LPL Financial (NASDAQ:LPLA – Free Report) had its price objective upped by JPMorgan Chase & Co. from $428.00 to $445.00 in a report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.
Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company began coverage on shares of LPL Financial in a research note on Friday, October 2nd. They issued an “overweight” rating and a $362.00 price objective for the company. Keefe, Bruyette & Woods boosted their target price 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. Capital One Financial set a $370.00 price target on shares of LPL Financial in a report on Tuesday. 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 report on Friday, July 10th. Finally, BMO Capital Markets dropped their price target on LPL Financial from $390.00 to $370.00 and set an “outperform” rating for the company in a research note on Tuesday. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $411.69.
Read Our Latest Report on LPL Financial
LPL Financial Stock Up 0.9%
LPL Financial (NASDAQ:LPLA – Get Free Report) last posted its earnings results 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. The firm had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.04 billion. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The business’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.51 earnings per share. As a group, analysts forecast that LPL Financial will post 24.14 earnings per share for the current fiscal year.
LPL Financial Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given 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 Friday, August 14th. LPL Financial’s dividend payout ratio (DPR) is currently 9.57%.
Insider Buying and Selling
In other LPL Financial news, Director Greg Gates sold 4,119 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $355.38, for a total value of $1,463,810.22. Following the sale, the director owned 23,602 shares in the company, valued at approximately $8,387,678.76. The trade was a 14.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Katharine Reeping sold 440 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $347.88, for a total value of $153,067.20. Following the completion of the sale, the insider directly owned 1,774 shares of the company’s stock, valued at approximately $617,139.12. The trade was a 19.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,867 shares of company stock valued at $2,079,664 over the last 90 days. 0.60% of the stock is owned by corporate insiders.
Institutional Trading of LPL Financial
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of LPL Financial in the 2nd quarter worth approximately $1,333,189,000. Janus Henderson Group PLC boosted its position in LPL Financial by 9.0% during the fourth quarter. Janus Henderson Group PLC now owns 3,377,553 shares of the financial services provider’s stock valued at $1,206,371,000 after acquiring an additional 280,202 shares during the last quarter. Jupiter Topco LLC acquired a new stake in LPL Financial during the 2nd quarter worth about $1,182,595,000. Principal Financial Group Inc. grew its holdings in LPL Financial by 36.3% during the 1st quarter. Principal Financial Group Inc. now owns 2,636,544 shares of the financial services provider’s stock worth $793,163,000 after acquiring an additional 702,061 shares during the period. Finally, WCM Investment Management LLC grew its holdings in LPL Financial by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 1,734,395 shares of the financial services provider’s stock worth $520,631,000 after acquiring an additional 12,922 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.
LPL Financial Company Profile
LPL Financial Holdings Inc is a financial services company that provides brokerage and investment advisory services through a network of independent financial advisors. Operating primarily in the United States, the company supports advisors who serve individuals, families, businesses and retirement plan participants.
LPL Financial’s platform offers access to investment products and services, including equities, bonds, mutual funds, exchange-traded funds, insurance products, annuities and alternative investments.
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