Independent Advisor Alliance purchased a new position in LPL Financial Holdings Inc (NASDAQ:LPLA) in the first quarter, Holdings Channel reports. The institutional investor purchased 3,243 shares of the financial services provider’s stock, valued at approximately $226,000.
A number of other hedge funds also recently added to or reduced their stakes in LPLA. Norges Bank purchased a new stake in shares of LPL Financial in the 4th quarter valued at $72,501,000. American Century Companies Inc. boosted its stake in shares of LPL Financial by 101.5% in the 4th quarter. American Century Companies Inc. now owns 1,496,567 shares of the financial services provider’s stock valued at $91,410,000 after purchasing an additional 753,956 shares in the last quarter. Samlyn Capital LLC boosted its stake in shares of LPL Financial by 28.1% in the 4th quarter. Samlyn Capital LLC now owns 2,676,322 shares of the financial services provider’s stock valued at $163,470,000 after purchasing an additional 587,765 shares in the last quarter. Eagle Asset Management Inc. boosted its stake in shares of LPL Financial by 884.0% in the 1st quarter. Eagle Asset Management Inc. now owns 516,540 shares of the financial services provider’s stock valued at $35,977,000 after purchasing an additional 464,048 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of LPL Financial in the 1st quarter valued at $28,780,000. 96.49% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on LPLA. Goldman Sachs Group cut shares of LPL Financial from a “conviction-buy” rating to a “buy” rating in a research note on Tuesday, April 2nd. Compass Point cut shares of LPL Financial from a “buy” rating to a “neutral” rating and set a $84.13 price objective for the company. in a research note on Wednesday, May 8th. Citigroup upped their price objective on shares of LPL Financial to $100.00 and gave the company a “buy” rating in a research note on Friday, February 1st. Zacks Investment Research cut shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, February 12th. Finally, BidaskClub cut shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $83.88.
LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, May 2nd. The financial services provider reported $1.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.60 by $0.33. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.35 billion. LPL Financial had a net margin of 9.42% and a return on equity of 53.97%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 EPS. As a group, equities research analysts forecast that LPL Financial Holdings Inc will post 7.08 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.00 annualized dividend and a yield of 1.24%. LPL Financial’s payout ratio is currently 18.76%.
In other LPL Financial news, CEO Dan H. Arnold sold 1,222 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $85.00, for a total transaction of $103,870.00. Following the completion of the sale, the chief executive officer now owns 230,068 shares of the company’s stock, valued at approximately $19,555,780. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Dan H. Arnold sold 7,113 shares of the stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $77.34, for a total transaction of $550,119.42. Following the sale, the chief executive officer now directly owns 229,761 shares of the company’s stock, valued at approximately $17,769,715.74. The disclosure for this sale can be found here. Insiders have sold a total of 47,034 shares of company stock valued at $3,560,188 in the last three months. 2.20% of the stock is currently owned by corporate insiders.
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.
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