BMO Capital Markets Cuts LPL Financial (NASDAQ:LPLA) Price Target to $370.00

LPL Financial (NASDAQ:LPLA) had its price target lowered by BMO Capital Markets from $390.00 to $370.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other research analysts have also recently weighed in on LPLA. Wolfe Research restated an “outperform” rating and issued a $454.00 price target on shares of LPL Financial in a research note on Wednesday, August 12th. Truist Financial started coverage on LPL Financial in a research report on Tuesday, September 1st. They set a “hold” rating and a $389.00 price objective on the stock. Morgan Stanley lifted their price objective on LPL Financial from $374.00 to $387.00 and gave the stock an “overweight” rating in a report on Friday, July 10th. JPMorgan Chase & Co. upped their target price on shares of LPL Financial from $408.00 to $428.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Finally, TD Cowen raised their price target on shares of LPL Financial from $372.00 to $377.00 and gave the company a “hold” rating in a report on Tuesday, September 1st. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $411.31.

LPL Financial Stock Up 1.0%

Shares of LPL Financial stock opened at $328.00 on Tuesday. The company has a 50-day simple moving average of $346.37 and a two-hundred day simple moving average of $319.04. The stock has a market capitalization of $25.83 billion, a PE ratio of 26.16, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53. LPL Financial has a 52-week low of $260.15 and a 52-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.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share for the quarter, beating the consensus estimate of $5.39 by $0.45. The company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.04 billion. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The firm’s quarterly revenue was up 35.2% compared to the same quarter last year. During the same quarter last year, the firm earned $4.51 earnings per share. On average, analysts anticipate that LPL Financial will post 24.2 EPS for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a $0.30 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.20 annualized dividend and a yield of 0.4%. LPL Financial’s dividend payout ratio (DPR) is presently 9.57%.

Insider Buying and Selling at LPL Financial

In other LPL Financial news, Director Greg Gates sold 4,119 shares of the business’s stock in a transaction dated 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 completion of the sale, the director owned 23,602 shares of the company’s stock, valued at approximately $8,387,678.76. The trade was a 14.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Katharine Reeping sold 440 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $347.88, for a total value of $153,067.20. Following the completion of the sale, the insider 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 SEC filing for this sale provides additional information. In the last 90 days, insiders sold 5,867 shares of company stock worth $2,079,664. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On LPL Financial

A number of hedge funds have recently modified their holdings of the company. Physician Wealth Advisors Inc. boosted its holdings in LPL Financial by 580.0% in the 1st 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. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in LPL Financial during the fourth quarter valued at about $50,000. Reflection Asset Management purchased a new position in shares of LPL Financial in the fourth quarter valued at about $50,000. Versant Capital Management Inc lifted its position in shares of LPL Financial by 79.0% in the second quarter. Versant Capital Management Inc now owns 188 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 83 shares in the last quarter. Finally, Abound Financial LLC boosted its stake in shares of LPL Financial by 9,550.0% in the first quarter. Abound Financial LLC now owns 193 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 191 shares during the period. 95.66% of the stock is currently owned by institutional investors.

About LPL Financial

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.