Jefferies Financial Group initiated coverage on shares of LPL Financial (NASDAQ:LPLA) in a research report report published on Tuesday morning, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $96.00 price objective on the financial services provider’s stock. Jefferies Financial Group also issued estimates for LPL Financial’s Q3 2019 earnings at $1.61 EPS, Q4 2019 earnings at $1.68 EPS, FY2019 earnings at $7.08 EPS and FY2020 earnings at $7.63 EPS.
Several other brokerages have also commented on LPLA. BidaskClub upgraded shares of LPL Financial from a sell rating to a hold rating in a report on Thursday, September 12th. Credit Suisse Group upped their price objective on shares of LPL Financial from $108.00 to $110.00 and gave the stock an outperform rating in a report on Friday, July 26th. ValuEngine upgraded shares of LPL Financial from a sell rating to a hold rating in a report on Tuesday, September 10th. Zacks Investment Research downgraded shares of LPL Financial from a hold rating to a sell rating in a research note on Saturday, July 27th. Finally, Citigroup cut their target price on shares of LPL Financial from $102.00 to $100.00 and set a buy rating on the stock in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $87.88.
LPLA opened at $84.12 on Tuesday. The firm has a market capitalization of $6.92 billion, a PE ratio of 15.78, a PEG ratio of 0.79 and a beta of 1.37. LPL Financial has a twelve month low of $52.03 and a twelve month high of $89.89. The firm’s 50-day moving average price is $76.45 and its 200 day moving average price is $78.44. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.55.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Monday, August 12th. LPL Financial’s dividend payout ratio is presently 18.76%.
In other news, insider Michelle Oroschakoff sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $71.67, for a total value of $358,350.00. Following the completion of the transaction, the insider now owns 14,297 shares in the company, valued at approximately $1,024,665.99. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Dan H. Arnold sold 48,159 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $80.00, for a total transaction of $3,852,720.00. Following the completion of the transaction, the chief executive officer now owns 227,784 shares of the company’s stock, valued at approximately $18,222,720. The disclosure for this sale can be found here. Over the last three months, insiders sold 117,526 shares of company stock worth $9,234,790. Insiders own 2.20% of the company’s stock.
Several institutional investors have recently modified their holdings of LPLA. Geode Capital Management LLC boosted its stake in LPL Financial by 19.2% during the 4th quarter. Geode Capital Management LLC now owns 1,192,078 shares of the financial services provider’s stock worth $72,811,000 after purchasing an additional 191,891 shares during the period. SG Americas Securities LLC acquired a new stake in LPL Financial during the 1st quarter worth $105,000. State Board of Administration of Florida Retirement System boosted its stake in LPL Financial by 3.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 112,194 shares of the financial services provider’s stock worth $7,814,000 after purchasing an additional 3,362 shares during the period. California Public Employees Retirement System boosted its stake in LPL Financial by 16.0% during the 1st quarter. California Public Employees Retirement System now owns 194,079 shares of the financial services provider’s stock worth $13,518,000 after purchasing an additional 26,828 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in LPL Financial during the 1st quarter worth $118,000. Institutional investors and hedge funds own 93.96% of the company’s stock.
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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