129,413 Shares in LPL Financial Holdings Inc. $LPLA Acquired by Diamond Hill Capital Management LLC Investment Advisor

Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 129,413 shares of the financial services provider’s stock, valued at approximately $36,453,000. Diamond Hill Capital Management LLC Investment Advisor owned 0.16% of LPL Financial as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. HBK Sorce Advisory LLC bought a new position in shares of LPL Financial during the second quarter worth $215,000. Global Retirement Partners LLC acquired a new position in shares of LPL Financial in the 2nd quarter valued at $374,000. SCS Capital Management LLC acquired a new position in shares of LPL Financial in the 2nd quarter valued at $60,142,000. Bank of New York Mellon Corp bought a new stake in shares of LPL Financial in the 2nd quarter valued at $98,663,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in shares of LPL Financial in the 2nd quarter valued at $18,153,000. Institutional investors own 95.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. BMO Capital Markets lifted their target price on LPL Financial from $300.00 to $390.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of LPL Financial in a research note on Friday, July 24th. Wolfe Research restated an “outperform” rating and issued a $454.00 price target on shares of LPL Financial in a report on Wednesday. TD Cowen raised their price target on LPL Financial from $330.00 to $372.00 and gave the stock a “hold” rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective on LPL Financial from $408.00 to $428.00 and gave the company an “overweight” rating in a report on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $406.69.

Insider Transactions at LPL Financial

In related news, Director Aneri Jambusaria sold 308 shares of LPL Financial stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total value of $94,248.00. Following the sale, the director owned 6,415 shares of the company’s stock, valued at approximately $1,962,990. This trade represents a 4.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Enyedi sold 1,000 shares of LPL Financial stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $352.72, for a total value of $352,720.00. Following the completion of the sale, the director directly owned 13,121 shares in the company, valued at approximately $4,628,039.12. This represents a 7.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by company insiders.

LPL Financial Stock Performance

Shares of NASDAQ:LPLA opened at $370.67 on Monday. LPL Financial Holdings Inc. has a 12 month low of $260.15 and a 12 month high of $400.16. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 1.30. The company’s fifty day simple moving average is $319.20 and its 200 day simple moving average is $315.61. The firm has a market cap of $29.19 billion, a price-to-earnings ratio of 29.56, a PEG ratio of 0.62 and a beta of 0.48.

LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share for the quarter, topping analysts’ consensus estimates of $5.39 by $0.45. The firm had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.04 billion. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The company’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same period in the prior year, the business earned $4.51 EPS. As a group, research analysts forecast that LPL Financial Holdings Inc. will post 24.09 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, August 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.3%. LPL Financial’s dividend payout ratio (DPR) is presently 9.57%.

About LPL Financial

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.