LPL Financial (LPLA) Shares Gap Up After Analyst Upgrade

LPL Financial Holdings Inc (NASDAQ:LPLA)’s share price gapped up prior to trading on Monday after Citigroup raised their price target on the stock from $80.00 to $90.00. The stock had previously closed at $62.93, but opened at $63.10. Citigroup currently has a buy rating on the stock. LPL Financial shares last traded at $62.13, with a volume of 832310 shares changing hands.

A number of other brokerages have also recently issued reports on LPLA. Zacks Investment Research upgraded shares of LPL Financial from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Thursday, October 26th. BidaskClub cut shares of LPL Financial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 16th. Wells Fargo & Co reiterated a “market perform” rating and set a $60.00 target price (up previously from $52.00) on shares of LPL Financial in a research report on Thursday, January 4th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $66.00 target price on shares of LPL Financial in a research report on Friday, December 22nd. Finally, SunTrust Banks reiterated a “buy” rating and set a $75.00 target price on shares of LPL Financial in a research report on Friday. Six research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $64.00.

In other LPL Financial news, CEO Dan H. Arnold sold 3,742 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total value of $181,636.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.00% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in LPL Financial by 1.3% during the 2nd quarter. BlackRock Inc. now owns 3,558,615 shares of the financial services provider’s stock worth $151,098,000 after acquiring an additional 46,013 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in LPL Financial by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,456,934 shares of the financial services provider’s stock worth $61,860,000 after acquiring an additional 42,820 shares during the last quarter. State Street Corp boosted its stake in LPL Financial by 2.7% during the 2nd quarter. State Street Corp now owns 1,251,932 shares of the financial services provider’s stock worth $53,161,000 after acquiring an additional 32,320 shares during the last quarter. Victory Capital Management Inc. boosted its stake in LPL Financial by 1.8% during the 4th quarter. Victory Capital Management Inc. now owns 914,627 shares of the financial services provider’s stock worth $52,262,000 after acquiring an additional 16,487 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in LPL Financial by 72.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 656,891 shares of the financial services provider’s stock worth $33,882,000 after acquiring an additional 275,138 shares during the last quarter. 90.32% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $5,691.00, a P/E ratio of 24.45, a price-to-earnings-growth ratio of 1.32 and a beta of 1.74. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.48 and a quick ratio of 1.48.

LPL Financial declared that its board has authorized a stock repurchase program on Tuesday, December 5th that permits the company to buyback $359.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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LPL Financial Company Profile

LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.

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