Pinebridge Investments L.P. Sells 24,259 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Pinebridge Investments L.P. reduced its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 16.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 121,561 shares of the financial services provider’s stock after selling 24,259 shares during the period. Pinebridge Investments L.P.’s holdings in LPL Financial were worth $27,669,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in LPLA. V Square Quantitative Management LLC lifted its holdings in LPL Financial by 9.9% during the 3rd quarter. V Square Quantitative Management LLC now owns 522 shares of the financial services provider’s stock valued at $124,000 after purchasing an additional 47 shares during the last quarter. Oliver Luxxe Assets LLC lifted its holdings in LPL Financial by 0.6% during the 4th quarter. Oliver Luxxe Assets LLC now owns 8,152 shares of the financial services provider’s stock valued at $1,856,000 after purchasing an additional 48 shares during the last quarter. Covestor Ltd lifted its holdings in LPL Financial by 13.6% during the 3rd quarter. Covestor Ltd now owns 417 shares of the financial services provider’s stock valued at $99,000 after purchasing an additional 50 shares during the last quarter. CWM LLC lifted its holdings in LPL Financial by 6.0% during the 4th quarter. CWM LLC now owns 985 shares of the financial services provider’s stock valued at $224,000 after purchasing an additional 56 shares during the last quarter. Finally, Lido Advisors LLC lifted its holdings in LPL Financial by 3.6% during the 3rd quarter. Lido Advisors LLC now owns 1,863 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 64 shares during the last quarter. 95.66% of the stock is owned by institutional investors.

LPL Financial Stock Up 0.7 %

LPL Financial stock traded up $1.84 during trading on Wednesday, hitting $284.83. 571,847 shares of the company were exchanged, compared to its average volume of 535,450. The business’s 50 day moving average is $268.38 and its 200 day moving average is $251.34. LPL Financial Holdings Inc. has a 52 week low of $195.59 and a 52 week high of $287.80. The company has a market capitalization of $21.28 billion, a P/E ratio of 21.51, a PEG ratio of 1.14 and a beta of 0.89. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 1.70.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $4.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.44. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.68 billion. LPL Financial had a return on equity of 55.22% and a net margin of 9.71%. Analysts predict that LPL Financial Holdings Inc. will post 15.85 earnings per share for the current year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.42%. LPL Financial’s dividend payout ratio is presently 9.06%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LPLA. TD Cowen raised their price target on LPL Financial from $269.00 to $271.00 and gave the company a “hold” rating in a report on Wednesday, May 1st. Morgan Stanley raised LPL Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $254.00 to $315.00 in a report on Tuesday, April 9th. JMP Securities reissued a “market outperform” rating and set a $305.00 target price on shares of LPL Financial in a report on Wednesday, May 1st. Raymond James assumed coverage on LPL Financial in a report on Thursday, April 4th. They set an “underperform” rating for the company. Finally, JPMorgan Chase & Co. lifted their target price on LPL Financial from $254.00 to $260.00 and gave the stock a “neutral” rating in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, LPL Financial presently has an average rating of “Hold” and a consensus price target of $276.20.

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 enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.