LPL Financial (NASDAQ:LPLA) Given New $110.00 Price Target at Citigroup
LPL Financial (NASDAQ:LPLA) had its price target boosted by Citigroup from $105.00 to $110.00 in a report released on Friday, The Fly reports. Citigroup currently has a sell rating on the financial services provider’s stock.
A number of other research analysts also recently weighed in on the company. Credit Suisse Group lowered their target price on LPL Financial from $110.00 to $98.00 and set an outperform rating on the stock in a report on Tuesday, October 1st. Zacks Investment Research raised LPL Financial from a sell rating to a hold rating in a report on Tuesday, October 29th. Wolfe Research set a $110.00 target price on LPL Financial and gave the company a buy rating in a report on Friday, October 25th. Jefferies Financial Group initiated coverage on LPL Financial in a report on Tuesday, September 17th. They issued a buy rating and a $96.00 target price on the stock. Finally, ValuEngine raised LPL Financial from a sell rating to a hold rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. LPL Financial has an average rating of Hold and an average price target of $93.52.
LPLA stock traded up $0.51 during trading on Friday, reaching $90.89. The stock had a trading volume of 16,795 shares, compared to its average volume of 719,113. LPL Financial has a 52 week low of $56.20 and a 52 week high of $91.54. The stock’s 50 day moving average is $80.70 and its two-hundred day moving average is $80.83. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.56. The firm has a market cap of $7.34 billion, a PE ratio of 17.06, a PEG ratio of 0.85 and a beta of 1.39.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.10%. The ex-dividend date is Wednesday, November 6th. LPL Financial’s dividend payout ratio (DPR) is currently 18.76%.
In other news, CEO Dan H. Arnold sold 19,747 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $75.29, for a total value of $1,486,751.63. Following the transaction, the chief executive officer now owns 248,593 shares of the company’s stock, valued at $18,716,566.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Andrew Kalbaugh sold 32,120 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $80.28, for a total value of $2,578,593.60. Following the completion of the transaction, the director now directly owns 24,096 shares in the company, valued at approximately $1,934,426.88. The disclosure for this sale can be found here. Insiders sold 156,166 shares of company stock worth $12,763,243 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Eqis Capital Management Inc. grew its position in shares of LPL Financial by 24.7% during the third quarter. Eqis Capital Management Inc. now owns 6,323 shares of the financial services provider’s stock worth $518,000 after purchasing an additional 1,252 shares in the last quarter. BBVA USA Bancshares Inc. purchased a new stake in shares of LPL Financial during the third quarter worth about $459,000. Massachusetts Financial Services Co. MA grew its position in shares of LPL Financial by 12.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,919 shares of the financial services provider’s stock worth $485,000 after purchasing an additional 661 shares in the last quarter. Boston Advisors LLC grew its position in shares of LPL Financial by 6.2% during the third quarter. Boston Advisors LLC now owns 99,471 shares of the financial services provider’s stock worth $8,147,000 after purchasing an additional 5,846 shares in the last quarter. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of LPL Financial during the third quarter worth about $75,000. Hedge funds and other institutional investors own 95.31% of the company’s stock.
LPL Financial Company Profile
LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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