Wells Fargo & Company MN lessened its holdings in LPL Financial Holdings Inc (NASDAQ:LPLA) by 47.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 254,454 shares of the financial services provider’s stock after selling 228,124 shares during the quarter. Wells Fargo & Company MN owned approximately 0.29% of LPL Financial worth $16,415,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Bank of Montreal Can purchased a new position in shares of LPL Financial during the second quarter worth about $3,050,000. Nisa Investment Advisors LLC purchased a new position in shares of LPL Financial during the second quarter worth about $328,000. Piedmont Investment Advisors LLC purchased a new position in shares of LPL Financial during the second quarter worth about $301,000. Aperio Group LLC grew its holdings in shares of LPL Financial by 33.2% during the second quarter. Aperio Group LLC now owns 41,807 shares of the financial services provider’s stock worth $2,740,000 after buying an additional 10,431 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of LPL Financial during the second quarter worth about $824,000. 92.07% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ LPLA opened at $60.13 on Wednesday. LPL Financial Holdings Inc has a 52-week low of $52.03 and a 52-week high of $73.28. The firm has a market cap of $5.56 billion, a PE ratio of 20.04, a P/E/G ratio of 0.83 and a beta of 1.59. The company has a debt-to-equity ratio of 2.43, a current ratio of 1.40 and a quick ratio of 1.40.
LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.08. LPL Financial had a net margin of 7.68% and a return on equity of 41.69%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.30 billion. As a group, sell-side analysts expect that LPL Financial Holdings Inc will post 5.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Stockholders of record on Thursday, November 8th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 7th. This represents a $1.00 annualized dividend and a dividend yield of 1.66%. LPL Financial’s dividend payout ratio is presently 33.33%.
A number of brokerages recently commented on LPLA. BidaskClub upgraded shares of LPL Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 30th. Citigroup raised their price objective on shares of LPL Financial from $80.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, October 30th. Morgan Stanley reduced their price target on shares of LPL Financial from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Wednesday, November 14th. Goldman Sachs Group began coverage on shares of LPL Financial in a research report on Tuesday, November 27th. They set a “conviction-buy” rating for the company. Finally, Zacks Investment Research downgraded shares of LPL Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $77.82.
In related news, insider Michelle Oroschakoff sold 6,000 shares of LPL Financial stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $63.00, for a total transaction of $378,000.00. Following the transaction, the insider now owns 19,811 shares in the company, valued at approximately $1,248,093. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George Burton White sold 23,893 shares of LPL Financial stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $66.00, for a total transaction of $1,576,938.00. Following the transaction, the director now owns 50,582 shares in the company, valued at approximately $3,338,412. The disclosure for this sale can be found here. Insiders have sold a total of 30,143 shares of company stock worth $1,971,038 in the last 90 days. Company insiders own 2.60% of the company’s stock.
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LPL Financial Profile
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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