Mirae Asset Global Investments Co. Ltd. Raises Stock Position in LPL Financial Holdings Inc. $LPLA

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 26.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,869 shares of the financial services provider’s stock after acquiring an additional 2,297 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in LPL Financial were worth $3,616,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. AGF Management Ltd. increased its position in shares of LPL Financial by 74.9% during the second quarter. AGF Management Ltd. now owns 765,024 shares of the financial services provider’s stock worth $286,861,000 after purchasing an additional 327,580 shares in the last quarter. Bryn Mawr Trust Advisors LLC acquired a new stake in shares of LPL Financial in the 2nd quarter worth $316,000. Callan Family Office LLC purchased a new position in LPL Financial during the 2nd quarter worth $1,514,000. Allspring Global Investments Holdings LLC grew its stake in LPL Financial by 30.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 191,727 shares of the financial services provider’s stock worth $71,524,000 after buying an additional 44,249 shares during the last quarter. Finally, Ellevest Inc. acquired a new position in LPL Financial during the 2nd quarter valued at about $340,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LPLA has been the subject of several recent analyst reports. JMP Securities set a $475.00 price target on LPL Financial in a report on Friday, October 31st. Raymond James Financial upgraded shares of LPL Financial from an “underperform” rating to a “market perform” rating in a research note on Thursday, October 9th. TD Cowen cut their price target on shares of LPL Financial from $399.00 to $378.00 and set a “hold” rating on the stock in a research note on Friday. Morgan Stanley decreased their price target on shares of LPL Financial from $462.00 to $447.00 and set an “overweight” rating for the company in a report on Monday, December 22nd. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $421.00 price objective on shares of LPL Financial in a report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $427.69.

LPL Financial Stock Performance

LPLA opened at $376.33 on Tuesday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.49. LPL Financial Holdings Inc. has a 12-month low of $262.83 and a 12-month high of $403.58. The firm has a 50 day moving average of $366.80 and a two-hundred day moving average of $358.21. The firm has a market capitalization of $30.12 billion, a PE ratio of 34.18, a P/E/G ratio of 0.79 and a beta of 0.58.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $5.23 earnings per share for the quarter, topping analysts’ consensus estimates of $4.82 by $0.41. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. LPL Financial had a net margin of 5.08% and a return on equity of 35.99%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.25 earnings per share. On average, analysts anticipate that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 10th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, March 10th. LPL Financial’s payout ratio is 10.90%.

Insider Activity

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $376.43, for a total value of $564,645.00. Following the sale, the director owned 15,370 shares in the company, valued at approximately $5,785,729.10. This represents a 8.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Aneri Jambusaria sold 80 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $352.48, for a total transaction of $28,198.40. Following the sale, the director directly owned 5,502 shares in the company, valued at $1,939,344.96. The trade was a 1.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 7,388 shares of company stock valued at $2,747,538 in the last quarter. 0.70% of the stock is currently owned by company insiders.

LPL Financial Profile

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.