Bank of Nova Scotia Buys Shares of 142,000 LPL Financial Holdings Inc (LPLA)

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Bank of Nova Scotia bought a new position in LPL Financial Holdings Inc (NASDAQ:LPLA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 142,000 shares of the financial services provider’s stock, valued at approximately $9,307,000. Bank of Nova Scotia owned approximately 0.16% of LPL Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the business. Janus Henderson Group PLC grew 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 acquiring an additional 148,911 shares during the period. BlackRock Inc. boosted its position in shares of LPL Financial by 3.0% during the second quarter. BlackRock Inc. now owns 4,108,168 shares of the financial services provider’s stock valued at $269,249,000 after buying an additional 117,989 shares during the last quarter. Frontier Capital Management Co. LLC boosted its position in shares of LPL Financial by 28.8% during the second quarter. Frontier Capital Management Co. LLC now owns 2,246,192 shares of the financial services provider’s stock valued at $147,215,000 after buying an additional 502,850 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of LPL Financial by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 1,459,068 shares of the financial services provider’s stock valued at $95,628,000 after buying an additional 121,656 shares during the last quarter. Finally, FMR LLC boosted its position in shares of LPL Financial by 34.4% during the second quarter. FMR LLC now owns 1,456,514 shares of the financial services provider’s stock valued at $95,460,000 after buying an additional 372,986 shares during the last quarter. Institutional investors and hedge funds own 94.57% of the company’s stock.

In related news, Director Michelle Oroschakoff sold 6,000 shares of the business’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $67.11, for a total transaction of $402,660.00. Following the sale, the director now directly owns 19,811 shares in the company, valued at approximately $1,329,516.21. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 12,250 shares of company stock worth $820,160. 2.60% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:LPLA traded down $0.22 during midday trading on Friday, reaching $59.01. 998,408 shares of the company traded hands, compared to its average volume of 781,154. The company has a debt-to-equity ratio of 2.36, a quick ratio of 1.44 and a current ratio of 1.44. 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 cap of $5.68 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 0.83 and a beta of 1.70.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data on Thursday, July 26th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.10. LPL Financial had a return on equity of 35.98% and a net margin of 7.09%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the company posted $0.74 EPS. The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. Equities analysts predict that LPL Financial Holdings Inc will post 5.19 EPS for the current fiscal year.

Several research analysts recently issued reports on LPLA shares. Wolfe Research started coverage on LPL Financial in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. BidaskClub cut LPL Financial from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 8th. Morgan Stanley cut their price objective on LPL Financial from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 12th. Zacks Investment Research raised LPL Financial from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a research report on Tuesday, August 14th. Finally, Wells Fargo & Co boosted their price objective on LPL Financial from $70.00 to $74.00 and gave the stock a “market perform” rating in a research report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $79.09.

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.

See Also: Risk Tolerance

Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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