Elevation Point Wealth Partners LLC Buys 2,406 Shares of LPL Financial Holdings Inc. $LPLA

Elevation Point Wealth Partners LLC raised its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 69.2% during the 1st quarter, HoldingsChannel reports. The firm owned 5,884 shares of the financial services provider’s stock after purchasing an additional 2,406 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in LPL Financial were worth $1,770,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Egerton Capital UK LLP acquired a new position in shares of LPL Financial during the 4th quarter worth about $91,012,000. Massachusetts Financial Services Co. MA grew its position in LPL Financial by 14.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,719,447 shares of the financial services provider’s stock worth $1,328,475,000 after purchasing an additional 477,094 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of LPL Financial during the 3rd quarter worth about $1,975,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of LPL Financial by 7.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 77,992 shares of the financial services provider’s stock valued at $28,204,000 after buying an additional 5,179 shares during the last quarter. Finally, Markel Group Inc. lifted its stake in shares of LPL Financial by 1.2% in the fourth quarter. Markel Group Inc. now owns 559,951 shares of the financial services provider’s stock valued at $199,998,000 after buying an additional 6,630 shares during the period. Institutional investors own 95.66% of the company’s stock.

LPL Financial Stock Performance

Shares of NASDAQ:LPLA opened at $295.18 on Monday. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.56 and a quick ratio of 2.56. The business’s fifty day moving average price is $294.76 and its two-hundred day moving average price is $321.48. LPL Financial Holdings Inc. has a fifty-two week low of $260.15 and a fifty-two week high of $403.58. The stock has a market capitalization of $23.61 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 0.61 and a beta of 0.50.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, April 30th. The financial services provider reported $5.60 EPS for the quarter, beating the consensus estimate of $5.49 by $0.11. LPL Financial had a net margin of 4.93% and a return on equity of 31.26%. The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.98 billion. During the same quarter in the previous year, the company earned $5.15 EPS. The firm’s revenue for the quarter was up 34.6% compared to the same quarter last year. As a group, analysts predict that LPL Financial Holdings Inc. will post 22.94 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, May 21st. LPL Financial’s dividend payout ratio is currently 10.71%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on LPLA shares. Citizens Jmp restated a “market outperform” rating and set a $500.00 price target on shares of LPL Financial in a research note on Monday, April 6th. Morgan Stanley reduced their price objective on LPL Financial from $447.00 to $374.00 and set an “overweight” rating for the company in a research report on Friday, April 10th. UBS Group lifted their price objective on LPL Financial from $380.00 to $395.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Keefe, Bruyette & Woods initiated coverage on LPL Financial in a research report on Wednesday, April 8th. They set an “outperform” rating and a $350.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their target price on LPL Financial from $396.00 to $390.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, LPL Financial currently has an average rating of “Moderate Buy” and an average target price of $398.86.

Insider Activity

In other news, CFO Matthew J. Audette sold 1,110 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $330.01, for a total transaction of $366,311.10. Following the completion of the sale, the chief financial officer owned 19,803 shares of the company’s stock, valued at approximately $6,535,188.03. This trade represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Aneri Jambusaria sold 308 shares of LPL Financial stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $306.00, for a total transaction of $94,248.00. Following the completion of the transaction, the director owned 6,415 shares of the company’s stock, valued at $1,962,990. This trade represents a 4.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,887 shares of company stock worth $613,144 over the last ninety days. Insiders own 0.60% of the company’s stock.

About LPL Financial

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.