LPL Financial (NASDAQ:LPLA) Shares Gap Up on Analyst Upgrade

Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) gapped up before the market opened on Wednesday after Wells Fargo & Company upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $238.71, but opened at $244.64. Wells Fargo & Company now has a $285.00 price target on the stock, up from their previous price target of $235.00. LPL Financial shares last traded at $242.80, with a volume of 30,123 shares.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group lowered their price target on LPL Financial from $289.00 to $271.00 and set a “buy” rating for the company in a report on Thursday, September 26th. JMP Securities upped their price target on shares of LPL Financial from $305.00 to $310.00 and gave the stock a “market outperform” rating in a research report on Friday, July 26th. Citigroup decreased their price target on shares of LPL Financial from $325.00 to $285.00 and set a “buy” rating on the stock in a report on Friday, September 27th. Keefe, Bruyette & Woods dropped their price objective on LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Finally, TD Cowen lifted their target price on LPL Financial from $243.00 to $255.00 and gave the company a “hold” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $278.23.

Hedge Funds Weigh In On LPL Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Intech Investment Management LLC grew its holdings in LPL Financial by 38.8% during the 1st quarter. Intech Investment Management LLC now owns 41,850 shares of the financial services provider’s stock valued at $11,057,000 after purchasing an additional 11,703 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of LPL Financial by 533.8% during the first quarter. Acadian Asset Management LLC now owns 5,153 shares of the financial services provider’s stock worth $1,359,000 after acquiring an additional 4,340 shares during the last quarter. Swedbank AB acquired a new position in shares of LPL Financial in the first quarter worth about $3,648,000. Sei Investments Co. boosted its holdings in LPL Financial by 23.4% in the first quarter. Sei Investments Co. now owns 113,254 shares of the financial services provider’s stock valued at $29,923,000 after purchasing an additional 21,481 shares during the last quarter. Finally, Raymond James & Associates grew its stake in LPL Financial by 5.4% during the 2nd quarter. Raymond James & Associates now owns 394,091 shares of the financial services provider’s stock valued at $110,070,000 after purchasing an additional 20,123 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

LPL Financial Stock Down 1.0 %

The firm has a fifty day simple moving average of $218.60 and a 200-day simple moving average of $248.70. The company has a market capitalization of $18.18 billion, a PE ratio of 18.38, a P/E/G ratio of 1.27 and a beta of 0.88. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.16 and a current ratio of 2.16.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.66 by $0.22. LPL Financial had a net margin of 8.91% and a return on equity of 52.14%. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the previous year, the firm earned $3.94 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that LPL Financial Holdings Inc. will post 15.88 EPS for the current fiscal year.

LPL Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 0.49%. LPL Financial’s payout ratio is 9.06%.

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, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.