Wells Fargo & Company MN boosted its holdings in LPL Financial Holdings Inc (NASDAQ:LPLA) by 88.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 342,284 shares of the financial services provider’s stock after acquiring an additional 160,738 shares during the quarter. Wells Fargo & Company MN owned 0.38% of LPL Financial worth $17,653,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Janus Henderson Group PLC bought a new stake in shares of LPL Financial during the 2nd quarter worth $399,202,000. Vanguard Group Inc. boosted its position in shares of LPL Financial by 10.4% in the second quarter. Vanguard Group Inc. now owns 8,779,510 shares of the financial services provider’s stock worth $372,778,000 after buying an additional 827,372 shares during the period. BlackRock Inc. boosted its position in shares of LPL Financial by 1.3% in the second quarter. BlackRock Inc. now owns 3,558,615 shares of the financial services provider’s stock worth $151,098,000 after buying an additional 46,013 shares during the period. Samlyn Capital LLC boosted its position in LPL Financial by 55.6% during the second quarter. Samlyn Capital LLC now owns 1,480,439 shares of the financial services provider’s stock valued at $62,860,000 after purchasing an additional 528,780 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in LPL Financial by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,456,934 shares of the financial services provider’s stock valued at $61,860,000 after purchasing an additional 42,820 shares during the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.
In other news, CEO Dan H. Arnold sold 3,742 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total transaction of $181,636.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.00% of the stock is currently owned by corporate insiders.
A number of research firms recently issued reports on LPLA. Zacks Investment Research cut LPL Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Credit Suisse Group assumed coverage on LPL Financial in a research note on Thursday, November 30th. They issued an “outperform” rating and a $68.00 price objective on the stock. Wells Fargo & Co reiterated a “market perform” rating and issued a $60.00 price objective (up from $52.00) on shares of LPL Financial in a research note on Thursday, January 4th. JPMorgan Chase & Co. boosted their price target on LPL Financial from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Finally, ValuEngine lowered LPL Financial from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $57.50.
Shares of LPL Financial Holdings Inc (NASDAQ:LPLA) traded down $0.47 during trading on Thursday, hitting $60.82. 760,097 shares of the company’s stock traded hands, compared to its average volume of 838,212. The company has a market cap of $5,530.00, a PE ratio of 25.77, a price-to-earnings-growth ratio of 1.36 and a beta of 1.88. LPL Financial Holdings Inc has a 52 week low of $36.72 and a 52 week high of $61.95. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.54.
LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.03. LPL Financial had a net margin of 5.46% and a return on equity of 25.44%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the company earned $0.58 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. research analysts forecast that LPL Financial Holdings Inc will post 2.27 earnings per share for the current fiscal year.
LPL Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that permits the company to repurchase $359.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
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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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