Evolve Private Wealth LLC Purchases Shares of 1,809 LPL Financial Holdings Inc. $LPLA

Evolve Private Wealth LLC purchased a new stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 1,809 shares of the financial services provider’s stock, valued at approximately $510,000.

Other hedge funds also recently modified their holdings of the company. Sumitomo Life Insurance Co. bought a new stake in shares of LPL Financial in the second quarter worth $336,000. Korea Investment CORP acquired a new stake in LPL Financial in the second quarter valued at $10,369,000. Heron Bay Capital Management bought a new position in LPL Financial during the 2nd quarter worth $66,268,000. Callan Family Office LLC bought a new position in LPL Financial during the 2nd quarter worth $2,097,000. Finally, Allworth Financial LP acquired a new position in LPL Financial during the 2nd quarter worth about $1,157,000. Institutional investors and hedge funds own 95.66% of the company’s stock.

LPL Financial Stock Performance

Shares of LPLA opened at $364.18 on Tuesday. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 1.30. The firm’s fifty day simple moving average is $327.96 and its two-hundred day simple moving average is $315.28. LPL Financial Holdings Inc. has a 12 month low of $260.15 and a 12 month high of $400.16. The stock has a market capitalization of $28.68 billion, a P/E ratio of 29.04, a price-to-earnings-growth ratio of 0.61 and a beta of 0.48.

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

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $0.30 dividend. 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 payout ratio is presently 9.57%.

Analysts Set New Price Targets

LPLA has been the topic of a number of analyst reports. TD Cowen upped their price target on LPL Financial from $330.00 to $372.00 and gave the company a “hold” rating in a research report on Friday, July 31st. Barclays lifted their price objective on LPL Financial from $394.00 to $401.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Wolfe Research reiterated an “outperform” rating and issued a $454.00 target price on shares of LPL Financial in a report on Wednesday, August 12th. Morgan Stanley increased their target price on shares of LPL Financial from $374.00 to $387.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Finally, William Blair restated an “outperform” rating on shares of LPL Financial in a report on Thursday, June 4th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $406.69.

Insiders Place Their Bets

In other news, Director Matthew Enyedi sold 1,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $4,628,039.12. This trade represents a 7.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Aneri Jambusaria sold 308 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total transaction of $94,248.00. Following the sale, the director directly owned 6,415 shares of the company’s stock, valued at approximately $1,962,990. This trade represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 5,427 shares of company stock worth $1,910,778. 0.60% of the stock is owned by corporate insiders.

LPL Financial 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.