Ocean Park Asset Management LLC Purchases New Shares in LPL Financial Holdings Inc. $LPLA

Ocean Park Asset Management LLC purchased a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 71,531 shares of the financial services provider’s stock, valued at approximately $21,519,000. LPL Financial accounts for about 1.1% of Ocean Park Asset Management LLC’s portfolio, making the stock its 18th biggest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of LPLA. Osterweis Capital Management Inc. acquired a new position in shares of LPL Financial during the 2nd quarter worth approximately $26,000. Clearstead Advisors LLC raised its position in shares of LPL Financial by 3,650.0% in the fourth quarter. Clearstead Advisors LLC now owns 75 shares of the financial services provider’s stock valued at $27,000 after buying an additional 73 shares in the last quarter. Steigerwald Gordon & Koch Inc. raised its position in shares of LPL Financial by 550.0% in the fourth quarter. Steigerwald Gordon & Koch Inc. now owns 78 shares of the financial services provider’s stock valued at $28,000 after buying an additional 66 shares in the last quarter. Core Wealth Advisors LLC bought a new stake in shares of LPL Financial in the fourth quarter valued at approximately $36,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of LPL Financial in the fourth quarter valued at approximately $50,000. Institutional investors and hedge funds own 95.66% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on LPLA shares. Citizens Jmp reissued a “market outperform” rating and set a $500.00 price target on shares of LPL Financial in a research report on Monday, April 6th. William Blair reiterated an “outperform” rating on shares of LPL Financial in a research report on Thursday, June 4th. 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 report on Friday, May 1st. Jefferies Financial Group reduced their target price on LPL Financial from $464.00 to $383.00 and set a “buy” rating on the stock in a report on Monday, April 6th. Finally, TD Cowen decreased their price target on LPL Financial from $330.00 to $326.00 and set a “hold” rating on the stock in a research report on Friday, May 1st. One 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $398.86.

Insider Buying and Selling

In other news, CFO Matthew J. Audette sold 1,110 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $330.01, for a total value of $366,311.10. Following the completion of the transaction, the chief financial officer owned 19,803 shares of the company’s stock, valued at approximately $6,535,188.03. This represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.60% of the company’s stock.

LPL Financial Stock Performance

Shares of LPLA opened at $293.95 on Monday. LPL Financial Holdings Inc. has a 52-week low of $260.15 and a 52-week high of $403.58. The business’s fifty day moving average is $301.84 and its 200-day moving average is $327.63. The company has a debt-to-equity ratio of 1.26, a quick ratio of 2.56 and a current ratio of 2.56. The firm has a market cap of $23.51 billion, a price-to-earnings ratio of 26.25, a PEG ratio of 0.61 and a beta of 0.50.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, April 30th. The financial services provider reported $5.60 EPS for the quarter, topping analysts’ consensus estimates of $5.49 by $0.11. LPL Financial had a return on equity of 31.26% and a net margin of 4.93%.The company had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $4.98 billion. During the same quarter in the previous year, the firm earned $5.15 EPS. LPL Financial’s revenue was up 34.6% on a year-over-year basis. Equities analysts anticipate that LPL Financial Holdings Inc. will post 22.98 EPS for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $1.20 annualized dividend and a yield of 0.4%. LPL Financial’s payout ratio is presently 10.71%.

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.