LPL Financial (LPLA) to Repurchase $359.00 million in Outstanding Shares

LPL Financial (NASDAQ:LPLA) announced that its board has approved a stock buyback plan, which permits the company to buyback $359.00 million in shares on Tuesday, December 5th, EventVestor reports. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

LPL Financial (NASDAQ LPLA) opened at $53.98 on Friday. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.48 and a quick ratio of 1.48. LPL Financial has a 1 year low of $34.01 and a 1 year high of $55.39. The firm has a market capitalization of $4,861.25, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 1.80 and a beta of 1.88.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. LPL Financial had a return on equity of 26.03% and a net margin of 5.19%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. equities analysts expect that LPL Financial will post 2.31 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, November 27th. Stockholders of record on Thursday, November 9th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.85%. LPL Financial’s dividend payout ratio is presently 42.55%.

Several equities research analysts have recently commented on LPLA shares. SunTrust Banks upgraded LPL Financial from a “hold” rating to a “buy” rating and boosted their price objective for the company from $49.00 to $55.00 in a report on Wednesday, August 16th. Nomura boosted their price objective on LPL Financial from $53.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, August 17th. J P Morgan Chase & Co restated a “neutral” rating and set a $51.00 price objective (up previously from $48.00) on shares of LPL Financial in a report on Friday, August 18th. Zacks Investment Research downgraded LPL Financial from a “buy” rating to a “hold” rating in a report on Wednesday, September 20th. Finally, Morgan Stanley lifted their target price on LPL Financial from $39.00 to $42.00 and gave the company an “underweight” rating in a research report on Thursday, October 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $54.55.

In related news, CEO Dan H. Arnold sold 3,742 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total transaction of $181,636.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.00% of the stock is owned by corporate insiders.

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LPL Financial Company Profile

LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.

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