Russell Investments Group Ltd. Has $26.26 Million Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Russell Investments Group Ltd. lessened its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 20.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 120,767 shares of the financial services provider’s stock after selling 30,806 shares during the quarter. Russell Investments Group Ltd. owned about 0.16% of LPL Financial worth $26,262,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. First Manhattan Co. acquired a new position in LPL Financial in the fourth quarter valued at about $27,000. Janiczek Wealth Management LLC raised its holdings in LPL Financial by 267.6% during the 2nd quarter. Janiczek Wealth Management LLC now owns 136 shares of the financial services provider’s stock worth $30,000 after buying an additional 99 shares during the period. Ceredex Value Advisors LLC acquired a new position in LPL Financial in the 2nd quarter worth $38,000. Harbor Capital Advisors Inc. bought a new position in shares of LPL Financial during the second quarter worth about $40,000. Finally, Industrial Alliance Investment Management Inc. acquired a new position in LPL Financial during the 1st quarter worth approximately $41,000. Institutional investors and hedge funds own 92.84% of the company’s stock.

Insider Activity

In related news, Director Richard Steinmeier sold 10,300 shares of the company’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $242.68, for a total transaction of $2,499,604.00. Following the completion of the sale, the director now owns 16,914 shares of the company’s stock, valued at $4,104,689.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Dan H. Arnold sold 353 shares of the stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $250.03, for a total value of $88,260.59. Following the completion of the transaction, the chief executive officer now owns 145,884 shares of the company’s stock, valued at approximately $36,475,376.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard Steinmeier sold 10,300 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $242.68, for a total transaction of $2,499,604.00. Following the sale, the director now directly owns 16,914 shares in the company, valued at approximately $4,104,689.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,583 shares of company stock valued at $3,017,039. 1.30% of the stock is owned by company insiders.

LPL Financial Price Performance

NASDAQ:LPLA opened at $225.11 on Tuesday. The firm’s fifty day moving average price is $231.21 and its two-hundred day moving average price is $221.38. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market cap of $17.02 billion, a P/E ratio of 15.26, a P/E/G ratio of 0.61 and a beta of 0.91. LPL Financial Holdings Inc. has a one year low of $179.00 and a one year high of $257.64.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $3.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.59 by $0.15. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.51 billion. LPL Financial had a net margin of 11.99% and a return on equity of 60.49%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the business posted $3.13 earnings per share. Equities analysts expect that LPL Financial Holdings Inc. will post 15.45 earnings per share for the current year.

LPL Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 27th. Stockholders of record on Thursday, November 9th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend is Wednesday, November 8th. LPL Financial’s dividend payout ratio is currently 8.14%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Morgan Stanley decreased their target price on shares of LPL Financial from $260.00 to $252.00 and set an “equal weight” rating for the company in a research report on Monday, October 30th. Bank of America increased their price target on LPL Financial from $232.00 to $233.00 in a research report on Sunday, July 30th. JPMorgan Chase & Co. upped their price objective on LPL Financial from $230.00 to $251.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 10th. Jefferies Financial Group increased their price objective on LPL Financial from $282.00 to $284.00 in a report on Tuesday, October 10th. Finally, Citigroup boosted their target price on shares of LPL Financial from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $252.90.

About LPL Financial

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, 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.