LPL Financial Holdings Inc (NASDAQ:LPLA) declared a quarterly dividend on Friday, February 23rd, Wall Street Journal reports. Shareholders of record on Friday, March 9th will be paid a dividend of 0.25 per share by the financial services provider on Friday, March 23rd. This represents a $1.00 annualized dividend and a yield of 1.53%. The ex-dividend date is Thursday, March 8th.
LPL Financial (LPLA) opened at $65.50 on Friday. The company has a debt-to-equity ratio of 2.47, a current ratio of 1.39 and a quick ratio of 1.48. LPL Financial has a 52-week low of $37.38 and a 52-week high of $65.54. The stock has a market capitalization of $5,627.58, a price-to-earnings ratio of 25.39, a price-to-earnings-growth ratio of 1.10 and a beta of 1.74.
LPL Financial declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that allows the company to repurchase $359.00 million in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
LPLA has been the subject of several research analyst reports. Zacks Investment Research downgraded LPL Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. Credit Suisse Group initiated coverage on LPL Financial in a research report on Thursday, November 30th. They issued an “outperform” rating and a $68.00 price objective for the company. Citigroup lifted their price objective on LPL Financial from $60.50 to $65.00 and gave the company a “buy” rating in a research report on Monday, October 30th. BidaskClub downgraded LPL Financial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 16th. Finally, Wells Fargo & Co reiterated a “market perform” rating and issued a $60.00 price objective (up previously from $52.00) on shares of LPL Financial in a research report on Thursday, January 4th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. LPL Financial presently has an average rating of “Buy” and a consensus price target of $68.36.
In other news, insider John Andrew Kalbaugh sold 10,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $62.61, for a total transaction of $626,100.00. Following the completion of the sale, the insider now owns 38,050 shares in the company, valued at $2,382,310.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William P. Jr. Morrissey sold 20,000 shares of the business’s stock in a transaction on 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 sale, the director now owns 37,541 shares of the company’s stock, valued at approximately $2,355,322.34. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.
An institutional investor recently raised its position in LPL Financial stock. The Manufacturers Life Insurance Company lifted its position in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 8.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,794 shares of the financial services provider’s stock after acquiring an additional 211 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in LPL Financial were worth $119,000 at the end of the most recent reporting period. Institutional investors 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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