Point72 Asset Management L.P. Has $23.51 Million Stake in LPL Financial Holdings Inc (LPLA)
Point72 Asset Management L.P. decreased its stake in LPL Financial Holdings Inc (NASDAQ:LPLA) by 61.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 455,800 shares of the financial services provider’s stock after selling 735,271 shares during the period. Point72 Asset Management L.P. owned 0.51% of LPL Financial worth $23,506,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Western Standard LLC bought a new position in shares of LPL Financial in the 3rd quarter valued at about $557,000. Engineers Gate Manager LP grew its holdings in shares of LPL Financial by 23.2% in the 3rd quarter. Engineers Gate Manager LP now owns 54,410 shares of the financial services provider’s stock valued at $2,806,000 after acquiring an additional 10,250 shares in the last quarter. Invictus RG grew its holdings in shares of LPL Financial by 99.2% in the 3rd quarter. Invictus RG now owns 6,290 shares of the financial services provider’s stock valued at $324,000 after acquiring an additional 3,132 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of LPL Financial in the 3rd quarter valued at about $452,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of LPL Financial by 16.9% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 440,572 shares of the financial services provider’s stock valued at $22,721,000 after acquiring an additional 63,723 shares in the last quarter. Institutional investors own 90.33% of the company’s stock.
Shares of LPL Financial Holdings Inc (LPLA) opened at $55.65 on Thursday. LPL Financial Holdings Inc has a one year low of $34.45 and a one year high of $56.56. The stock has a market cap of $5,069.59, a PE ratio of 22.57, a P/E/G ratio of 1.88 and a beta of 1.88. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.54.
LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. LPL Financial’s revenue was up 4.6% on a year-over-year basis. During the same period last year, the business posted $0.58 EPS. equities analysts predict that LPL Financial Holdings Inc will post 2.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 27th. Shareholders of record on Thursday, November 9th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 8th. This represents a $1.00 annualized dividend and a yield of 1.80%. LPL Financial’s dividend payout ratio (DPR) is presently 42.55%.
LPL Financial announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $359.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
Several equities analysts have recently weighed in on the company. J P Morgan Chase & Co restated a “neutral” rating and issued a $51.00 price objective (up previously from $48.00) on shares of LPL Financial in a report on Friday, August 18th. Nomura raised their target price on shares of LPL Financial from $53.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, August 17th. Zacks Investment Research downgraded shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. SunTrust Banks upgraded shares of LPL Financial from a “hold” rating to a “buy” rating and raised their target price for the company from $49.00 to $55.00 in a research note on Wednesday, August 16th. Finally, Credit Suisse Group initiated coverage on shares of LPL Financial in a research note on Thursday, November 30th. They issued an “outperform” rating and a $68.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. LPL Financial presently has a consensus rating of “Hold” and an average target price of $54.55.
In other LPL Financial news, CEO Dan H. Arnold sold 3,742 shares of the firm’s stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.00% of the company’s stock.
LPL Financial 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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