Hennessy Advisors Inc. lessened its stake in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 3.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,000 shares of the financial services provider’s stock after selling 1,900 shares during the quarter. Hennessy Advisors Inc. owned about 0.06% of LPL Financial worth $3,677,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of LPLA. Integrated Investment Consultants LLC purchased a new stake in shares of LPL Financial during the 2nd quarter worth approximately $111,000. Private Capital Group LLC lifted its position in shares of LPL Financial by 266.9% during the 1st quarter. Private Capital Group LLC now owns 2,176 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,583 shares during the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of LPL Financial during the 2nd quarter worth approximately $205,000. Calamos Advisors LLC purchased a new stake in shares of LPL Financial during the 2nd quarter worth approximately $206,000. Finally, GAM Holding AG purchased a new stake in shares of LPL Financial during the 2nd quarter worth approximately $228,000. Institutional investors and hedge funds own 94.57% of the company’s stock.
LPLA stock opened at $59.01 on Friday. LPL Financial Holdings Inc has a 12 month low of $48.13 and a 12 month high of $73.28. The firm has a market capitalization of $5.68 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 0.83 and a beta of 1.70. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 2.36.
LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.30 EPS for the quarter, beating the consensus estimate of $1.20 by $0.10. LPL Financial had a net margin of 7.09% and a return on equity of 35.98%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm earned $0.74 EPS. LPL Financial’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts forecast that LPL Financial Holdings Inc will post 5.19 earnings per share for the current fiscal year.
Several brokerages have recently weighed in on LPLA. BidaskClub upgraded shares of LPL Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 21st. Zacks Investment Research downgraded shares of LPL Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 15th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $83.00 price target on shares of LPL Financial in a research report on Friday, July 27th. Wells Fargo & Co upped their price target on shares of LPL Financial from $70.00 to $74.00 and gave the company a “market perform” rating in a research report on Friday, July 27th. Finally, Morgan Stanley reduced their price target on shares of LPL Financial from $74.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, July 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $79.09.
In other LPL Financial news, Director Michelle Oroschakoff sold 6,000 shares of the business’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $67.11, for a total value of $402,660.00. Following the transaction, the director now directly owns 19,811 shares of the company’s stock, valued at approximately $1,329,516.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 12,250 shares of company stock valued at $820,160. 2.60% of the stock is owned by insiders.
About LPL Financial
LPL Financial Holdings Inc, together with its subsidiaries, provides 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, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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