Geode Capital Management LLC lowered its holdings in LPL Financial Holdings Inc (NASDAQ:LPLA) by 8.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 825,034 shares of the financial services provider’s stock after selling 74,559 shares during the quarter. Geode Capital Management LLC owned 0.91% of LPL Financial worth $47,142,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Yorktown Management & Research Co Inc increased its stake in shares of LPL Financial by 391.0% in the fourth quarter. Yorktown Management & Research Co Inc now owns 31,915 shares of the financial services provider’s stock worth $1,824,000 after acquiring an additional 25,415 shares during the period. Allianz Asset Management GmbH increased its stake in shares of LPL Financial by 124.2% in the fourth quarter. Allianz Asset Management GmbH now owns 240,602 shares of the financial services provider’s stock worth $13,747,000 after acquiring an additional 133,302 shares during the period. Amalgamated Bank increased its stake in shares of LPL Financial by 5.8% in the fourth quarter. Amalgamated Bank now owns 17,666 shares of the financial services provider’s stock worth $1,009,000 after acquiring an additional 973 shares during the period. London Co. of Virginia acquired a new stake in shares of LPL Financial in the fourth quarter worth $220,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of LPL Financial in the fourth quarter worth $16,173,000. Hedge funds and other institutional investors own 93.64% of the company’s stock.
A number of research firms have recently weighed in on LPLA. Zacks Investment Research lowered shares of LPL Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Morgan Stanley increased their price objective on shares of LPL Financial from $62.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. BidaskClub upgraded shares of LPL Financial from a “hold” rating to a “buy” rating in a research note on Monday, February 5th. Citigroup increased their price target on shares of LPL Financial from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, February 5th. Finally, Credit Suisse Group increased their price target on shares of LPL Financial from $77.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. LPL Financial has an average rating of “Buy” and an average price target of $68.36.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, February 1st. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.52. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. LPL Financial had a net margin of 5.58% and a return on equity of 29.42%. analysts anticipate that LPL Financial Holdings Inc will post 3.9 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Friday, March 9th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.52%. The ex-dividend date is Thursday, March 8th. LPL Financial’s payout ratio is 38.76%.
LPL Financial declared that its board has initiated a stock 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 usually an indication that the company’s leadership believes its stock is undervalued.
In other LPL Financial news, insider John Andrew Kalbaugh sold 10,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $62.61, for a total transaction of $626,100.00. Following the transaction, the insider now directly owns 38,050 shares of the company’s stock, valued at $2,382,310.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William P. Jr. Morrissey sold 20,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $62.74, for a total transaction of $1,254,800.00. Following the transaction, the director now directly owns 37,541 shares in the company, valued at $2,355,322.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,469,435 shares of company stock worth $92,312,374. Insiders own 4.00% of the company’s stock.
LPL Financial Company 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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