DAVENPORT & Co LLC Has $267,000 Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

DAVENPORT & Co LLC trimmed its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 40.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,173 shares of the financial services provider’s stock after selling 807 shares during the quarter. DAVENPORT & Co LLC’s holdings in LPL Financial were worth $267,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of LPLA. Moneta Group Investment Advisors LLC lifted its stake in shares of LPL Financial by 218,199.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 95,191,655 shares of the financial services provider’s stock worth $20,577,580,000 after buying an additional 95,148,049 shares during the last quarter. Norges Bank acquired a new stake in shares of LPL Financial in the fourth quarter worth $217,799,000. Capital Research Global Investors acquired a new position in LPL Financial during the 1st quarter valued at $117,183,000. Massachusetts Financial Services Co. MA raised its stake in LPL Financial by 1,732.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 568,292 shares of the financial services provider’s stock valued at $135,055,000 after purchasing an additional 537,272 shares during the last quarter. Finally, Samlyn Capital LLC raised its stake in LPL Financial by 27.3% during the 1st quarter. Samlyn Capital LLC now owns 1,772,888 shares of the financial services provider’s stock valued at $358,833,000 after purchasing an additional 380,373 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. JMP Securities upped their target price on shares of LPL Financial from $290.00 to $305.00 and gave the company a “market outperform” rating in a research note on Tuesday. Morgan Stanley upgraded shares of LPL Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $254.00 to $315.00 in a research note on Tuesday. TD Cowen upped their target price on shares of LPL Financial from $266.00 to $269.00 and gave the company a “market perform” rating in a research note on Friday, March 22nd. UBS Group upped their target price on shares of LPL Financial from $260.00 to $267.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of LPL Financial from $254.00 to $260.00 and gave the company a “neutral” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $268.36.

LPL Financial Stock Up 0.5 %

LPLA opened at $259.54 on Thursday. The firm’s 50-day simple moving average is $260.65 and its 200-day simple moving average is $239.66. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.77 and a current ratio of 1.77. LPL Financial Holdings Inc. has a twelve month low of $179.00 and a twelve month high of $274.35. The firm has a market cap of $19.39 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.26 and a beta of 0.84.

LPL Financial (NASDAQ:LPLA) last posted its earnings results on Thursday, February 1st. The financial services provider reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.33 by $0.18. LPL Financial had a net margin of 10.61% and a return on equity of 57.68%. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the firm earned $4.21 EPS. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. Equities research analysts anticipate that LPL Financial Holdings Inc. will post 15.57 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Tuesday, March 12th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.46%. The ex-dividend date was Monday, March 11th. LPL Financial’s payout ratio is 8.79%.

Insider Transactions at LPL Financial

In related news, CEO Dan H. Arnold sold 34,807 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $266.54, for a total transaction of $9,277,457.78. Following the transaction, the chief executive officer now owns 141,810 shares in the company, valued at approximately $37,798,037.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Kabir Sethi sold 1,300 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $266.50, for a total transaction of $346,450.00. Following the transaction, the director now owns 10,245 shares in the company, valued at approximately $2,730,292.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Dan H. Arnold sold 34,807 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $266.54, for a total transaction of $9,277,457.78. Following the transaction, the chief executive officer now owns 141,810 shares in the company, valued at approximately $37,798,037.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,151 shares of company stock valued at $15,911,088. 1.00% of the stock is owned by insiders.

LPL Financial Profile

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 enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.