Stock Buyback Program Authorized by LPL Financial (NASDAQ:LPLA)

LPL Financial (NASDAQ:LPLA) declared that its board has approved a stock repurchase program, which authorizes the company to repurchase $359.00 million in outstanding shares on Tuesday, December 5th, EventVestor reports. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

LPL Financial (NASDAQ LPLA) opened at $55.95 on Friday. The firm has a market capitalization of $5,046.13, a P/E ratio of 22.47, a price-to-earnings-growth ratio of 1.87 and a beta of 1.88. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.48 and a current ratio of 1.48. LPL Financial has a 1-year low of $34.45 and a 1-year high of $56.56.

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

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 27th. Stockholders of record on Thursday, November 9th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Wednesday, November 8th. LPL Financial’s payout ratio is 42.55%.

Several research analysts have recently commented on LPLA shares. Zacks Investment Research downgraded LPL Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, November 8th. Citigroup increased their target price on LPL Financial from $60.50 to $65.00 and gave the stock a “buy” rating in a research report on Monday, October 30th. Credit Suisse Group began coverage on LPL Financial in a research report on Thursday, November 30th. They set an “outperform” rating and a $68.00 target price for the company. Nomura increased their target price on LPL Financial from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, November 9th. Finally, ValuEngine cut LPL Financial from a “buy” rating to a “hold” rating in a research report on Friday, October 6th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $54.55.

In other news, CEO Dan H. Arnold sold 3,742 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total value of $181,636.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.00% of the stock is owned by company 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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