Wellington Management Group LLP reduced its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 45.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,866 shares of the financial services provider’s stock after selling 64,271 shares during the period. Wellington Management Group LLP’s holdings in LPL Financial were worth $21,933,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of LPLA. Goldstein Advisors LLC grew 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 raised its holdings in shares of LPL Financial by 0.6% in the fourth 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 raised its holdings in shares of LPL Financial by 1.4% in the fourth 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. lifted 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 in the last quarter. Finally, Bank of Nova Scotia lifted 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 in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.
Analyst Upgrades and Downgrades
LPLA has been the subject of a number of recent research reports. BMO Capital Markets lifted their price objective on LPL Financial from $300.00 to $390.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. UBS Group reduced their target price on shares of LPL Financial from $395.00 to $391.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Keefe, Bruyette & Woods raised their price target on shares of LPL Financial from $365.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Barclays lifted their price target on shares of LPL Financial from $394.00 to $401.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Finally, William Blair reissued an “outperform” rating on shares of LPL Financial in a research report on Thursday, June 4th. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $405.79.
LPL Financial Stock Performance
LPL Financial stock opened at $359.33 on Monday. The firm has a market capitalization of $28.29 billion, a P/E ratio of 28.65, a PEG ratio of 0.60 and a beta of 0.48. The stock has a fifty day moving average price of $340.76 and a 200 day moving average price of $315.41. LPL Financial Holdings Inc. has a 52 week low of $260.15 and a 52 week high of $400.16. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 1.30.
LPL Financial (NASDAQ:LPLA – Get Free Report) last released its earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share for the quarter, topping the consensus estimate 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 period in the prior year, the business posted $4.51 earnings per share. The firm’s revenue for the quarter was up 35.2% compared to the same quarter last year. Equities research analysts anticipate that LPL Financial Holdings Inc. will post 24.06 earnings per share for the current year.
LPL Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, August 14th. LPL Financial’s dividend payout ratio is presently 9.57%.
Insider Transactions at LPL Financial
In related news, Director Matthew Enyedi sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $352.72, for a total transaction of $352,720.00. Following the completion of the transaction, the director owned 13,121 shares of the company’s stock, valued at approximately $4,628,039.12. This represents a 7.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg Gates sold 4,119 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $355.38, for a total transaction of $1,463,810.22. Following the transaction, the director directly owned 23,602 shares in the company, valued at approximately $8,387,678.76. This represents a 14.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 5,735 shares of company stock worth $2,020,845 in the last three months. Company insiders own 0.60% of the company’s stock.
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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