Oppenheimer & Co. Inc. Invests $241,000 in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Oppenheimer & Co. Inc. purchased a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,113 shares of the financial services provider’s stock, valued at approximately $241,000.

Other hedge funds have also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. lifted its position in shares of LPL Financial by 36.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,383 shares of the financial services provider’s stock valued at $801,000 after purchasing an additional 1,181 shares in the last quarter. HighTower Advisors LLC raised its position in LPL Financial by 29.1% in the first quarter. HighTower Advisors LLC now owns 2,172 shares of the financial services provider’s stock worth $395,000 after acquiring an additional 489 shares during the period. PNC Financial Services Group Inc. raised its position in LPL Financial by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,392 shares of the financial services provider’s stock worth $802,000 after acquiring an additional 770 shares during the period. Bank of Montreal Can raised its position in LPL Financial by 176.6% in the first quarter. Bank of Montreal Can now owns 6,549 shares of the financial services provider’s stock worth $1,216,000 after acquiring an additional 4,181 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in LPL Financial in the first quarter worth about $58,000. 94.89% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director William Francis Glavin, Jr. purchased 557 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was acquired at an average price of $180.23 per share, with a total value of $100,388.11. Following the purchase, the director now directly owns 2,775 shares in the company, valued at $500,138.25. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other LPL Financial news, Director William Francis Glavin, Jr. acquired 557 shares of the stock in a transaction dated Thursday, May 4th. The stock was purchased at an average cost of $180.23 per share, for a total transaction of $100,388.11. Following the acquisition, the director now owns 2,775 shares in the company, valued at approximately $500,138.25. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Dan H. Arnold sold 38,444 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $246.20, for a total transaction of $9,464,912.80. Following the sale, the chief executive officer now owns 154,884 shares of the company’s stock, valued at $38,132,440.80. The disclosure for this sale can be found here. Insiders sold a total of 50,364 shares of company stock valued at $12,399,307 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

LPL Financial Price Performance

Shares of NASDAQ:LPLA opened at $191.10 on Tuesday. The company has a 50 day moving average of $202.25 and a 200 day moving average of $222.25. The stock has a market cap of $14.84 billion, a P/E ratio of 14.68, a P/E/G ratio of 0.35 and a beta of 0.90. LPL Financial Holdings Inc. has a 12 month low of $169.39 and a 12 month high of $271.56. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 1.30.

LPL Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Thursday, May 18th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, May 17th. This represents a $1.20 annualized dividend and a yield of 0.63%. LPL Financial’s dividend payout ratio is currently 9.22%.

Analyst Upgrades and Downgrades

LPLA has been the topic of several research reports. JMP Securities reaffirmed a “market outperform” rating and issued a $290.00 price objective on shares of LPL Financial in a research report on Monday, March 13th. Credit Suisse Group lowered their price objective on shares of LPL Financial from $205.00 to $192.00 in a research report on Friday, April 28th. StockNews.com initiated coverage on shares of LPL Financial in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. William Blair reissued an “outperform” rating on shares of LPL Financial in a research report on Tuesday, January 17th. Finally, JPMorgan Chase & Co. lowered their price target on shares of LPL Financial from $256.00 to $238.00 and set a “neutral” rating on the stock in a research report on Monday, April 3rd. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $234.75.

About LPL Financial

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LPL Financial Holdings, Inc serves independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow their practices. It provides objective financial guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.