Hillsdale Investment Management Inc. Purchases New Stake in LPL Financial Holdings Inc. (LPLA)
Hillsdale Investment Management Inc. bought a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,760 shares of the financial services provider’s stock, valued at approximately $452,000.
A number of other large investors also recently bought and sold shares of LPLA. Mckinley Capital Management LLC Delaware bought a new stake in LPL Financial in the 2nd quarter worth approximately $104,000. Public Employees Retirement Association of Colorado grew its position in LPL Financial by 1.9% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 2,776 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 52 shares during the period. The Manufacturers Life Insurance Company grew its position in LPL Financial by 8.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 211 shares during the period. Comerica Bank bought a new stake in LPL Financial in the 3rd quarter worth approximately $200,000. Finally, Virginia Retirement Systems ET AL bought a new stake in LPL Financial in the 3rd quarter worth approximately $227,000. 90.35% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on LPLA shares. SunTrust Banks raised shares of LPL Financial from a “hold” rating to a “buy” rating and lifted their target price for the stock from $49.00 to $55.00 in a research report on Wednesday, August 16th. Nomura lifted their target price on shares of LPL Financial from $53.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. 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 in a research report on Friday, August 18th. Zacks Investment Research downgraded shares of LPL Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. Finally, Morgan Stanley lifted their target price on shares of LPL Financial from $39.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, October 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $54.55.
In other news, CEO Dan H. Arnold sold 3,742 shares of LPL Financial stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total transaction of $181,636.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.00% of the company’s stock.
LPL Financial Holdings Inc. (NASDAQ:LPLA) opened at $52.94 on Friday. The firm has a market cap of $4,675.46, a price-to-earnings ratio of 20.82, a PEG ratio of 1.73 and a beta of 1.88. LPL Financial Holdings Inc. has a one year low of $34.01 and a one year high of $53.92. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.48 and a current ratio of 1.48.
LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.03. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.08 billion. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. equities research analysts forecast that LPL Financial Holdings Inc. will post 2.31 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 27th. Stockholders of record on Thursday, November 9th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Wednesday, November 8th. LPL Financial’s dividend payout ratio is presently 42.55%.
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About LPL Financial
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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