LPL Financial Holdings Inc. Announces Quarterly Dividend of $0.25 (NASDAQ:LPLA)

LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) announced a quarterly dividend on Wednesday, May 18th, Zacks reports. Stockholders of record on Thursday, June 9th will be given a dividend of 0.25 per share by the financial services provider on Friday, June 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend is Wednesday, June 8th.

LPL Financial has a payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect LPL Financial to earn $15.63 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 6.4%.

LPLA opened at $173.78 on Friday. LPL Financial has a one year low of $127.03 and a one year high of $220.80. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.83 and a current ratio of 1.83. The stock’s fifty day moving average is $187.30 and its 200-day moving average is $174.87. The company has a market capitalization of $13.90 billion, a PE ratio of 30.60, a P/E/G ratio of 0.47 and a beta of 0.95.

LPL Financial (NASDAQ:LPLA – Get Rating) last announced its earnings results on Thursday, April 28th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.16. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.14 billion. LPL Financial had a return on equity of 35.82% and a net margin of 5.74%. LPL Financial’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.77 earnings per share. On average, equities research analysts forecast that LPL Financial will post 9.69 EPS for the current fiscal year.

A number of equities research analysts have recently issued reports on LPLA shares. Truist Financial boosted their target price on LPL Financial from $200.00 to $230.00 in a research report on Tuesday, May 3rd. StockNews.com lowered LPL Financial from a “hold” rating to a “sell” rating in a research report on Monday, May 2nd. JMP Securities raised LPL Financial from a “market perform” rating to an “outperform” rating and set a $242.00 target price on the stock in a research report on Thursday, April 7th. Morgan Stanley upped their price target on LPL Financial from $246.00 to $263.00 and gave the company an “overweight” rating in a research report on Wednesday, April 13th. Finally, Citigroup upped their price target on LPL Financial from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, April 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $221.00.

In other LPL Financial news, CEO Dan H. Arnold sold 23,119 shares of the business’s stock in a transaction dated Monday, February 28th. The stock was sold at an average price of $180.77, for a total value of $4,179,221.63. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William Francis Glavin, Jr. bought 1,760 shares of the stock in a transaction on Tuesday, March 8th. The stock was purchased at an average price of $141.59 per share, for a total transaction of $249,198.40. The disclosure for this purchase can be found here. Insiders sold 51,029 shares of company stock worth $9,035,766 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in LPLA. Acadian Asset Management LLC bought a new stake in shares of LPL Financial during the 1st quarter worth about $58,000. Covestor Ltd boosted its stake in shares of LPL Financial by 69.6% during the 1st quarter. Covestor Ltd now owns 502 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 206 shares in the last quarter. Panagora Asset Management Inc. bought a new stake in shares of LPL Financial during the 1st quarter worth about $213,000. Atria Wealth Solutions Inc. acquired a new position in shares of LPL Financial during the 1st quarter worth about $233,000. Finally, Mackenzie Financial Corp acquired a new position in shares of LPL Financial during the 1st quarter worth about $271,000. Institutional investors own 96.06% of the company’s stock.

About LPL Financial (Get Rating)

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 financial institutions 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.

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