Bank of New York Mellon Corp increased its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 9.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 509,294 shares of the financial services provider’s stock after purchasing an additional 42,952 shares during the quarter. Bank of New York Mellon Corp owned 0.56% of LPL Financial Holdings worth $21,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in LPLA. ProShare Advisors LLC lifted its holdings in shares of LPL Financial Holdings by 6.8% during the first quarter. ProShare Advisors LLC now owns 11,656 shares of the financial services provider’s stock valued at $464,000 after purchasing an additional 744 shares in the last quarter. Chicago Equity Partners LLC bought a new position in shares of LPL Financial Holdings during the first quarter valued at $378,000. Elkfork Partners LLC bought a new position in shares of LPL Financial Holdings during the first quarter valued at $190,000. BNP Paribas Arbitrage SA lifted its holdings in shares of LPL Financial Holdings by 106.6% during the first quarter. BNP Paribas Arbitrage SA now owns 16,439 shares of the financial services provider’s stock valued at $655,000 after purchasing an additional 8,483 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of LPL Financial Holdings by 311.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,164 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 6,937 shares in the last quarter. 89.73% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have weighed in on LPLA. Zacks Investment Research downgraded LPL Financial Holdings from a “buy” rating to a “hold” rating in a report on Wednesday. SunTrust Banks, Inc. raised LPL Financial Holdings from a “hold” rating to a “buy” rating and increased their target price for the company from $49.00 to $55.00 in a report on Wednesday, August 16th. Nomura increased their target price on LPL Financial Holdings from $53.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 target price on shares of LPL Financial Holdings in a report on Tuesday, July 4th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $38.00 target price (up previously from $35.00) on shares of LPL Financial Holdings in a report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $48.20.
Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) opened at 49.51 on Friday. The firm has a 50-day moving average price of $46.22 and a 200-day moving average price of $42.35. LPL Financial Holdings Inc. has a 12 month low of $28.38 and a 12 month high of $49.90. The stock has a market cap of $4.45 billion, a PE ratio of 21.51 and a beta of 1.84.
LPL Financial Holdings (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.08. LPL Financial Holdings had a return on equity of 26.45% and a net margin of 5.10%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the prior year, the firm posted $0.53 EPS. LPL Financial Holdings’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities analysts forecast that LPL Financial Holdings Inc. will post $2.40 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, August 8th. This represents a $1.00 annualized dividend and a yield of 2.02%. LPL Financial Holdings’s dividend payout ratio (DPR) is currently 43.48%.
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About LPL Financial Holdings
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.
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