Ritholtz Wealth Management increased its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) by 7.6% in the first quarter, HoldingsChannel reports. The fund owned 3,509 shares of the financial services provider’s stock after purchasing an additional 248 shares during the period. Ritholtz Wealth Management’s holdings in LPL Financial were worth $641,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its stake in shares of LPL Financial by 3.6% in the 4th quarter. HighTower Advisors LLC now owns 1,683 shares of the financial services provider’s stock valued at $268,000 after acquiring an additional 58 shares during the last quarter. Shell Asset Management Co. lifted its stake in shares of LPL Financial by 0.6% in the 4th quarter. Shell Asset Management Co. now owns 9,822 shares of the financial services provider’s stock valued at $1,572,000 after acquiring an additional 59 shares during the last quarter. M&T Bank Corp lifted its stake in shares of LPL Financial by 3.0% in the 4th quarter. M&T Bank Corp now owns 2,085 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 61 shares during the last quarter. O Shares Investment Advisers LLC lifted its stake in shares of LPL Financial by 2.3% in the 4th quarter. O Shares Investment Advisers LLC now owns 3,370 shares of the financial services provider’s stock valued at $540,000 after acquiring an additional 76 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of LPL Financial by 24.5% in the 4th quarter. Quadrant Capital Group LLC now owns 458 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 90 shares during the last quarter. 96.06% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on LPLA. Citigroup boosted their price target on LPL Financial from $225.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, April 14th. Morgan Stanley boosted their price target on LPL Financial from $246.00 to $263.00 and gave the company an “overweight” rating in a report on Wednesday, April 13th. StockNews.com downgraded LPL Financial from a “hold” rating to a “sell” rating in a report on Monday, May 2nd. Truist Financial boosted their price target on LPL Financial from $200.00 to $230.00 in a report on Tuesday, May 3rd. Finally, JMP Securities upgraded LPL Financial from a “market perform” rating to an “outperform” rating and set a $242.00 price target on the stock in a report on Thursday, April 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, LPL Financial has an average rating of “Moderate Buy” and an average price target of $228.86.
In related news, Director Michelle Oroschakoff sold 15,724 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $172.23, for a total value of $2,708,144.52. Following the sale, the director now owns 42,068 shares in the company, valued at approximately $7,245,371.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Dan H. Arnold sold 19,508 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $200.36, for a total value of $3,908,622.88. Following the completion of the sale, the chief executive officer now owns 162,608 shares in the company, valued at approximately $32,580,138.88. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
LPLA stock opened at $188.82 on Monday. LPL Financial Holdings Inc. has a fifty-two week low of $127.03 and a fifty-two week high of $220.80. The business’s 50 day moving average price is $189.09 and its two-hundred day moving average price is $179.71. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.83 and a current ratio of 1.83. The company has a market capitalization of $15.10 billion, a price-to-earnings ratio of 33.24, a price-to-earnings-growth ratio of 0.53 and a beta of 0.95.
LPL Financial (NASDAQ:LPLA – Get Rating) last posted its earnings results on Thursday, April 28th. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.16. LPL Financial had a return on equity of 35.82% and a net margin of 5.74%. The firm had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the business earned $1.77 EPS. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. Sell-side analysts forecast that LPL Financial Holdings Inc. will post 9.55 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Thursday, June 9th were paid a $0.25 dividend. The ex-dividend date was Wednesday, June 8th. This represents a $1.00 annualized dividend and a dividend yield of 0.53%. LPL Financial’s payout ratio is currently 17.61%.
LPL Financial Company Profile (Get Rating)
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 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes.
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