Bank of Montreal Can trimmed its position in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 11.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 38,441 shares of the financial services provider’s stock after selling 5,163 shares during the quarter. Bank of Montreal Can’s holdings in LPL Financial were worth $2,348,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. First Hawaiian Bank acquired a new stake in LPL Financial during the third quarter valued at approximately $188,000. Contravisory Investment Management Inc. boosted its holdings in LPL Financial by 5.6% during the fourth quarter. Contravisory Investment Management Inc. now owns 3,161 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 168 shares in the last quarter. Greenleaf Trust acquired a new stake in LPL Financial during the third quarter valued at approximately $254,000. Massachusetts Financial Services Co. MA acquired a new stake in LPL Financial during the third quarter valued at approximately $259,000. Finally, Jane Street Group LLC acquired a new stake in LPL Financial during the third quarter valued at approximately $287,000. Hedge funds and other institutional investors own 92.01% of the company’s stock.
In other LPL Financial news, Director James S. Riepe sold 4,517 shares of the company’s stock in a transaction on Wednesday, December 12th. The stock was sold at an average price of $60.69, for a total transaction of $274,136.73. Following the transaction, the director now owns 51,168 shares of the company’s stock, valued at approximately $3,105,385.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michelle Oroschakoff sold 6,000 shares of the company’s stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $63.00, for a total value of $378,000.00. Following the transaction, the insider now directly owns 19,811 shares in the company, valued at approximately $1,248,093. The disclosure for this sale can be found here. Insiders sold a total of 144,499 shares of company stock worth $9,867,875 over the last three months. 2.60% of the stock is owned by company insiders.
LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, January 31st. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.37 by $0.12. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.36 billion. LPL Financial had a return on equity of 46.29% and a net margin of 8.47%. On average, sell-side analysts expect that LPL Financial Holdings Inc will post 6.33 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Thursday, March 14th. LPL Financial’s payout ratio is currently 18.76%.
A number of research firms have weighed in on LPLA. Zacks Investment Research raised LPL Financial from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a report on Thursday. Morgan Stanley set a $70.00 price objective on LPL Financial and gave the company a “hold” rating in a report on Friday. Credit Suisse Group reaffirmed a “buy” rating and set a $91.00 price objective on shares of LPL Financial in a report on Monday, February 4th. BidaskClub raised LPL Financial from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 19th. Finally, Citigroup lifted their price objective on LPL Financial to $100.00 and gave the company a “buy” rating in a report on Friday, February 1st. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $80.33.
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About LPL Financial
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.
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