LPL Financial Holdings Inc. (LPLA) Sets New 1-Year High at $47.63
LPL Financial Holdings Inc. (NASDAQ:LPLA) shares reached a new 52-week high on Wednesday . The company traded as high as $47.63 and last traded at $47.60, with a volume of 1,686,164 shares changing hands. The stock had previously closed at $46.07.
A number of research analysts have weighed in on LPLA shares. Instinet raised shares of LPL Financial Holdings from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $51.00 in a report on Friday, April 28th. Citigroup Inc. raised shares of LPL Financial Holdings from a “neutral” rating to a “buy” rating in a report on Friday, April 28th. Nomura raised shares of LPL Financial Holdings from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $51.00 in a report on Friday, April 28th. Keefe, Bruyette & Woods raised shares of LPL Financial Holdings from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $48.00 in a report on Friday, April 28th. Finally, Zacks Investment Research raised shares of LPL Financial Holdings from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. LPL Financial Holdings has an average rating of “Buy” and an average target price of $43.91.
The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 20.65 and a beta of 1.84. The company has a 50 day moving average price of $44.32 and a 200-day moving average price of $41.23.
LPL Financial Holdings (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.08. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.05 billion. LPL Financial Holdings had a net margin of 5.10% and a return on equity of 26.45%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 EPS. Equities analysts forecast that LPL Financial Holdings Inc. will post $2.62 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.17%. LPL Financial Holdings’s dividend payout ratio is presently 43.48%.
In other news, insider William P. Jr. Morrissey sold 32,150 shares of the stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $39.34, for a total value of $1,264,781.00. Following the completion of the transaction, the insider now owns 49,691 shares in the company, valued at approximately $1,954,843.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.00% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Elkfork Partners LLC acquired a new position in LPL Financial Holdings during the first quarter valued at $190,000. Waratah Capital Advisors Ltd. acquired a new position in LPL Financial Holdings during the first quarter valued at $379,000. Legal & General Group Plc increased its position in LPL Financial Holdings by 37.8% in the first quarter. Legal & General Group Plc now owns 72,661 shares of the financial services provider’s stock valued at $2,893,000 after buying an additional 19,923 shares during the period. Bogle Investment Management L P DE acquired a new position in LPL Financial Holdings during the first quarter valued at $1,296,000. Finally, Goldman Sachs Group Inc. increased its position in LPL Financial Holdings by 36.4% in the first quarter. Goldman Sachs Group Inc. now owns 947,482 shares of the financial services provider’s stock valued at $37,738,000 after buying an additional 252,730 shares during the period. Hedge funds and other institutional investors own 90.76% of the company’s stock.
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About LPL Financial Holdings
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.
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