First Trust Advisors LP trimmed its holdings in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 4.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 246,593 shares of the financial services provider’s stock after selling 12,689 shares during the quarter. First Trust Advisors LP’s holdings in LPL Financial were worth $16,162,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Guggenheim Capital LLC increased its position in LPL Financial by 12.7% during the first quarter. Guggenheim Capital LLC now owns 31,681 shares of the financial services provider’s stock worth $1,935,000 after buying an additional 3,565 shares during the last quarter. Swiss National Bank grew its position in shares of LPL Financial by 2.2% in the first quarter. Swiss National Bank now owns 141,100 shares of the financial services provider’s stock valued at $8,617,000 after purchasing an additional 3,100 shares during the last quarter. Mackay Shields LLC acquired a new stake in shares of LPL Financial in the first quarter valued at about $20,947,000. Schwab Charles Investment Management Inc. grew its position in shares of LPL Financial by 5.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 497,944 shares of the financial services provider’s stock valued at $30,410,000 after purchasing an additional 24,501 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its position in shares of LPL Financial by 11.5% in the first quarter. BNP Paribas Arbitrage SA now owns 26,428 shares of the financial services provider’s stock valued at $1,614,000 after purchasing an additional 2,731 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director John Andrew Kalbaugh sold 1,627 shares of LPL Financial stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $70.20, for a total transaction of $114,215.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Dan H. Arnold sold 6,000 shares of LPL Financial stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $66.90, for a total value of $401,400.00. Following the sale, the chief executive officer now directly owns 239,761 shares in the company, valued at $16,040,010.90. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
Several brokerages have recently issued reports on LPLA. Credit Suisse Group raised their price target on LPL Financial from $84.00 to $92.00 and gave the company an “outperform” rating in a research report on Tuesday, May 8th. Morgan Stanley raised their price target on LPL Financial from $72.00 to $74.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 30th. Goldman Sachs Group downgraded LPL Financial from a “buy” rating to a “neutral” rating and set a $81.00 price target on the stock. in a research report on Wednesday, May 16th. BidaskClub raised LPL Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, May 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $83.00 price target on shares of LPL Financial in a research report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. LPL Financial has a consensus rating of “Hold” and an average target price of $79.09.
LPLA stock opened at $66.32 on Monday. LPL Financial Holdings Inc has a twelve month low of $44.08 and a twelve month high of $73.28. The stock has a market cap of $5.80 billion, a P/E ratio of 22.11, a PEG ratio of 0.85 and a beta of 1.70. The company has a debt-to-equity ratio of 2.36, a quick ratio of 1.44 and a current ratio of 1.44.
LPL Financial (NASDAQ:LPLA) last released its earnings results on Thursday, July 26th. The financial services provider reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.10. LPL Financial had a return on equity of 35.98% and a net margin of 7.09%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business earned $0.74 earnings per share. The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. sell-side analysts predict that LPL Financial Holdings Inc will post 5.19 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 23rd. Investors of record on Thursday, August 9th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Wednesday, August 8th. LPL Financial’s dividend payout ratio (DPR) is presently 33.33%.
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 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
Recommended Story: How to Invest in Growth Stocks
Want to see what other hedge funds are holding LPLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for LPL Financial Holdings Inc (NASDAQ:LPLA).
Receive News & Ratings for LPL Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for LPL Financial and related companies with MarketBeat.com's FREE daily email newsletter.