LPL Financial (NASDAQ:LPLA) Reaches New 1-Year High – Here’s What Happened

LPL Financial Holdings Inc. (NASDAQ:LPLA) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $323.21 and last traded at $323.21, with a volume of 73845 shares changing hands. The stock had previously closed at $317.05.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Morgan Stanley lifted their price target on LPL Financial from $303.00 to $309.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. The Goldman Sachs Group increased their price target on shares of LPL Financial from $271.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Citigroup lifted their price objective on shares of LPL Financial from $285.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of LPL Financial from a “sell” rating to a “hold” rating in a research note on Saturday, November 9th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of LPL Financial from $326.00 to $315.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $286.92.

LPL Financial Stock Performance

The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. The company has a market cap of $24.35 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 1.54 and a beta of 0.85. The firm’s fifty day moving average is $258.57 and its 200 day moving average is $252.31.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share for the quarter, topping the consensus estimate of $3.69 by $0.47. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The firm had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the prior year, the firm earned $3.74 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, research analysts predict that LPL Financial Holdings Inc. will post 16.08 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.20 dividend on an annualized basis and a yield of 0.37%. LPL Financial’s payout ratio is currently 9.02%.

Institutional Trading of LPL Financial

A number of hedge funds have recently bought and sold shares of LPLA. Acadian Asset Management LLC increased its holdings in shares of LPL Financial by 533.8% in the first quarter. Acadian Asset Management LLC now owns 5,153 shares of the financial services provider’s stock valued at $1,359,000 after purchasing an additional 4,340 shares during the last quarter. UniSuper Management Pty Ltd grew its holdings in shares of LPL Financial by 83.3% in the first quarter. UniSuper Management Pty Ltd now owns 1,100 shares of the financial services provider’s stock valued at $291,000 after purchasing an additional 500 shares during the period. Axxcess Wealth Management LLC increased its position in LPL Financial by 52.3% during the first quarter. Axxcess Wealth Management LLC now owns 2,217 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 761 shares during the last quarter. Toronto Dominion Bank raised its stake in LPL Financial by 584.7% during the first quarter. Toronto Dominion Bank now owns 67,213 shares of the financial services provider’s stock worth $17,758,000 after purchasing an additional 57,396 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in LPL Financial by 12.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 783,777 shares of the financial services provider’s stock valued at $207,074,000 after purchasing an additional 88,241 shares during the last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.

LPL Financial Company 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.