’s stock after acquiring an additional 13,600 shares during the period. Riverhead Capital Management LLC owned about 0.06% of LPL Financial worth $3,267,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Aperio Group LLC grew its holdings in shares of LPL Financial by 33.2% during the second quarter. Aperio Group LLC now owns 41,807 shares of the financial services provider’s stock worth $2,740,000 after buying an additional 10,431 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of LPL Financial during the second quarter worth about $824,000. Integrated Investment Consultants LLC purchased a new stake in shares of LPL Financial during the second quarter worth about $111,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of LPL Financial during the second quarter worth about $2,802,000. Finally, Victory Capital Management Inc. grew its holdings in shares of LPL Financial by 0.5% during the second quarter. Victory Capital Management Inc. now owns 816,811 shares of the financial services provider’s stock worth $53,534,000 after buying an additional 3,853 shares in the last quarter. Institutional investors own 92.07% of the company’s stock.
In other LPL Financial news, Director George Burton White sold 23,893 shares of the business’s stock in a transaction that occurred on Thursday, November 8th. The shares were sold at an average price of $66.00, for a total transaction of $1,576,938.00. Following the completion of the sale, the director now directly owns 50,582 shares in the company, valued at $3,338,412. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michelle Oroschakoff sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $63.00, for a total transaction of $378,000.00. Following the sale, the insider now owns 19,811 shares of the company’s stock, valued at $1,248,093. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,143 shares of company stock valued at $1,971,038. 2.60% of the stock is owned by insiders.
LPLA opened at $60.16 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 52-week low of $52.03 and a 52-week high of $73.28. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 0.80 and a beta of 1.59.
LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.30 billion. On average, research analysts predict that LPL Financial Holdings Inc will post 5.19 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Thursday, November 8th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 7th. This represents a $1.00 annualized dividend and a yield of 1.66%. LPL Financial’s dividend payout ratio is currently 33.33%.
A number of equities research analysts recently issued reports on the stock. BidaskClub downgraded shares of LPL Financial from a “sell” rating to a “strong sell” rating in a report on Saturday, September 8th. Zacks Investment Research upgraded shares of LPL Financial from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a report on Tuesday, August 14th. Wolfe Research assumed coverage on shares of LPL Financial in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. ValuEngine downgraded shares of LPL Financial from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Finally, Credit Suisse Group lowered their target price on shares of LPL Financial from $91.00 to $88.00 and set an “outperform” rating for the company in a report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $77.82.
About LPL Financial
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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