Great Lakes Advisors LLC reduced its position in LPL Financial Holdings Inc (NASDAQ:LPLA) by 8.2% during the third quarter, Holdings Channel reports. The firm owned 135,271 shares of the financial services provider’s stock after selling 12,139 shares during the period. Great Lakes Advisors LLC’s holdings in LPL Financial were worth $8,726,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the company. Bank of Montreal Can purchased a new position in shares of LPL Financial in the 2nd quarter valued at about $3,050,000. Nisa Investment Advisors LLC purchased a new position in shares of LPL Financial in the 2nd quarter valued at about $328,000. Hartford Investment Management Co. purchased a new position in shares of LPL Financial in the 2nd quarter valued at about $269,000. Piedmont Investment Advisors LLC purchased a new position in shares of LPL Financial in the 2nd quarter valued at about $301,000. Finally, Dupont Capital Management Corp purchased a new position in shares of LPL Financial in the 2nd quarter valued at about $2,491,000. 96.31% of the stock is currently owned by institutional investors.
In other LPL Financial news, insider Michelle Oroschakoff sold 6,000 shares of the stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $63.00, for a total transaction of $378,000.00. Following the completion of the sale, the insider now directly owns 19,811 shares of the company’s stock, valued at approximately $1,248,093. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George Burton White sold 23,893 shares of the stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $66.00, for a total value of $1,576,938.00. Following the sale, the director now directly owns 50,582 shares of the company’s stock, valued at $3,338,412. The disclosure for this sale can be found here. Insiders have sold a total of 30,143 shares of company stock valued at $1,971,038 over the last ninety days. 2.60% of the stock is owned by insiders.
Shares of NASDAQ LPLA opened at $64.17 on Friday. LPL Financial Holdings Inc has a 52-week low of $50.35 and a 52-week high of $73.28. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.43. The stock has a market capitalization of $5.51 billion, a P/E ratio of 21.39, a PEG ratio of 0.82 and a beta of 1.59.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.08. LPL Financial had a return on equity of 41.69% and a net margin of 7.68%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.30 billion. As a group, research analysts forecast that LPL Financial Holdings Inc will post 5.19 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Thursday, November 8th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 7th. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. LPL Financial’s payout ratio is 33.33%.
A number of analysts recently issued reports on the company. Zacks Investment Research cut LPL Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, August 21st. Wolfe Research assumed coverage on LPL Financial in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. BidaskClub raised LPL Financial from a “sell” rating to a “hold” rating in a research report on Thursday, November 8th. Morgan Stanley decreased their target price on LPL Financial from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Wednesday, November 14th. Finally, Goldman Sachs Group assumed coverage on LPL Financial in a research report on Tuesday. They issued a “conviction-buy” rating for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. LPL Financial has a consensus rating of “Buy” and a consensus target price of $77.82.
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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