Russell Investments Group Ltd. decreased its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 20.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 120,767 shares of the financial services provider’s stock after selling 30,806 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.16% of LPL Financial worth $26,262,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. MONECO Advisors LLC grew its stake in shares of LPL Financial by 2.8% during the second quarter. MONECO Advisors LLC now owns 1,878 shares of the financial services provider’s stock worth $408,000 after purchasing an additional 51 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of LPL Financial by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,628 shares of the financial services provider’s stock valued at $2,961,000 after acquiring an additional 67 shares during the period. Sumitomo Life Insurance Co. boosted its stake in LPL Financial by 1.0% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 7,361 shares of the financial services provider’s stock worth $1,601,000 after acquiring an additional 72 shares during the last quarter. Ironwood Investment Counsel LLC grew its holdings in LPL Financial by 3.5% during the first quarter. Ironwood Investment Counsel LLC now owns 2,210 shares of the financial services provider’s stock valued at $447,000 after purchasing an additional 75 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in LPL Financial by 0.9% in the first quarter. Advisors Asset Management Inc. now owns 8,065 shares of the financial services provider’s stock valued at $1,473,000 after purchasing an additional 75 shares in the last quarter. 92.84% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages have recently issued reports on LPLA. Barclays decreased their price target on shares of LPL Financial from $277.00 to $265.00 and set an “overweight” rating for the company in a report on Monday, October 30th. StockNews.com started coverage on LPL Financial in a report on Thursday, October 5th. They issued a “hold” rating for the company. Jefferies Financial Group lifted their price objective on LPL Financial from $282.00 to $284.00 in a report on Tuesday, October 10th. JMP Securities reissued a “market outperform” rating and set a $290.00 target price on shares of LPL Financial in a research note on Tuesday, October 10th. Finally, Citigroup upped their price target on shares of LPL Financial from $245.00 to $275.00 and gave the company a “buy” rating in a report on Friday, July 28th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $252.90.
Insiders Place Their Bets
In other news, Director Richard Steinmeier sold 10,300 shares of LPL Financial stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $242.68, for a total transaction of $2,499,604.00. Following the completion of the transaction, the director now directly owns 16,914 shares in the company, valued at approximately $4,104,689.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Richard Steinmeier sold 10,300 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $242.68, for a total transaction of $2,499,604.00. Following the completion of the sale, the director now owns 16,914 shares in the company, valued at approximately $4,104,689.52. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Aneri Jambusaria sold 1,930 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $222.37, for a total transaction of $429,174.10. Following the completion of the transaction, the director now owns 1,802 shares in the company, valued at approximately $400,710.74. The disclosure for this sale can be found here. Insiders have sold a total of 12,583 shares of company stock valued at $3,017,039 over the last 90 days. 1.30% of the stock is currently owned by insiders.
LPL Financial Stock Up 0.3 %
LPLA stock opened at $225.11 on Tuesday. LPL Financial Holdings Inc. has a twelve month low of $179.00 and a twelve month high of $257.64. The company has a market cap of $17.02 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 0.61 and a beta of 0.91. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.49. The business has a 50 day moving average price of $231.21 and a two-hundred day moving average price of $221.38.
LPL Financial (NASDAQ:LPLA – Get Free Report) last issued its earnings results on Thursday, October 26th. The financial services provider reported $3.74 earnings per share for the quarter, topping analysts’ consensus estimates of $3.59 by $0.15. LPL Financial had a net margin of 11.99% and a return on equity of 60.49%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the previous year, the company earned $3.13 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Analysts anticipate that LPL Financial Holdings Inc. will post 15.45 EPS for the current fiscal year.
LPL Financial Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 27th. Investors of record on Thursday, November 9th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Wednesday, November 8th. LPL Financial’s payout ratio is currently 8.14%.
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 enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes.
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