Cibc World Market Inc. Takes Position in LPL Financial Holdings Inc. $LPLA

Cibc World Market Inc. bought a new stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 9,907 shares of the financial services provider’s stock, valued at approximately $2,791,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LPLA. Goldstein Advisors LLC boosted its holdings in LPL Financial by 4.8% in the 4th quarter. Goldstein Advisors LLC now owns 634 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 29 shares during the period. Coastal Bridge Advisors LLC raised its stake in shares of LPL Financial by 0.6% during the fourth quarter. Coastal Bridge Advisors LLC now owns 5,475 shares of the financial services provider’s stock valued at $1,956,000 after purchasing an additional 31 shares during the period. Root Financial Partners LLC lifted its position in shares of LPL Financial by 1.4% during the fourth quarter. Root Financial Partners LLC now owns 2,318 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 33 shares in the last quarter. Lifestyle Asset Management Inc. lifted its position in shares of LPL Financial by 2.9% during the fourth quarter. Lifestyle Asset Management Inc. now owns 1,191 shares of the financial services provider’s stock worth $425,000 after purchasing an additional 34 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in shares of LPL Financial by 0.7% in the first quarter. Bank of Nova Scotia now owns 5,705 shares of the financial services provider’s stock valued at $1,716,000 after purchasing an additional 37 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

LPL Financial Stock Performance

Shares of LPLA opened at $360.24 on Thursday. The firm has a market cap of $28.37 billion, a price-to-earnings ratio of 28.73, a PEG ratio of 0.61 and a beta of 0.48. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 1.30. The business’s 50 day moving average is $330.25 and its two-hundred day moving average is $315.00. LPL Financial Holdings Inc. has a 52-week low of $260.15 and a 52-week high of $400.16.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share for the quarter, topping analysts’ consensus estimates of $5.39 by $0.45. The business had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.04 billion. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The business’s quarterly revenue was up 35.2% compared to the same quarter last year. During the same quarter last year, the company earned $4.51 earnings per share. Analysts forecast that LPL Financial Holdings Inc. will post 24.09 EPS for the current fiscal year.

LPL Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, August 14th. LPL Financial’s dividend payout ratio is 9.57%.

Analyst Ratings Changes

A number of research firms recently weighed in on LPLA. UBS Group lowered their price target on shares of LPL Financial from $395.00 to $391.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. BMO Capital Markets boosted their price objective on shares of LPL Financial from $300.00 to $390.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. TD Cowen upped their price objective on shares of LPL Financial from $330.00 to $372.00 and gave the company a “hold” rating in a research report on Friday, July 31st. Wolfe Research restated an “outperform” rating and set a $454.00 target price on shares of LPL Financial in a research note on Wednesday, August 12th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of LPL Financial in a research note on Friday, July 24th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $406.69.

Insiders Place Their Bets

In other news, Director Greg Gates sold 4,119 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $355.38, for a total value of $1,463,810.22. Following the sale, the director owned 23,602 shares in the company, valued at approximately $8,387,678.76. This represents a 14.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Enyedi sold 1,000 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $352.72, for a total transaction of $352,720.00. Following the completion of the sale, the director owned 13,121 shares in the company, valued at approximately $4,628,039.12. This trade represents a 7.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 5,427 shares of company stock valued at $1,910,778 in the last ninety days. Corporate insiders own 0.60% of the company’s stock.

LPL Financial Company Profile

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.