Reinhart Partners Inc. lowered its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) by 5.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 75,203 shares of the financial services provider’s stock after selling 4,702 shares during the quarter. Reinhart Partners Inc. owned about 0.09% of LPL Financial worth $16,431,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its stake in shares of LPL Financial by 36.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,383 shares of the financial services provider’s stock valued at $801,000 after buying an additional 1,181 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of LPL Financial by 29.1% in the 1st quarter. HighTower Advisors LLC now owns 2,172 shares of the financial services provider’s stock valued at $395,000 after purchasing an additional 489 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of LPL Financial by 21.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,392 shares of the financial services provider’s stock valued at $802,000 after purchasing an additional 770 shares in the last quarter. Bank of Montreal Can increased its stake in shares of LPL Financial by 176.6% in the 1st quarter. Bank of Montreal Can now owns 6,549 shares of the financial services provider’s stock valued at $1,216,000 after purchasing an additional 4,181 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of LPL Financial in the 1st quarter valued at about $58,000. Institutional investors and hedge funds own 94.89% of the company’s stock.
Analyst Ratings Changes
LPLA has been the subject of several recent analyst reports. Morgan Stanley lowered LPL Financial from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $281.00 to $239.00 in a research note on Wednesday, November 30th. Keefe, Bruyette & Woods lifted their price target on LPL Financial from $258.00 to $277.00 and gave the company an “outperform” rating in a research note on Thursday. Credit Suisse Group lifted their price target on LPL Financial from $276.00 to $285.00 in a research note on Thursday, November 17th. JMP Securities lifted their price target on LPL Financial from $287.00 to $290.00 and gave the company a “market outperform” rating in a research note on Tuesday. Finally, StockNews.com began coverage on LPL Financial in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, LPL Financial currently has an average rating of “Moderate Buy” and an average price target of $263.00.
LPL Financial Price Performance
Shares of LPL Financial stock traded up $1.85 on Friday, hitting $229.08. 7,942 shares of the company were exchanged, compared to its average volume of 750,475. The stock has a market capitalization of $18.23 billion, a price-to-earnings ratio of 29.17, a price-to-earnings-growth ratio of 0.21 and a beta of 0.92. The company has a 50-day moving average price of $225.44 and a 200 day moving average price of $221.67. LPL Financial Holdings Inc. has a 1-year low of $140.65 and a 1-year high of $271.56. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.36.
LPL Financial (NASDAQ:LPLA – Get Rating) last issued its earnings results on Thursday, October 27th. The financial services provider reported $3.13 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.29. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.16 billion. LPL Financial had a return on equity of 40.28% and a net margin of 7.59%. As a group, sell-side analysts predict that LPL Financial Holdings Inc. will post 11.42 earnings per share for the current fiscal year.
LPL Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 28th. Investors of record on Thursday, November 10th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Wednesday, November 9th. LPL Financial’s dividend payout ratio is presently 12.84%.
Insider Activity at LPL Financial
In related news, Director Michelle Oroschakoff sold 5,213 shares of the company’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $213.80, for a total value of $1,114,539.40. Following the transaction, the director now directly owns 41,100 shares in the company, valued at $8,787,180. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other LPL Financial news, CFO Matthew J. Audette sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $257.09, for a total value of $5,141,800.00. Following the sale, the chief financial officer now owns 12,667 shares of the company’s stock, valued at $3,256,559.03. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michelle Oroschakoff sold 5,213 shares of the business’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $213.80, for a total value of $1,114,539.40. Following the completion of the sale, the director now directly owns 41,100 shares in the company, valued at approximately $8,787,180. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.
About LPL Financial
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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