LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Free Report) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 2,894,304 shares, a decline of 40.4% from the July 15th total of 4,852,571 shares. Based on an average daily volume of 720,682 shares, the short-interest ratio is currently 4.0 days. Currently, 3.7% of the shares of the company are sold short.
Insider Activity
In related news, Director Matthew Enyedi sold 1,000 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $352.72, for a total value of $352,720.00. Following the completion of the transaction, the director directly owned 13,121 shares of the company’s stock, valued at $4,628,039.12. This represents a 7.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Aneri Jambusaria sold 308 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total value of $94,248.00. Following the completion of the transaction, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the company. Goldstein Advisors LLC raised its holdings in LPL Financial by 4.8% during the 4th quarter. Goldstein Advisors LLC now owns 634 shares of the financial services provider’s stock valued at $226,000 after buying an additional 29 shares during the last quarter. Coastal Bridge Advisors LLC grew its holdings in LPL Financial by 0.6% in the 4th quarter. Coastal Bridge Advisors LLC now owns 5,475 shares of the financial services provider’s stock worth $1,956,000 after acquiring an additional 31 shares during the last quarter. Root Financial Partners LLC grew its holdings in LPL Financial by 1.4% in the 4th quarter. Root Financial Partners LLC now owns 2,318 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 33 shares during the last quarter. Lifestyle Asset Management Inc. increased its position in shares of LPL Financial by 2.9% in the fourth quarter. Lifestyle Asset Management Inc. now owns 1,191 shares of the financial services provider’s stock valued at $425,000 after acquiring an additional 34 shares during the period. Finally, Bank of Nova Scotia increased its position in shares of LPL Financial by 0.7% in the first quarter. Bank of Nova Scotia now owns 5,705 shares of the financial services provider’s stock valued at $1,716,000 after acquiring an additional 37 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.
LPL Financial Stock Performance
LPL Financial (NASDAQ:LPLA – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $5.84 EPS for the quarter, topping analysts’ consensus estimates of $5.39 by $0.45. LPL Financial had a return on equity of 32.20% and a net margin of 5.13%.The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the prior year, the company posted $4.51 earnings per share. The firm’s revenue was up 35.2% on a year-over-year basis. As a group, sell-side analysts anticipate that LPL Financial will post 24.09 earnings per share for the current fiscal year.
LPL Financial Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. LPL Financial’s dividend payout ratio (DPR) is presently 9.57%.
Analyst Ratings Changes
LPLA has been the subject of several research reports. Keefe, Bruyette & Woods raised their price objective on LPL Financial from $365.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. upped their target price on LPL Financial from $408.00 to $428.00 and gave the company an “overweight” rating in a report on Friday, July 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of LPL Financial in a research report on Friday, July 24th. Wolfe Research reissued an “outperform” rating and issued a $454.00 price target on shares of LPL Financial in a research note on Wednesday. Finally, UBS Group dropped their price target on LPL Financial from $395.00 to $391.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $406.69.
Check Out Our Latest Stock Analysis on LPLA
LPL Financial Company 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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