Principal Financial Group Inc. Sells 662,743 Shares of LPL Financial Holdings Inc (LPLA)
Principal Financial Group Inc. reduced its stake in LPL Financial Holdings Inc (NASDAQ:LPLA) by 98.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,361 shares of the financial services provider’s stock after selling 662,743 shares during the period. Principal Financial Group Inc.’s holdings in LPL Financial were worth $689,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Meridian Wealth Management LLC bought a new stake in shares of LPL Financial in the third quarter valued at approximately $316,000. Prudential Financial Inc. lifted its stake in LPL Financial by 15.1% during the second quarter. Prudential Financial Inc. now owns 441,404 shares of the financial services provider’s stock worth $18,742,000 after purchasing an additional 57,830 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in LPL Financial by 166.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,393 shares of the financial services provider’s stock worth $1,036,000 after purchasing an additional 15,229 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in LPL Financial during the second quarter worth $4,034,000. Finally, Ameriprise Financial Inc. bought a new stake in LPL Financial during the second quarter worth $1,273,000. Institutional investors and hedge funds own 90.33% of the company’s stock.
Shares of LPL Financial Holdings Inc (NASDAQ LPLA) opened at $54.90 on Friday. The firm has a market capitalization of $4,960.00, a price-to-earnings ratio of 22.57, a P/E/G ratio of 1.88 and a beta of 1.88. LPL Financial Holdings Inc has a 1-year low of $34.45 and a 1-year high of $56.56. 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 posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.03. LPL Financial had a return on equity of 26.03% and a net margin of 5.19%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the business posted $0.58 earnings per share. LPL Financial’s quarterly revenue was up 4.6% on a year-over-year basis. equities analysts anticipate that LPL Financial Holdings Inc will post 2.31 EPS for the current fiscal year.
LPL Financial announced that its Board of Directors has authorized a share buyback program on Tuesday, December 5th that allows the company to buyback $359.00 million in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 27th. Shareholders of record on Thursday, November 9th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.82%. LPL Financial’s payout ratio is currently 42.37%.
In other LPL Financial news, CEO Dan H. Arnold sold 3,742 shares of the stock in a transaction dated Wednesday, November 15th. The stock was 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 can be accessed through this hyperlink. Company insiders own 4.00% of the company’s stock.
Several equities research analysts have weighed in on LPLA shares. Zacks Investment Research cut LPL Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, November 8th. SunTrust Banks restated a “buy” rating and set a $65.00 target price on shares of LPL Financial in a research note on Friday, October 27th. Citigroup upped their target price on LPL Financial from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, November 10th. Nomura increased their price target on LPL Financial from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Finally, Morgan Stanley increased their price target on LPL Financial from $39.00 to $42.00 and gave the company an “underweight” rating in a research note on Thursday, October 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $54.55.
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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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