Citigroup Inc. Boosts LPL Financial Holdings Inc. (LPLA) Price Target to $65.00
LPL Financial Holdings Inc. (NASDAQ:LPLA) had its price objective lifted by Citigroup Inc. from $63.00 to $65.00 in a research note issued to investors on Friday. They currently have a buy rating on the financial services provider’s stock.
Several other research firms also recently commented on LPLA. SunTrust Banks, Inc. reissued a buy rating and set a $65.00 price target on shares of LPL Financial Holdings in a research note on Friday, October 27th. Zacks Investment Research raised shares of LPL Financial Holdings from a hold rating to a buy rating and set a $60.00 price target on the stock in a research note on Thursday, October 26th. ValuEngine downgraded shares of LPL Financial Holdings from a buy rating to a hold rating in a research note on Friday, October 6th. Morgan Stanley lifted their price target on shares of LPL Financial Holdings from $39.00 to $42.00 and gave the stock an underweight rating in a research note on Thursday, October 5th. Finally, J P Morgan Chase & Co lifted their price target on shares of LPL Financial Holdings from $52.00 to $53.00 and gave the stock a neutral rating in a research note on Monday, October 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and a consensus target price of $53.20.
Shares of LPL Financial Holdings (LPLA) traded down $0.02 during trading on Friday, reaching $50.33. 1,065,200 shares of the company’s stock traded hands, compared to its average volume of 720,790. LPL Financial Holdings has a twelve month low of $34.01 and a twelve month high of $53.92. The company has a market capitalization of $4,539.27, a price-to-earnings ratio of 20.21, a PEG ratio of 1.68 and a beta of 1.89. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.54.
LPL Financial Holdings (NASDAQ:LPLA) last announced its earnings results on Thursday, October 26th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.08 billion. LPL Financial Holdings had a net margin of 5.19% and a return on equity of 26.03%. LPL Financial Holdings’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 earnings per share. analysts anticipate that LPL Financial Holdings will post 2.31 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 27th. Investors of record on Thursday, November 9th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Wednesday, November 8th. LPL Financial Holdings’s payout ratio is 42.55%.
A number of institutional investors have recently modified their holdings of LPLA. Mckinley Capital Management LLC Delaware purchased a new position in LPL Financial Holdings during the 2nd quarter valued at $104,000. Public Employees Retirement Association of Colorado increased its position in LPL Financial Holdings by 1.9% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 2,776 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 52 shares during the period. The Manufacturers Life Insurance Company increased its position in LPL Financial Holdings by 8.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 211 shares during the period. Comerica Bank purchased a new position in LPL Financial Holdings during the 3rd quarter valued at $200,000. Finally, Virginia Retirement Systems ET AL purchased a new position in LPL Financial Holdings during the 3rd quarter valued at $227,000. 90.26% of the stock is currently owned by institutional investors and hedge funds.
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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