Greg Gates Sells 750 Shares of LPL Financial (NASDAQ:LPLA) Stock

LPL Financial Holdings Inc. (NASDAQ:LPLA) Director Greg Gates sold 750 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $370.97, for a total value of $278,227.50. Following the completion of the sale, the director owned 14,620 shares in the company, valued at $5,423,581.40. This represents a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Greg Gates also recently made the following trade(s):

• On Wednesday, November 5th, Greg Gates sold 1,500 shares of LPL Financial stock. The shares were sold at an average price of $376.43, for a total value of $564,645.00.
• On Monday, October 6th, Greg Gates sold 750 shares of LPL Financial stock. The stock was sold at an average price of $314.42, for a total transaction of $235,815.00.

LPL Financial Trading Up 1.7%

LPLA traded up $6.21 during trading hours on Tuesday, reaching $374.71. 561,178 shares of the company’s stock traded hands, compared to its average volume of 817,497. The firm has a market capitalization of $29.99 billion, a PE ratio of 34.50, a PEG ratio of 0.82 and a beta of 0.60. LPL Financial Holdings Inc. has a 52-week low of $262.83 and a 52-week high of $403.58. The firm has a 50-day moving average price of $348.13 and a 200 day moving average price of $360.54. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.49.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, October 30th. The financial services provider reported $5.20 earnings per share for the quarter, topping the consensus estimate of $4.49 by $0.71. The business had revenue of $4.55 billion during the quarter, compared to analysts’ expectations of $4.08 billion. LPL Financial had a return on equity of 36.80% and a net margin of 5.35%.The business’s revenue for the quarter was up 46.4% compared to the same quarter last year. During the same period in the prior year, the business earned $4.16 EPS. As a group, sell-side analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Thursday, November 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Thursday, November 13th. LPL Financial’s payout ratio is presently 11.05%.

Hedge Funds Weigh In On LPL Financial

Several institutional investors have recently bought and sold shares of LPLA. Summit Securities Group LLC acquired a new position in LPL Financial during the first quarter worth $26,000. Osterweis Capital Management Inc. purchased a new position in LPL Financial during the second quarter worth $26,000. SJS Investment Consulting Inc. raised its stake in LPL Financial by 912.5% in the 3rd quarter. SJS Investment Consulting Inc. now owns 81 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 73 shares during the last quarter. Chung Wu Investment Group LLC purchased a new stake in LPL Financial in the 3rd quarter worth approximately $27,000. Finally, Eastern Bank increased its stake in LPL Financial by 72.0% in the third quarter. Eastern Bank now owns 86 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 36 shares during the last quarter. 95.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. 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. Citigroup reaffirmed an “outperform” rating on shares of LPL Financial in a report on Friday, October 31st. JPMorgan Chase & Co. dropped their price target on LPL Financial from $463.00 to $438.00 and set an “overweight” rating for the company in a research report on Monday, October 20th. UBS Group set a $455.00 price objective on shares of LPL Financial in a report on Thursday, October 9th. Finally, Citizens Jmp upped their price objective on shares of LPL Financial from $455.00 to $475.00 and gave the company a “market outperform” rating in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, LPL Financial currently has an average rating of “Moderate Buy” and a consensus price target of $429.00.

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, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.