Symphony Asset Management LLC Cuts Holdings in LPL Financial Holdings Inc. (LPLA)
Symphony Asset Management LLC lessened its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 15.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,482 shares of the financial services provider’s stock after selling 4,398 shares during the quarter. Symphony Asset Management LLC’s holdings in LPL Financial Holdings were worth $1,039,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Riverhead Capital Management LLC boosted its position in LPL Financial Holdings by 197.4% during the second quarter. Riverhead Capital Management LLC now owns 11,301 shares of the financial services provider’s stock worth $480,000 after purchasing an additional 7,501 shares during the period. AJO LP boosted its position in shares of LPL Financial Holdings by 57.3% in the second quarter. AJO LP now owns 111,027 shares of the financial services provider’s stock valued at $4,714,000 after acquiring an additional 40,457 shares during the period. Capital Fund Management S.A. bought a new position in shares of LPL Financial Holdings in the second quarter valued at approximately $6,543,000. Martingale Asset Management L P bought a new position in shares of LPL Financial Holdings in the second quarter valued at approximately $1,768,000. Finally, Old Mutual Global Investors UK Ltd. bought a new position in shares of LPL Financial Holdings in the second quarter valued at approximately $4,411,000. Hedge funds and other institutional investors own 89.73% of the company’s stock.
Shares of LPL Financial Holdings Inc. (NASDAQ LPLA) traded down 0.02% during midday trading on Wednesday, reaching $47.07. 15,687 shares of the company were exchanged. The company has a 50 day moving average price of $45.95 and a 200-day moving average price of $42.03. The stock has a market capitalization of $4.23 billion, a P/E ratio of 20.45 and a beta of 1.84. LPL Financial Holdings Inc. has a 12-month low of $28.38 and a 12-month high of $48.56.
LPL Financial Holdings (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.08. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.05 billion. LPL Financial Holdings had a return on equity of 26.45% and a net margin of 5.10%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 EPS. On average, analysts forecast that LPL Financial Holdings Inc. will post $2.40 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, August 10th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.12%. LPL Financial Holdings’s dividend payout ratio (DPR) is presently 43.48%.
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LPLA has been the subject of a number of analyst reports. BidaskClub upgraded shares of LPL Financial Holdings from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Nomura raised their price objective on shares of LPL Financial Holdings from $53.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, August 17th. SunTrust Banks, Inc. upgraded shares of LPL Financial Holdings from a “hold” rating to a “buy” rating and raised their price objective for the company from $49.00 to $55.00 in a research report on Wednesday, August 16th. Zacks Investment Research upgraded shares of LPL Financial Holdings from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Tuesday, July 4th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $48.00 price objective on shares of LPL Financial Holdings in a research report on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $48.20.
LPL Financial Holdings 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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