Zacks Investment Research cut shares of LPL Financial (NASDAQ:LPLA) from a hold rating to a sell rating in a report published on Tuesday, January 2nd.
According to Zacks, “LPL Financial Holdings Inc. is engaged in providing 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, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “
Several other research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods reiterated a buy rating and set a $66.00 price target on shares of LPL Financial in a research report on Friday, December 22nd. 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 price target for the company. Citigroup lifted their price target on LPL Financial from $63.00 to $65.00 and gave the company a buy rating in a research report on Friday, November 10th. Nomura lifted their price target on LPL Financial from $64.00 to $65.00 and gave the company a buy rating in a research report on Thursday, November 9th. Finally, JPMorgan Chase & Co. raised their price objective on LPL Financial from $52.00 to $53.00 and gave the company a neutral rating in a report on Monday, October 30th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. LPL Financial has a consensus rating of Buy and a consensus price target of $58.25.
Shares of LPL Financial (NASDAQ:LPLA) traded up $1.46 during mid-day trading on Tuesday, reaching $60.76. The company had a trading volume of 982,150 shares, compared to its average volume of 729,334. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market capitalization of $5,610.00, a PE ratio of 25.75, a P/E/G ratio of 1.31 and a beta of 1.88. LPL Financial has a 52 week low of $37.35 and a 52 week high of $62.51.
LPL Financial (NASDAQ:LPLA) last announced 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 company 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%. LPL Financial’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the business earned $0.58 earnings per share. research analysts anticipate that LPL Financial will post 2.27 EPS for the current year.
LPL Financial announced that its Board of Directors has approved a stock repurchase plan on Tuesday, December 5th that allows the company to repurchase $359.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other LPL Financial 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.00% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the company. Meridian Wealth Management LLC acquired a new stake in shares of LPL Financial in the third quarter worth approximately $316,000. Prudential Financial Inc. boosted its stake in shares of LPL Financial by 15.1% in the second quarter. Prudential Financial Inc. now owns 441,404 shares of the financial services provider’s stock worth $18,742,000 after acquiring an additional 57,830 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of LPL Financial by 166.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,393 shares of the financial services provider’s stock worth $1,036,000 after acquiring an additional 15,229 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of LPL Financial by 88.5% in the third quarter. Wells Fargo & Company MN now owns 342,284 shares of the financial services provider’s stock worth $17,653,000 after acquiring an additional 160,738 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in shares of LPL Financial in the second quarter worth approximately $1,273,000. 90.19% of the stock is currently owned by hedge funds and other institutional investors.
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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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