LPL Financial Holdings Inc (NASDAQ:LPLA) has been assigned a consensus rating of “Buy” from the thirteen analysts that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $68.36.
LPLA has been the topic of several analyst reports. Citigroup raised their price target on shares of LPL Financial from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, November 10th. Nomura raised their price target 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. Keefe, Bruyette & Woods restated a “buy” rating and issued a $66.00 price target on shares of LPL Financial in a research note on Friday, December 22nd. SunTrust Banks restated a “buy” rating and issued a $65.00 price target on shares of LPL Financial in a research note on Friday, October 27th. Finally, Zacks Investment Research upgraded shares of LPL Financial from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Thursday, October 26th.
LPL Financial (NASDAQ LPLA) traded down $0.62 on Friday, reaching $63.25. 714,400 shares of the company traded hands, compared to its average volume of 940,076. The firm has a market capitalization of $5,760.44, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 1.13 and a beta of 1.74. LPL Financial has a 52-week low of $37.38 and a 52-week high of $64.82. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.54.
LPL Financial declared that its board has initiated a stock repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $359.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director William P. Jr. Morrissey sold 20,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $62.74, for a total value of $1,254,800.00. Following the completion of the transaction, the director now directly owns 37,541 shares in the company, valued at $2,355,322.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Andrew Kalbaugh sold 10,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $62.61, for a total transaction of $626,100.00. Following the completion of the transaction, the insider now owns 38,050 shares of the company’s stock, valued at $2,382,310.50. The disclosure for this sale can be found here. Company insiders own 4.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of LPLA. Bank of New York Mellon Corp boosted its holdings in shares of LPL Financial by 140.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,258,579 shares of the financial services provider’s stock valued at $71,917,000 after acquiring an additional 735,256 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of LPL Financial in the third quarter valued at approximately $31,835,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of LPL Financial by 947.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 438,378 shares of the financial services provider’s stock valued at $25,049,000 after acquiring an additional 396,533 shares in the last quarter. Zweig DiMenna Associates LLC bought a new position in shares of LPL Financial in the third quarter valued at approximately $20,250,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of LPL Financial by 219.8% in the fourth quarter. Renaissance Technologies LLC now owns 543,100 shares of the financial services provider’s stock valued at $31,033,000 after acquiring an additional 373,300 shares in the last quarter. Institutional investors and hedge funds own 92.01% 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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