Allianz Asset Management GmbH boosted its holdings in LPL Financial Holdings Inc (NASDAQ:LPLA) by 5.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 280,139 shares of the financial services provider’s stock after buying an additional 15,721 shares during the quarter. Allianz Asset Management GmbH’s holdings in LPL Financial were worth $18,073,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in LPL Financial by 1.5% in the second quarter. Janus Henderson Group PLC now owns 9,987,258 shares of the financial services provider’s stock valued at $654,565,000 after buying an additional 148,911 shares in the last quarter. BlackRock Inc. boosted its stake in LPL Financial by 0.8% in the third quarter. BlackRock Inc. now owns 4,142,421 shares of the financial services provider’s stock valued at $267,226,000 after buying an additional 34,253 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in LPL Financial by 12.4% in the third quarter. Frontier Capital Management Co. LLC now owns 2,524,046 shares of the financial services provider’s stock valued at $162,826,000 after buying an additional 277,854 shares in the last quarter. FMR LLC boosted its stake in LPL Financial by 35.4% in the third quarter. FMR LLC now owns 1,971,605 shares of the financial services provider’s stock valued at $127,189,000 after buying an additional 515,091 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in LPL Financial by 5.6% in the third quarter. Bank of New York Mellon Corp now owns 1,540,194 shares of the financial services provider’s stock valued at $99,357,000 after buying an additional 81,126 shares in the last quarter. 92.07% of the stock is currently owned by institutional investors and hedge funds.
Shares of LPLA stock opened at $60.16 on Friday. LPL Financial Holdings Inc has a 12 month low of $52.03 and a 12 month high of $73.28. The stock has a market cap of $5.21 billion, a PE ratio of 20.05, a PEG ratio of 0.77 and a beta of 1.59. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.43.
LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.32 EPS for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.08. LPL Financial had a return on equity of 41.69% and a net margin of 7.68%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.30 billion. Equities analysts predict that LPL Financial Holdings Inc will post 5.19 EPS for the current year.
The company also recently declared 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Wednesday, November 7th. LPL Financial’s payout ratio is 33.33%.
Several analysts recently weighed in on the company. Zacks Investment Research lowered LPL Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Wolfe Research assumed coverage on LPL Financial in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. BidaskClub raised LPL Financial from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Morgan Stanley reduced their price objective on LPL Financial from $71.00 to $66.00 and set a “hold” rating on the stock in a research note on Wednesday, November 14th. Finally, Goldman Sachs Group assumed coverage on LPL Financial in a research note on Tuesday, November 27th. They issued a “conviction-buy” rating on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $77.82.
In related news, insider Michelle Oroschakoff sold 6,000 shares of LPL Financial stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $63.00, for a total value of $378,000.00. Following the transaction, the insider now directly owns 19,811 shares of the company’s stock, valued at $1,248,093. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director George Burton White sold 23,893 shares of LPL Financial stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $66.00, for a total value of $1,576,938.00. Following the completion of the transaction, the director now directly owns 50,582 shares in the company, valued at $3,338,412. The disclosure for this sale can be found here. Insiders have sold 30,143 shares of company stock worth $1,971,038 over the last three months. Insiders own 2.60% of the company’s stock.
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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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