Quantitative Systematic Strategies LLC bought a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 9,754 shares of the financial services provider’s stock, valued at approximately $410,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of LPL Financial Holdings by 11,835.9% in the first quarter. BlackRock Inc. now owns 3,512,602 shares of the financial services provider’s stock valued at $139,907,000 after buying an additional 3,483,173 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of LPL Financial Holdings during the first quarter valued at approximately $46,765,000. Vanguard Group Inc. raised its position in shares of LPL Financial Holdings by 16.7% in the first quarter. Vanguard Group Inc. now owns 7,952,138 shares of the financial services provider’s stock valued at $316,734,000 after buying an additional 1,136,785 shares during the last quarter. Janus Capital Management LLC raised its position in LPL Financial Holdings by 13.1% in the first quarter. Janus Capital Management LLC now owns 8,996,531 shares of the financial services provider’s stock worth $358,332,000 after buying an additional 1,038,731 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in LPL Financial Holdings by 448.8% in the first quarter. Principal Financial Group Inc. now owns 985,776 shares of the financial services provider’s stock worth $39,263,000 after buying an additional 806,159 shares in the last quarter. Institutional investors own 91.15% of the company’s stock.
Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) traded up 0.37% during trading on Tuesday, hitting $45.83. The company had a trading volume of 546,326 shares. LPL Financial Holdings Inc. has a 12-month low of $26.26 and a 12-month high of $46.62. The stock has a market cap of $4.12 billion, a PE ratio of 19.91 and a beta of 1.84. The firm has a 50 day moving average of $43.37 and a 200 day moving average of $40.83.
LPL Financial Holdings (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.08. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.05 billion. LPL Financial Holdings had a return on equity of 26.45% and a net margin of 5.10%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 EPS. On average, analysts forecast that LPL Financial Holdings Inc. will post $2.62 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 10th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Tuesday, August 8th. LPL Financial Holdings’s payout ratio is presently 43.48%.
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A number of research firms recently issued reports on LPLA. BidaskClub upgraded LPL Financial Holdings from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Citigroup Inc. boosted their price objective on LPL Financial Holdings from $47.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, May 10th. Keefe, Bruyette & Woods restated a “hold” rating and set a $44.00 price objective on shares of LPL Financial Holdings in a research report on Tuesday, July 4th. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $42.00 target price on shares of LPL Financial Holdings in a research note on Tuesday, July 4th. Finally, Zacks Investment Research raised LPL Financial Holdings from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. LPL Financial Holdings currently has a consensus rating of “Hold” and a consensus price target of $42.73.
In other LPL Financial Holdings news, insider William P. Jr. Morrissey sold 32,150 shares of the stock in a transaction dated 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 transaction, the insider now owns 49,691 shares in the company, valued at approximately $1,954,843.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 4.00% of the company’s stock.
About LPL Financial Holdings
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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