Concorde Asset Management LLC Cuts Stock Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Concorde Asset Management LLC trimmed its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 1.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,167 shares of the financial services provider’s stock after selling 33 shares during the quarter. Concorde Asset Management LLC’s holdings in LPL Financial were worth $504,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Acadian Asset Management LLC increased its holdings in shares of LPL Financial by 533.8% during the 1st 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 in the last quarter. Swedbank AB purchased a new stake in LPL Financial in the 1st quarter worth $3,648,000. Raymond James & Associates increased its holdings in LPL Financial by 5.4% in the 2nd quarter. Raymond James & Associates now owns 394,091 shares of the financial services provider’s stock worth $110,070,000 after acquiring an additional 20,123 shares in the last quarter. Coronation Fund Managers Ltd. increased its holdings in LPL Financial by 68.2% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 217,451 shares of the financial services provider’s stock worth $50,586,000 after acquiring an additional 88,196 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new stake in LPL Financial in the 1st quarter worth $918,000. 95.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on LPLA shares. Bank of America raised shares of LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 price target for the company in a report on Tuesday, July 30th. Barclays lifted their target price on shares of LPL Financial from $273.00 to $311.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Keefe, Bruyette & Woods lowered their target price on shares of LPL Financial from $326.00 to $315.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. UBS Group lifted their target price on shares of LPL Financial from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company raised shares of LPL Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $235.00 to $285.00 in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $286.92.

LPL Financial Trading Up 2.0 %

NASDAQ LPLA opened at $323.24 on Friday. The firm’s 50-day moving average is $258.57 and its two-hundred day moving average is $252.31. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $326.76. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16. The stock has a market capitalization of $24.20 billion, a P/E ratio of 24.30, a PEG ratio of 1.54 and a beta of 0.85.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.69 by $0.47. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.04 billion. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.74 earnings per share. On average, sell-side analysts anticipate that LPL Financial Holdings Inc. will post 16.08 earnings per share for the current year.

LPL Financial Announces Dividend

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

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.