Envestnet Asset Management Inc. Grows Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Envestnet Asset Management Inc. increased its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLAGet Rating) by 13.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 148,010 shares of the financial services provider’s stock after buying an additional 17,877 shares during the period. Envestnet Asset Management Inc. owned about 0.18% of LPL Financial worth $27,039,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. BW Gestao de Investimentos Ltda. purchased a new position in LPL Financial in the first quarter valued at approximately $11,586,000. Versor Investments LP boosted its holdings in shares of LPL Financial by 30.3% in the first quarter. Versor Investments LP now owns 3,811 shares of the financial services provider’s stock valued at $696,000 after acquiring an additional 886 shares during the period. abrdn plc boosted its holdings in shares of LPL Financial by 10.2% in the first quarter. abrdn plc now owns 767,490 shares of the financial services provider’s stock valued at $140,204,000 after acquiring an additional 71,208 shares during the period. Arizona State Retirement System boosted its holdings in shares of LPL Financial by 0.3% in the first quarter. Arizona State Retirement System now owns 21,665 shares of the financial services provider’s stock valued at $3,958,000 after acquiring an additional 67 shares during the period. Finally, Harvest Investment Services LLC acquired a new stake in shares of LPL Financial during the first quarter worth $407,000. 96.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on LPLA shares. Citigroup increased their price target on LPL Financial from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, April 14th. Truist Financial increased their price target on LPL Financial from $200.00 to $230.00 in a report on Tuesday, May 3rd. JMP Securities raised LPL Financial from a “market perform” rating to an “outperform” rating and set a $242.00 price target for the company in a report on Thursday, April 7th. StockNews.com downgraded LPL Financial from a “hold” rating to a “sell” rating in a report on Monday, May 2nd. Finally, Morgan Stanley reduced their target price on LPL Financial from $246.00 to $241.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.67.

Insider Activity

In other news, Director Michelle Oroschakoff sold 15,724 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $172.23, for a total value of $2,708,144.52. Following the completion of the transaction, the director now owns 42,068 shares in the company, valued at $7,245,371.64. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Dan H. Arnold sold 19,508 shares of LPL Financial stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $200.36, for a total transaction of $3,908,622.88. Following the completion of the sale, the chief executive officer now owns 162,608 shares in the company, valued at approximately $32,580,138.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michelle Oroschakoff sold 15,724 shares of LPL Financial stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $172.23, for a total value of $2,708,144.52. Following the sale, the director now owns 42,068 shares of the company’s stock, valued at approximately $7,245,371.64. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

LPL Financial Trading Down 1.4 %

Shares of LPLA stock opened at $207.00 on Tuesday. LPL Financial Holdings Inc. has a fifty-two week low of $134.97 and a fifty-two week high of $220.80. The stock has a market cap of $16.55 billion, a P/E ratio of 36.44, a P/E/G ratio of 0.54 and a beta of 0.96. The business has a fifty day simple moving average of $189.51 and a 200-day simple moving average of $183.74. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 1.57.

LPL Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Thursday, June 9th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Wednesday, June 8th. LPL Financial’s dividend payout ratio is currently 17.61%.

About LPL Financial

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LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes.

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Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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