Globeflex Capital L P bought a new stake in LPL Financial Holdings Inc (NASDAQ:LPLA) during the first quarter, Holdings Channel reports. The fund bought 34,110 shares of the financial services provider’s stock, valued at approximately $1,359,000.
Other hedge funds have also bought and sold shares of the company. Independent Advisor Alliance acquired a new stake in LPL Financial Holdings during the fourth quarter valued at about $100,000. Tyers Asset Management LLC acquired a new stake in LPL Financial Holdings during the first quarter valued at about $138,000. James Investment Research Inc. acquired a new stake in LPL Financial Holdings during the first quarter valued at about $142,000. SG Americas Securities LLC acquired a new stake in LPL Financial Holdings during the first quarter valued at about $171,000. Finally, Elkfork Partners LLC acquired a new stake in LPL Financial Holdings during the first quarter valued at about $190,000. 90.62% of the stock is currently owned by institutional investors.
LPL Financial Holdings Inc (NASDAQ:LPLA) traded up 1.86% during midday trading on Monday, reaching $42.24. 959,267 shares of the company’s stock were exchanged. LPL Financial Holdings Inc has a 12-month low of $20.51 and a 12-month high of $43.79. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 20.21 and a beta of 1.82. The stock’s 50-day moving average is $40.79 and its 200-day moving average is $39.29.
LPL Financial Holdings (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, April 27th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.30. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. LPL Financial Holdings had a net margin of 4.65% and a return on equity of 22.86%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the company posted $0.56 earnings per share. On average, equities analysts forecast that LPL Financial Holdings Inc will post $2.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 25th. Shareholders of record on Monday, May 15th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.37%. LPL Financial Holdings’s dividend payout ratio is currently 47.85%.
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LPLA has been the topic of several recent analyst reports. Nomura raised LPL Financial Holdings from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $51.00 in a research note on Friday, April 28th. Citigroup Inc. raised LPL Financial Holdings from a “neutral” rating to a “buy” rating in a research note on Friday, April 28th. Instinet raised LPL Financial Holdings from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $51.00 in a research note on Friday, April 28th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $48.00 target price on shares of LPL Financial Holdings in a research note on Tuesday, June 6th. Finally, Goldman Sachs Group, Inc. (The) raised LPL Financial Holdings from a “neutral” rating to a “conviction-buy” rating and raised their target price for the stock from $44.00 to $47.00 in a research note on Monday, March 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. LPL Financial Holdings presently has an average rating of “Buy” and a consensus price target of $41.80.
In other news, CEO Dan H. Arnold sold 15,428 shares of the stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $39.14, for a total value of $603,851.92. Following the sale, the chief executive officer now owns 230,112 shares in the company, valued at $9,006,583.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William P. Jr. Morrissey sold 32,150 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $39.34, for a total transaction of $1,264,781.00. Following the completion of the sale, the insider now owns 49,691 shares in the company, valued at approximately $1,954,843.94. The disclosure for this sale can be found here. Company insiders own 5.70% of the company’s stock.
LPL Financial Holdings 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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