LPL Financial (LPLA) Rating Reiterated by SunTrust Banks

LPL Financial (NASDAQ:LPLA)‘s stock had its “buy” rating reiterated by equities research analysts at SunTrust Banks in a research report issued on Friday, February 2nd. They presently have a $75.00 price objective on the financial services provider’s stock. SunTrust Banks’ price target points to a potential upside of 19.64% from the stock’s current price. SunTrust Banks also issued estimates for LPL Financial’s Q2 2018 earnings at $1.10 EPS, Q3 2018 earnings at $0.97 EPS, Q2 2019 earnings at $1.24 EPS, Q4 2019 earnings at $1.18 EPS and FY2019 earnings at $4.64 EPS.

A number of other research analysts have also recently weighed in on the company. Zacks Investment Research upgraded LPL Financial from a “hold” rating to a “strong-buy” rating and set a $68.00 price target for the company in a research report on Friday, January 5th. Nomura raised 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. BidaskClub cut LPL Financial from a “buy” rating to a “hold” rating in a research report on Thursday, January 25th. Credit Suisse Group assumed coverage on LPL Financial in a research report on Thursday, November 30th. They issued an “outperform” rating and a $68.00 price target for the company. Finally, Citigroup lifted their price objective on LPL Financial from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, November 10th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. LPL Financial currently has an average rating of “Buy” and an average price target of $66.00.

Shares of LPL Financial (NASDAQ:LPLA) opened at $62.69 on Friday. LPL Financial has a fifty-two week low of $37.38 and a fifty-two week high of $64.71. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.54. The firm has a market capitalization of $5,650.00, a price-to-earnings ratio of 24.20, a P/E/G ratio of 1.10 and a beta of 1.74.

LPL Financial announced that its Board of Directors has initiated a share repurchase program 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 purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

In other news, Director William P. Jr. Morrissey sold 20,000 shares of LPL Financial stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $62.74, for a total value of $1,254,800.00. Following the transaction, the director now directly owns 37,541 shares of the company’s stock, valued at approximately $2,355,322.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dan H. Arnold sold 3,742 shares of LPL Financial stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total value of $181,636.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,742 shares of company stock worth $2,062,537. 4.00% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meridian Wealth Management LLC acquired a new position in shares of LPL Financial in the 3rd quarter valued at about $316,000. Wells Fargo & Company MN increased its holdings in LPL Financial by 88.5% during the 3rd quarter. Wells Fargo & Company MN now owns 342,284 shares of the financial services provider’s stock worth $17,653,000 after purchasing an additional 160,738 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in LPL Financial during the 2nd quarter worth approximately $1,273,000. Frontier Capital Management Co. LLC increased its holdings in LPL Financial by 124.6% during the 4th quarter. Frontier Capital Management Co. LLC now owns 502,352 shares of the financial services provider’s stock worth $28,704,000 after purchasing an additional 278,713 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in LPL Financial by 72.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 656,891 shares of the financial services provider’s stock worth $33,882,000 after purchasing an additional 275,138 shares during the last quarter. 89.86% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for LPL Financial (NASDAQ:LPLA)

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