Victory Capital Management Inc. boosted its holdings in LPL Financial Holdings Inc (NASDAQ:LPLA) by 0.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 819,822 shares of the financial services provider’s stock after purchasing an additional 3,011 shares during the quarter. Victory Capital Management Inc.’s holdings in LPL Financial were worth $52,886,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Soros Fund Management LLC increased its stake in LPL Financial by 106.6% in the second quarter. Soros Fund Management LLC now owns 571,971 shares of the financial services provider’s stock valued at $37,487,000 after purchasing an additional 295,171 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in LPL Financial by 12.1% in the second quarter. Great West Life Assurance Co. Can now owns 9,853 shares of the financial services provider’s stock valued at $646,000 after purchasing an additional 1,065 shares during the last quarter. Clearfield Capital Management LP increased its stake in LPL Financial by 35.2% in the second quarter. Clearfield Capital Management LP now owns 390,864 shares of the financial services provider’s stock valued at $25,617,000 after purchasing an additional 101,796 shares during the last quarter. Bank of New York Mellon Corp increased its stake in LPL Financial by 9.1% in the second quarter. Bank of New York Mellon Corp now owns 1,459,068 shares of the financial services provider’s stock valued at $95,628,000 after purchasing an additional 121,656 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in LPL Financial by 116.9% in the second quarter. Private Advisor Group LLC now owns 14,550 shares of the financial services provider’s stock valued at $960,000 after purchasing an additional 7,842 shares during the last quarter. Hedge funds and other institutional investors own 94.47% of the company’s stock.
Shares of NASDAQ:LPLA opened at $64.43 on Thursday. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 0.82 and a beta of 1.59. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.43. LPL Financial Holdings Inc has a 12 month low of $48.13 and a 12 month high of $73.28.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 26th. Shareholders of record on Thursday, November 8th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 7th. This represents a $1.00 annualized dividend and a yield of 1.55%. LPL Financial’s dividend payout ratio is presently 33.33%.
In other LPL Financial news, Director Michelle Oroschakoff sold 6,000 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $67.11, for a total transaction of $402,660.00. Following the completion of the sale, the director now directly owns 19,811 shares in the company, valued at $1,329,516.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.
LPLA has been the subject of several analyst reports. Morgan Stanley dropped their target price on LPL Financial from $74.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, July 12th. Zacks Investment Research lowered LPL Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 15th. BidaskClub upgraded LPL Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 21st. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $83.00 target price on shares of LPL Financial in a research note on Friday, July 27th. Finally, Wells Fargo & Co upped their target price on LPL Financial from $70.00 to $74.00 and gave the company a “market perform” rating in a research note on Friday, July 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $78.18.
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LPL Financial Profile
LPL Financial Holdings Inc, together with its subsidiaries, provides 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, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
Further Reading: Correction
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