Quantitative Systematic Strategies LLC lowered its stake in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 12.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,511 shares of the financial services provider’s stock after selling 2,152 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in LPL Financial were worth $951,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. Hanseatic Management Services Inc. grew its holdings in shares of LPL Financial by 71.6% during the 1st quarter. Hanseatic Management Services Inc. now owns 8,577 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 3,580 shares during the last quarter. HL Financial Services LLC bought a new position in shares of LPL Financial during the 1st quarter valued at $364,000. Hennessy Advisors Inc. bought a new position in shares of LPL Financial during the 1st quarter valued at $3,829,000. Wells Fargo & Company MN grew its holdings in shares of LPL Financial by 2.0% during the 1st quarter. Wells Fargo & Company MN now owns 582,188 shares of the financial services provider’s stock valued at $35,555,000 after purchasing an additional 11,473 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in shares of LPL Financial by 1.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 152,968 shares of the financial services provider’s stock valued at $9,342,000 after purchasing an additional 1,604 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.
Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of LPL Financial from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a report on Tuesday, August 14th. BidaskClub lowered shares of LPL Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. Wells Fargo & Co increased their target price on shares of LPL Financial from $70.00 to $74.00 and gave the company a “market perform” rating in a report on Friday, July 27th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $83.00 target price on shares of LPL Financial in a report on Friday, July 27th. Finally, Morgan Stanley reduced their target price on shares of LPL Financial from $74.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 12th. 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. The company presently has an average rating of “Hold” and an average target price of $79.09.
Shares of LPL Financial stock opened at $66.32 on Monday. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 0.85 and a beta of 1.70. LPL Financial Holdings Inc has a 12-month low of $44.08 and a 12-month high of $73.28. 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 announced its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.10. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.28 billion. LPL Financial had a net margin of 7.09% and a return on equity of 35.98%. The company’s revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. research analysts expect that LPL Financial Holdings Inc will post 5.19 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Shareholders of record on Thursday, August 9th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Wednesday, August 8th. LPL Financial’s dividend payout ratio (DPR) is presently 33.33%.
In other LPL Financial news, CEO Dan H. Arnold sold 6,000 shares of the firm’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $66.90, for a total value of $401,400.00. Following the sale, the chief executive officer now owns 239,761 shares of the company’s stock, valued at approximately $16,040,010.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John Andrew Kalbaugh sold 1,627 shares of the firm’s stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $70.20, for a total transaction of $114,215.40. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
LPL Financial Company Profile
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.
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