Jennison Associates LLC grew its position in LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 21.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 135,221 shares of the financial services provider’s stock after acquiring an additional 23,554 shares during the quarter. Jennison Associates LLC’s holdings in LPL Financial were worth $40,678,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Osterweis Capital Management Inc. acquired a new stake in LPL Financial during the 2nd quarter worth approximately $26,000. Clearstead Advisors LLC lifted its position in LPL Financial by 3,650.0% during 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. lifted its position in LPL Financial by 550.0% during 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 purchased a new stake in LPL Financial during the fourth quarter worth approximately $36,000. Finally, Physician Wealth Advisors Inc. grew its stake in LPL Financial by 580.0% during the first quarter. Physician Wealth Advisors Inc. now owns 136 shares of the financial services provider’s stock worth $41,000 after buying an additional 116 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on LPLA shares. William Blair reissued an “outperform” rating on shares of LPL Financial in a research report on Thursday, June 4th. Weiss Ratings restated a “hold (c)” rating on shares of LPL Financial in a report on Monday, April 27th. Morgan Stanley upped their price target on shares of LPL Financial from $374.00 to $387.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Citizens Jmp reiterated a “market outperform” rating and issued a $500.00 price target on shares of LPL Financial in a report on Monday, April 6th. Finally, Barclays cut their price objective on LPL Financial from $412.00 to $394.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $397.92.
Insiders Place Their Bets
In other news, Director Aneri Jambusaria sold 308 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $306.00, for a total value of $94,248.00. Following the completion of the sale, the director owned 6,415 shares of the company’s stock, valued at approximately $1,962,990. The trade was a 4.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by corporate insiders.
LPL Financial Stock Performance
Shares of LPLA opened at $327.96 on Tuesday. The firm has a market cap of $26.23 billion, a price-to-earnings ratio of 29.28, a PEG ratio of 0.63 and a beta of 0.50. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 1.26. The business’s 50 day moving average is $294.19 and its two-hundred day moving average is $317.74. LPL Financial Holdings Inc. has a 52-week low of $260.15 and a 52-week high of $403.58.
LPL Financial (NASDAQ:LPLA – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $5.60 earnings per share for the quarter, topping analysts’ consensus estimates of $5.49 by $0.11. The business had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.98 billion. LPL Financial had a net margin of 4.93% and a return on equity of 31.26%. The business’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter last year, the company earned $5.15 earnings per share. Analysts forecast that LPL Financial Holdings Inc. will post 23.38 EPS for the current fiscal year.
LPL Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, May 21st. LPL Financial’s dividend payout ratio (DPR) is currently 10.71%.
LPL Financial Profile
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.
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