Wall Street brokerages forecast that LPL Financial Holdings Inc (NASDAQ:LPLA) will report sales of $1.44 billion for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for LPL Financial’s earnings, with estimates ranging from $1.44 billion to $1.45 billion. LPL Financial posted sales of $1.32 billion in the same quarter last year, which would indicate a positive year over year growth rate of 9.1%. The firm is expected to issue its next quarterly earnings report after the market closes on Thursday, January 30th.
According to Zacks, analysts expect that LPL Financial will report full-year sales of $5.56 billion for the current year, with estimates ranging from $5.47 billion to $5.61 billion. For the next fiscal year, analysts forecast that the business will report sales of $5.99 billion, with estimates ranging from $5.94 billion to $6.09 billion. Zacks’ sales averages are an average based on a survey of research firms that cover LPL Financial.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.71 EPS for the quarter, beating the consensus estimate of $1.61 by $0.10. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. LPL Financial had a net margin of 10.07% and a return on equity of 59.56%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.19 earnings per share.
Several equities analysts recently weighed in on the stock. ValuEngine lowered shares of LPL Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Citigroup increased their price target on LPL Financial from $110.00 to $118.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Credit Suisse Group reiterated a “buy” rating and set a $98.00 price target on shares of LPL Financial in a report on Monday, December 9th. Wolfe Research set a $110.00 price target on LPL Financial and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Zacks Investment Research upgraded LPL Financial from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a report on Wednesday, January 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $99.27.
LPLA traded up $0.88 on Monday, reaching $98.51. The company had a trading volume of 3,094 shares, compared to its average volume of 411,171. The company has a fifty day moving average of $93.32 and a 200-day moving average of $83.96. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.56. The company has a market capitalization of $7.89 billion, a P/E ratio of 18.48, a PEG ratio of 0.89 and a beta of 1.42. LPL Financial has a one year low of $67.11 and a one year high of $99.06.
In other news, Director Michelle Oroschakoff sold 5,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $85.95, for a total transaction of $429,750.00. Following the sale, the director now directly owns 14,563 shares of the company’s stock, valued at approximately $1,251,689.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director George Burton White sold 51,140 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $86.34, for a total value of $4,415,427.60. Following the sale, the director now directly owns 40,809 shares in the company, valued at $3,523,449.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,024 shares of company stock worth $7,963,444. 2.20% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in LPLA. Nuveen Asset Management LLC grew its holdings in shares of LPL Financial by 241.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,186,741 shares of the financial services provider’s stock worth $96,803,000 after purchasing an additional 838,919 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of LPL Financial by 49.1% during the 3rd quarter. Voya Investment Management LLC now owns 1,295,396 shares of the financial services provider’s stock worth $106,094,000 after purchasing an additional 426,793 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of LPL Financial by 271.6% during the 2nd quarter. AQR Capital Management LLC now owns 396,152 shares of the financial services provider’s stock worth $32,247,000 after purchasing an additional 289,546 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of LPL Financial by 104.0% during the 3rd quarter. Artemis Investment Management LLP now owns 318,489 shares of the financial services provider’s stock worth $25,428,000 after purchasing an additional 162,392 shares in the last quarter. Finally, Hennessy Advisors Inc. grew its holdings in shares of LPL Financial by 376.2% during the 4th quarter. Hennessy Advisors Inc. now owns 184,300 shares of the financial services provider’s stock worth $17,002,000 after purchasing an additional 145,600 shares in the last quarter. 93.75% of the stock is currently owned by institutional investors.
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 financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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