LPL Financial Holdings Inc (NASDAQ:LPLA) Director George Burton White sold 25,000 shares of LPL Financial stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $65.42, for a total value of $1,635,500.00. Following the completion of the sale, the director now directly owns 50,505 shares of the company’s stock, valued at $3,304,037.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
LPL Financial Holdings Inc (NASDAQ LPLA) opened at $65.96 on Friday. LPL Financial Holdings Inc has a one year low of $37.38 and a one year high of $66.64. The company has a market capitalization of $5,813.07, a price-to-earnings ratio of 25.57, a P/E/G ratio of 1.10 and a beta of 1.59. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 2.47.
LPL Financial (NASDAQ:LPLA) last released its earnings results on Thursday, February 1st. The financial services provider reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.52. LPL Financial had a return on equity of 29.42% and a net margin of 5.58%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. analysts anticipate that LPL Financial Holdings Inc will post 3.9 earnings per share for the current fiscal year.
LPL Financial declared that its board has approved a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $359.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $1.00 annualized dividend and a yield of 1.52%. LPL Financial’s payout ratio is 38.76%.
LPLA has been the subject of a number of research reports. Credit Suisse Group initiated coverage on LPL Financial in a research note on Thursday, November 30th. They issued an “outperform” rating and a $68.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $66.00 price objective on shares of LPL Financial in a research note on Friday, December 22nd. Zacks Investment Research cut LPL Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Morgan Stanley raised LPL Financial from an “underweight” rating to an “equal weight” rating and set a $42.00 price objective for the company in a research note on Wednesday, January 3rd. Finally, Wells Fargo reaffirmed a “market perform” rating and issued a $60.00 price objective (up from $52.00) on shares of LPL Financial in a research note on Thursday, January 4th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $68.36.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LPLA. BlackRock Inc. boosted its position in shares of LPL Financial by 5.3% during the 4th quarter. BlackRock Inc. now owns 3,945,418 shares of the financial services provider’s stock worth $225,442,000 after acquiring an additional 198,189 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of LPL Financial by 140.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,258,579 shares of the financial services provider’s stock worth $71,917,000 after acquiring an additional 735,256 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of LPL Financial by 1.8% during the 4th quarter. Victory Capital Management Inc. now owns 914,627 shares of the financial services provider’s stock worth $52,262,000 after acquiring an additional 16,487 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of 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 acquiring an additional 275,138 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of LPL Financial by 66.7% during the 4th quarter. Wells Fargo & Company MN now owns 570,715 shares of the financial services provider’s stock worth $32,611,000 after acquiring an additional 228,431 shares in the last quarter. 93.64% of the stock is owned by hedge funds and other institutional investors.
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About LPL Financial
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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