Parametric Portfolio Associates LLC lifted its position in LPL Financial Holdings Inc (NASDAQ:LPLA) by 11.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 370,490 shares of the financial services provider’s stock after buying an additional 38,412 shares during the quarter. Parametric Portfolio Associates LLC owned approximately 0.41% of LPL Financial worth $19,106,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Mckinley Capital Management LLC Delaware bought a new position in shares of LPL Financial in the second quarter worth approximately $104,000. Public Employees Retirement Association of Colorado grew its position in LPL Financial by 1.9% during the second quarter. Public Employees Retirement Association of Colorado now owns 2,776 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 52 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in LPL Financial by 8.2% during the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 211 shares during the last quarter. Comerica Bank bought a new position in LPL Financial during the third quarter valued at approximately $200,000. Finally, Virginia Retirement Systems ET AL bought a new position in shares of LPL Financial in the third quarter worth approximately $227,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Dan H. Arnold sold 3,742 shares of LPL Financial stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total transaction of $181,636.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.00% of the company’s stock.
LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.60 by $0.03. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. LPL Financial had a return on equity of 25.44% and a net margin of 5.46%. LPL Financial’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period last year, the company earned $0.58 EPS. analysts predict that LPL Financial Holdings Inc will post 2.27 earnings per share for the current fiscal year.
LPL Financial declared that its board has authorized a share buyback plan on Tuesday, December 5th that authorizes the company to buyback $359.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several research analysts have recently issued reports on LPLA shares. Zacks Investment Research cut shares of LPL Financial from a “buy” rating to a “hold” rating in a report on Wednesday, September 20th. Morgan Stanley raised their target price on shares of LPL Financial from $39.00 to $42.00 and gave the stock an “underweight” rating in a report on Thursday, October 5th. ValuEngine lowered LPL Financial from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. SunTrust Banks reaffirmed a “buy” rating and issued a $65.00 price target on shares of LPL Financial in a research note on Friday, October 27th. Finally, JPMorgan Chase & Co. raised their price target on LPL Financial from $52.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $57.50.
LPL Financial Profile
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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