Dimensional Fund Advisors LP increased its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 6.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,414,114 shares of the financial services provider’s stock after buying an additional 80,173 shares during the period. Dimensional Fund Advisors LP owned about 1.56% of LPL Financial Holdings worth $56,324,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tyers Asset Management LLC bought a new position in LPL Financial Holdings during the first quarter valued at approximately $138,000. James Investment Research Inc. acquired a new position in shares of LPL Financial Holdings during the first quarter valued at about $142,000. SG Americas Securities LLC acquired a new position in shares of LPL Financial Holdings during the first quarter valued at about $171,000. Elkfork Partners LLC acquired a new position in shares of LPL Financial Holdings during the first quarter valued at about $190,000. Finally, Meadow Creek Investment Management LLC acquired a new position in shares of LPL Financial Holdings during the first quarter valued at about $242,000. 90.62% of the stock is owned by hedge funds and other institutional investors.
Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) opened at 42.64 on Wednesday. The stock has a 50 day moving average price of $40.77 and a 200-day moving average price of $39.50. The stock has a market cap of $3.86 billion, a P/E ratio of 20.40 and a beta of 1.82. LPL Financial Holdings Inc. has a 52 week low of $22.57 and a 52 week high of $43.79.
LPL Financial Holdings (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, April 27th. The financial services provider reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.30. LPL Financial Holdings had a return on equity of 25.04% and a net margin of 4.65%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the company earned $0.56 EPS. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities analysts predict that LPL Financial Holdings Inc. will post $2.46 EPS for the current fiscal year.
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Several research analysts recently issued reports on LPLA shares. Goldman Sachs Group, Inc. (The) raised LPL Financial Holdings from a “neutral” rating to a “conviction-buy” rating and upped their target price for the company from $44.00 to $47.00 in a research report on Monday, March 20th. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $42.00 target price on shares of LPL Financial Holdings in a research report on Friday, March 17th. Keefe, Bruyette & Woods set a $44.00 target price on LPL Financial Holdings and gave the company a “hold” rating in a research report on Thursday, April 6th. Nomura raised LPL Financial Holdings from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $51.00 in a research report on Friday, April 28th. Finally, Citigroup Inc. upped their target price 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. One analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $43.00.
In other LPL Financial Holdings news, insider William P. Jr. Morrissey sold 32,150 shares of LPL Financial Holdings stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $39.34, for a total value of $1,264,781.00. Following the sale, the insider now owns 49,691 shares of the company’s stock, valued at approximately $1,954,843.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is currently owned by insiders.
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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