6,165 LPL Financial Holdings Inc. $LPLA Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 3.7% in the third quarter, Holdings Channel reports. The fund owned 161,482 shares of the financial services provider’s stock after selling 6,165 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in LPL Financial were worth $49,381,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Versant Capital Management Inc grew its position in shares of LPL Financial by 79.0% during the 2nd quarter. Versant Capital Management Inc now owns 188 shares of the financial services provider’s stock worth $53,000 after buying an additional 83 shares during the period. Abound Financial LLC raised its stake in LPL Financial by 9,550.0% during the 1st quarter. Abound Financial LLC now owns 193 shares of the financial services provider’s stock worth $58,000 after buying an additional 191 shares during the period. Whipplewood Advisors LLC lifted its holdings in LPL Financial by 1,260.0% during the first quarter. Whipplewood Advisors LLC now owns 204 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 189 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in LPL Financial in the second quarter valued at about $59,000. Finally, Y.D. More Investments Ltd raised its holdings in LPL Financial by 250.0% during the 1st quarter. Y.D. More Investments Ltd now owns 210 shares of the financial services provider’s stock worth $63,000 after buying an additional 150 shares during the period. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at LPL Financial

In other news, Director Greg Gates sold 4,119 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $355.38, for a total value of $1,463,810.22. Following the completion of the transaction, the director owned 23,602 shares of the company’s stock, valued at $8,387,678.76. This represents a 14.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Katharine Reeping sold 440 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $347.88, for a total transaction of $153,067.20. Following the transaction, the insider owned 1,774 shares of the company’s stock, valued at $617,139.12. This trade represents a 19.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,867 shares of company stock worth $1,726,944 in the last ninety days. 0.60% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Truist Financial reduced their price target on shares of LPL Financial from $354.00 to $335.00 and set a “hold” rating for the company in a report on Wednesday, October 28th. Barclays decreased their price objective on LPL Financial from $409.00 to $372.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Morgan Stanley upped their price target on LPL Financial from $387.00 to $393.00 and gave the stock an “overweight” rating in a research report on Friday, October 9th. Bank of America decreased their price target on shares of LPL Financial from $557.00 to $554.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of LPL Financial in a report on Thursday, October 22nd. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, LPL Financial has a consensus rating of “Moderate Buy” and an average target price of $400.60.

LPL Financial Stock Up 4.6%

Shares of NASDAQ LPLA opened at $311.48 on Thursday. The firm has a market cap of $24.25 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 0.57 and a beta of 0.55. LPL Financial Holdings Inc. has a 1 year low of $260.15 and a 1 year high of $400.16. The company has a debt-to-equity ratio of 1.34, a current ratio of 2.62 and a quick ratio of 2.62. The company has a 50 day simple moving average of $326.66 and a 200 day simple moving average of $322.00.

LPL Financial (NASDAQ:LPLA) last released its earnings results on Tuesday, October 27th. The financial services provider reported $5.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.69 by $0.28. The business had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.35 billion. LPL Financial had a net margin of 6.83% and a return on equity of 32.05%. LPL Financial’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.20 earnings per share. On average, research analysts forecast that LPL Financial Holdings Inc. will post 23.45 EPS for the current year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Thursday, November 12th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $1.20 annualized dividend and a dividend yield of 0.4%. LPL Financial’s dividend payout ratio is presently 6.88%.

LPL Financial Profile

LPL Financial Holdings Inc is a financial services company that supports independent financial advisors and institutions across the United States. Through its primary subsidiary, LPL Financial LLC, the company provides brokerage, investment advisory, and custodial services, enabling advisors to serve individual investors, families, retirement plans, and other clients.

LPL’s platform includes access to brokerage and advisory products, securities clearing and custody, trading and operations support, technology, compliance services, investment research, and practice-management resources.