Virginia Retirement Systems ET AL lessened its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) by 17.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 6,100 shares of the financial services provider’s stock after selling 1,300 shares during the period. Virginia Retirement Systems ET AL’s holdings in LPL Financial were worth $1,114,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of LPLA. Moors & Cabot Inc. bought a new position in LPL Financial in the 3rd quarter worth approximately $27,000. TFO TDC LLC bought a new position in LPL Financial in the 4th quarter worth approximately $44,000. Steward Partners Investment Advisory LLC raised its position in shares of LPL Financial by 235.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 285 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 200 shares during the last quarter. Covestor Ltd bought a new stake in shares of LPL Financial during the 4th quarter valued at $47,000. Finally, CWM LLC bought a new stake in shares of LPL Financial during the 4th quarter valued at $60,000. Hedge funds and other institutional investors own 96.06% of the company’s stock.
Shares of NASDAQ LPLA opened at $176.49 on Thursday. The firm has a market cap of $14.11 billion, a PE ratio of 31.07, a PEG ratio of 0.50 and a beta of 0.95. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 1.57. LPL Financial Holdings Inc. has a 1-year low of $127.03 and a 1-year high of $220.80. The company has a fifty day moving average price of $186.22 and a 200 day moving average price of $180.83.
LPL Financial (NASDAQ:LPLA – Get Rating) last announced 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. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.14 billion. LPL Financial had a net margin of 5.74% and a return on equity of 35.82%. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.77 EPS. Equities research analysts forecast that LPL Financial Holdings Inc. will post 9.55 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Thursday, June 9th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend was Wednesday, June 8th. LPL Financial’s payout ratio is presently 17.61%.
Several analysts have commented on the stock. Morgan Stanley upped their target price on shares of LPL Financial from $246.00 to $263.00 and gave the company an “overweight” rating in a research report on Wednesday, April 13th. JMP Securities upgraded shares of LPL Financial from a “market perform” rating to an “outperform” rating and set a $242.00 target price for the company in a research report on Thursday, April 7th. StockNews.com cut shares of LPL Financial from a “hold” rating to a “sell” rating in a research report on Monday, May 2nd. Citigroup upped their price objective on shares of LPL Financial from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, April 14th. Finally, Truist Financial upped their price objective on shares of LPL Financial from $200.00 to $230.00 in a research report on Tuesday, May 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $228.86.
In other news, CEO Dan H. Arnold sold 19,508 shares of the stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $200.36, for a total transaction of $3,908,622.88. Following the completion of the transaction, the chief executive officer now directly owns 162,608 shares in the company, valued at approximately $32,580,138.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michelle Oroschakoff sold 15,724 shares of the stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $172.23, for a total transaction of $2,708,144.52. Following the transaction, the director now owns 42,068 shares of the company’s stock, valued at $7,245,371.64. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
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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