Franklin Resources Inc. Sells 817 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Franklin Resources Inc. trimmed its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 0.3% during the 4th quarter, Holdings Channel reports. The fund owned 269,126 shares of the financial services provider’s stock after selling 817 shares during the period. Franklin Resources Inc.’s holdings in LPL Financial were worth $61,258,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of LPL Financial in the 4th quarter valued at about $200,497,000. Massachusetts Financial Services Co. MA raised its position in shares of LPL Financial by 1,732.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 568,292 shares of the financial services provider’s stock valued at $135,055,000 after purchasing an additional 537,272 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of LPL Financial by 358.2% in the 3rd quarter. Canada Pension Plan Investment Board now owns 456,990 shares of the financial services provider’s stock valued at $108,604,000 after purchasing an additional 357,245 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of LPL Financial by 524.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 273,140 shares of the financial services provider’s stock valued at $64,912,000 after purchasing an additional 229,434 shares during the last quarter. Finally, HM Payson & Co. purchased a new position in shares of LPL Financial in the 3rd quarter valued at approximately $54,406,000. 95.66% of the stock is currently owned by institutional investors.

Insider Activity at LPL Financial

In related news, CFO Matthew J. Audette sold 5,574 shares of LPL Financial stock in a transaction on Monday, February 26th. The shares were sold at an average price of $266.52, for a total value of $1,485,582.48. Following the sale, the chief financial officer now owns 13,663 shares of the company’s stock, valued at approximately $3,641,462.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other LPL Financial news, CFO Matthew J. Audette sold 5,574 shares of LPL Financial stock in a transaction on Monday, February 26th. The shares were sold at an average price of $266.52, for a total transaction of $1,485,582.48. Following the sale, the chief financial officer now owns 13,663 shares of the company’s stock, valued at approximately $3,641,462.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Dan H. Arnold sold 34,807 shares of LPL Financial stock in a transaction on Monday, February 26th. The stock was sold at an average price of $266.54, for a total transaction of $9,277,457.78. Following the sale, the chief executive officer now directly owns 141,810 shares in the company, valued at approximately $37,798,037.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,681 shares of company stock valued at $11,109,490. 1.30% of the stock is owned by company insiders.

LPL Financial Stock Performance

Shares of NASDAQ:LPLA traded up $9.91 during trading on Friday, hitting $284.40. 656,920 shares of the stock traded hands, compared to its average volume of 523,752. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 1.70. The company has a market cap of $21.25 billion, a price-to-earnings ratio of 21.48, a P/E/G ratio of 1.10 and a beta of 0.83. The company has a fifty day moving average price of $266.05 and a two-hundred day moving average price of $248.08. LPL Financial Holdings Inc. has a 52-week low of $190.13 and a 52-week high of $284.61.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $4.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.44. LPL Financial had a net margin of 9.71% and a return on equity of 55.22%. The firm had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.68 billion. As a group, equities analysts predict that LPL Financial Holdings Inc. will post 15.85 EPS for the current year.

LPL Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.20 dividend on an annualized basis and a yield of 0.42%. LPL Financial’s dividend payout ratio is currently 9.06%.

Analysts Set New Price Targets

LPLA has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of LPL Financial from $254.00 to $260.00 and gave the company a “neutral” rating in a research report on Tuesday, April 2nd. UBS Group raised their price target on shares of LPL Financial from $260.00 to $267.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. JMP Securities reissued a “market outperform” rating and set a $305.00 price target on shares of LPL Financial in a research report on Wednesday, May 1st. TD Cowen raised their price target on shares of LPL Financial from $269.00 to $271.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Finally, Barclays raised their price target on shares of LPL Financial from $302.00 to $312.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $276.20.

LPL Financial Company 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 enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.