Zacks Investment Research upgraded shares of LPL Financial (NASDAQ:LPLA) from a hold rating to a strong-buy rating in a research note released on Friday, January 5th. Zacks Investment Research currently has $68.00 price objective on the financial services provider’s stock.
According to Zacks, “LPL Financial Holdings Inc. is engaged in providing an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “
Other research analysts also recently issued research reports about the stock. Credit Suisse Group assumed coverage on shares of LPL Financial in a research note on Thursday, November 30th. They issued an outperform rating and a $68.00 price target for the company. Keefe, Bruyette & Woods restated a buy rating and set a $66.00 price objective on shares of LPL Financial in a research report on Friday, December 22nd. Wells Fargo & Co restated a market perform rating and set a $60.00 price objective (up previously from $52.00) on shares of LPL Financial in a research report on Thursday, January 4th. JPMorgan Chase & Co. boosted their price objective on shares of LPL Financial from $52.00 to $53.00 and gave the stock a neutral rating in a research report on Monday, October 30th. Finally, ValuEngine downgraded shares of LPL Financial from a buy rating to a hold rating in a research report on Friday, October 6th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $58.25.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm posted $0.58 earnings per share. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. analysts forecast that LPL Financial will post 2.27 EPS for the current fiscal year.
LPL Financial declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $359.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, CEO Dan H. Arnold sold 3,742 shares of LPL Financial stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total value of $181,636.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.00% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in LPLA. Great West Life Assurance Co. Can grew its stake in shares of LPL Financial by 41.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 10,485 shares of the financial services provider’s stock worth $444,000 after purchasing an additional 3,086 shares during the period. State of Wisconsin Investment Board grew its stake in shares of LPL Financial by 2.9% during the 2nd quarter. State of Wisconsin Investment Board now owns 17,588 shares of the financial services provider’s stock worth $747,000 after purchasing an additional 490 shares during the period. SG Americas Securities LLC grew its stake in shares of LPL Financial by 85.2% during the 2nd quarter. SG Americas Securities LLC now owns 7,943 shares of the financial services provider’s stock worth $337,000 after purchasing an additional 3,655 shares during the period. Bank of New York Mellon Corp grew its stake in shares of LPL Financial by 9.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 509,294 shares of the financial services provider’s stock worth $21,625,000 after purchasing an additional 42,952 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of LPL Financial by 3.2% during the 2nd quarter. Legal & General Group Plc now owns 75,011 shares of the financial services provider’s stock worth $3,182,000 after purchasing an additional 2,350 shares during the period. 90.28% of the stock is currently owned by institutional investors.
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LPL Financial Company Profile
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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