Truist Financial Corp raised its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) by 11.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 41,446 shares of the financial services provider’s stock after purchasing an additional 4,162 shares during the period. Truist Financial Corp’s holdings in LPL Financial were worth $7,572,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in LPLA. Allspring Global Investments Holdings LLC bought a new stake in LPL Financial during the fourth quarter valued at about $313,205,000. JPMorgan Chase & Co. boosted its stake in shares of LPL Financial by 313.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,325,082 shares of the financial services provider’s stock worth $212,133,000 after acquiring an additional 1,004,582 shares during the period. Darlington Partners Capital Management LP bought a new position in shares of LPL Financial in the fourth quarter worth about $148,343,000. abrdn plc bought a new position in shares of LPL Financial in the fourth quarter worth about $111,468,000. Finally, American Century Companies Inc. boosted its stake in shares of LPL Financial by 17.2% in the fourth quarter. American Century Companies Inc. now owns 1,234,276 shares of the financial services provider’s stock worth $197,595,000 after acquiring an additional 181,478 shares during the period. 96.06% of the stock is owned by institutional investors and hedge funds.
NASDAQ:LPLA opened at $177.68 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $14.21 billion, a P/E ratio of 31.28, a P/E/G ratio of 0.50 and a beta of 0.95. LPL Financial Holdings Inc. has a 12 month low of $127.03 and a 12 month high of $220.80. The business’s 50-day moving average is $185.57 and its 200 day moving average is $181.56.
LPL Financial (NASDAQ:LPLA – Get Rating) last posted its earnings results on Thursday, April 28th. The financial services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.16. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.14 billion. LPL Financial had a return on equity of 35.82% and a net margin of 5.74%. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.77 earnings per share. On average, research analysts forecast that LPL Financial Holdings Inc. will post 9.61 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Thursday, June 9th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, June 8th. This represents a $1.00 dividend on an annualized basis and a yield of 0.56%. LPL Financial’s dividend payout ratio (DPR) is presently 17.61%.
In other LPL Financial news, 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 transaction of $3,908,622.88. Following the sale, the chief executive officer now directly owns 162,608 shares in the company, valued at $32,580,138.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michelle Oroschakoff sold 15,724 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The shares were 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 $7,245,371.64. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
A number of research firms have recently weighed in on LPLA. StockNews.com lowered LPL Financial from a “hold” rating to a “sell” rating in a research note on Monday, May 2nd. Truist Financial upped their price objective on LPL Financial from $200.00 to $230.00 in a research note on Tuesday, May 3rd. Citigroup upped their price objective on LPL Financial from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, April 14th. Morgan Stanley upped their price objective on LPL Financial from $246.00 to $263.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 13th. Finally, JMP Securities upgraded LPL Financial from a “market perform” rating to an “outperform” rating and set a $242.00 target price on the stock in a research report on Thursday, April 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, LPL Financial currently has an average rating of “Moderate Buy” and an average target price of $230.33.
About LPL Financial (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.
Further Reading
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Source: defenseworld.net
