LPL Financial (NASDAQ:LPLA)‘s stock had its “market perform” rating reaffirmed by equities researchers at Wells Fargo & Co in a research note issued to investors on Thursday, January 4th, The Fly reports. They currently have a $60.00 price objective on the financial services provider’s stock, up from their prior price objective of $52.00. Wells Fargo & Co’s target price indicates a potential downside of 1.94% from the company’s previous close.
Several other analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of LPL Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. Credit Suisse Group initiated coverage on shares of LPL Financial in a research report on Thursday, November 30th. They issued an “outperform” rating and a $68.00 price target for the company. Citigroup upped their price target on shares of LPL Financial from $60.50 to $65.00 and gave the company a “buy” rating in a research report on Monday, October 30th. Nomura boosted their price objective on shares of LPL Financial from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Finally, ValuEngine cut shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. LPL Financial presently has a consensus rating of “Buy” and an average price target of $57.50.
LPL Financial (NASDAQ LPLA) opened at $61.19 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.54. The firm has a market cap of $5,485.36, a P/E ratio of 26.04, a P/E/G ratio of 1.38 and a beta of 1.88. LPL Financial has a twelve month low of $36.72 and a twelve month high of $61.95.
LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the business posted $0.58 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. research analysts expect that LPL Financial will post 2.27 EPS for the current fiscal year.
LPL Financial declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $359.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of LPLA. Public Employees Retirement Association of Colorado raised its holdings in LPL Financial by 1.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,776 shares of the financial services provider’s stock valued at $118,000 after buying an additional 52 shares during the period. Great West Life Assurance Co. Can grew its position in LPL Financial by 41.7% in the second quarter. Great West Life Assurance Co. Can now owns 10,485 shares of the financial services provider’s stock valued at $444,000 after acquiring an additional 3,086 shares in the last quarter. State of Wisconsin Investment Board grew its position in LPL Financial by 2.9% in the second quarter. State of Wisconsin Investment Board now owns 17,588 shares of the financial services provider’s stock valued at $747,000 after acquiring an additional 490 shares in the last quarter. SG Americas Securities LLC grew its position in LPL Financial by 85.2% in the second quarter. SG Americas Securities LLC now owns 7,943 shares of the financial services provider’s stock valued at $337,000 after acquiring an additional 3,655 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in LPL Financial by 9.2% in the second quarter. Bank of New York Mellon Corp now owns 509,294 shares of the financial services provider’s stock valued at $21,625,000 after acquiring an additional 42,952 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.
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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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