Foster Victor Wealth Advisors LLC reduced its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 11.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 46,192 shares of the financial services provider’s stock after selling 6,255 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in LPL Financial were worth $14,604,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of LPLA. Axxcess Wealth Management LLC purchased a new stake in shares of LPL Financial during the third quarter worth $434,000. Crossmark Global Holdings Inc. boosted its holdings in shares of LPL Financial by 6.5% in the third quarter. Crossmark Global Holdings Inc. now owns 757 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 46 shares during the period. Nisa Investment Advisors LLC grew its position in shares of LPL Financial by 675.4% in the third quarter. Nisa Investment Advisors LLC now owns 8,808 shares of the financial services provider’s stock valued at $2,693,000 after purchasing an additional 7,672 shares in the last quarter. Integrated Advisors Network LLC purchased a new position in shares of LPL Financial in the third quarter valued at $203,000. Finally, Net Worth Advisory Group purchased a new position in shares of LPL Financial in the third quarter valued at $222,000. 95.66% of the stock is owned by institutional investors.
Insider Transactions at LPL Financial
In related news, Director Matthew Enyedi sold 1,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $352.72, for a total transaction of $352,720.00. Following the transaction, the director directly owned 13,121 shares of the company’s stock, valued at approximately $4,628,039.12. This trade represents a 7.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Aneri Jambusaria sold 308 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $357.36, for a total value of $110,066.88. Following the transaction, the director directly owned 6,107 shares in the company, valued at approximately $2,182,397.52. This represents a 4.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 5,867 shares of company stock valued at $2,079,664 over the last 90 days. Company insiders own 0.60% of the company’s stock.
LPL Financial Stock Performance
LPL Financial stock opened at $321.03 on Thursday. The firm’s fifty day moving average price is $339.32 and its 200-day moving average price is $320.67. LPL Financial Holdings Inc. has a fifty-two week low of $260.15 and a fifty-two week high of $400.16. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.39 and a current ratio of 2.39. The stock has a market cap of $25.28 billion, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53.
LPL Financial (NASDAQ:LPLA – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the previous year, the company posted $4.51 earnings per share. The company’s revenue was up 35.2% compared to the same quarter last year. On average, equities research analysts expect that LPL Financial Holdings Inc. will post 23.83 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on LPLA shares. TD Cowen boosted their price objective on LPL Financial from $377.00 to $380.00 and gave the company a “hold” rating in a research note on Monday, October 12th. Bank of America cut their target price on LPL Financial from $557.00 to $554.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Citigroup reaffirmed a “market outperform” rating on shares of LPL Financial in a report on Monday, October 5th. Wolfe Research reaffirmed an “outperform” rating and set a $454.00 target price on shares of LPL Financial in a report on Wednesday, August 12th. Finally, Barclays increased their price target on shares of LPL Financial from $401.00 to $409.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $409.69.
Read Our Latest Report on LPLA
LPL Financial Company Profile
LPL Financial Holdings Inc is a financial services company that supports independent financial advisors and institutions across the United States. Through its primary subsidiary, LPL Financial LLC, the company provides brokerage, investment advisory, and custodial services, enabling advisors to serve individual investors, families, retirement plans, and other clients.
LPL’s platform includes access to brokerage and advisory products, securities clearing and custody, trading and operations support, technology, compliance services, investment research, and practice-management resources.
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