LPL Financial Holdings Inc. (LPLA) Hits New 1-Year High at $49.74
Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) hit a new 52-week high on Thursday . The stock traded as high as $49.74 and last traded at $49.75, with a volume of 256,603 shares trading hands. The stock had previously closed at $48.86.
Several analysts recently weighed in on the stock. Zacks Investment Research cut shares of LPL Financial Holdings from a “buy” rating to a “hold” rating in a report on Wednesday. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $51.00 target price (up previously from $48.00) on shares of LPL Financial Holdings in a report on Friday, August 18th. Nomura raised their target price on shares of LPL Financial Holdings from $53.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, August 17th. SunTrust Banks, Inc. raised shares of LPL Financial Holdings from a “hold” rating to a “buy” rating and raised their target price for the company from $49.00 to $55.00 in a report on Wednesday, August 16th. Finally, BidaskClub cut shares of LPL Financial Holdings from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $48.20.
The company’s 50-day moving average is $46.22 and its 200 day moving average is $42.35. The company has a market cap of $4.48 billion, a P/E ratio of 21.640 and a beta of 1.84.
LPL Financial Holdings (NASDAQ:LPLA) last announced its earnings results 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. 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 for the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the company posted $0.53 EPS. LPL Financial Holdings’s quarterly revenue was up 4.5% on a year-over-year basis. Equities research analysts anticipate that LPL Financial Holdings Inc. will post $2.40 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Tuesday, August 8th. LPL Financial Holdings’s payout ratio is 43.48%.
Institutional investors and hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. raised its position in shares of LPL Financial Holdings by 15.1% in the 2nd quarter. Prudential Financial Inc. now owns 441,404 shares of the financial services provider’s stock valued at $18,742,000 after purchasing an additional 57,830 shares in the last quarter. Waratah Capital Advisors Ltd. acquired a new position in shares of LPL Financial Holdings in the 1st quarter valued at approximately $379,000. Legal & General Group Plc raised its position in shares of LPL Financial Holdings by 37.8% in the 1st quarter. Legal & General Group Plc now owns 72,661 shares of the financial services provider’s stock valued at $2,893,000 after purchasing an additional 19,923 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of LPL Financial Holdings in the 2nd quarter valued at approximately $4,034,000. Finally, Bogle Investment Management L P DE acquired a new position in shares of LPL Financial Holdings in the 1st quarter valued at approximately $1,296,000. 89.73% of the stock is currently owned by institutional investors.
LPL Financial Holdings 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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