Sumitomo Mitsui Trust Holdings Inc. Cuts Stake in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLAFree Report) by 9.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 187,783 shares of the financial services provider’s stock after selling 18,737 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.25% of LPL Financial worth $49,612,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Mawer Investment Management Ltd. acquired a new position in LPL Financial during the fourth quarter worth about $3,375,000. Hudson Bay Capital Management LP boosted its position in LPL Financial by 42.9% during the third quarter. Hudson Bay Capital Management LP now owns 50,000 shares of the financial services provider’s stock worth $11,882,000 after acquiring an additional 15,000 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in LPL Financial by 15.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 34,863 shares of the financial services provider’s stock worth $7,965,000 after acquiring an additional 4,686 shares during the last quarter. NewEdge Wealth LLC boosted its position in LPL Financial by 228.6% during the fourth quarter. NewEdge Wealth LLC now owns 55,827 shares of the financial services provider’s stock worth $12,707,000 after acquiring an additional 38,839 shares during the last quarter. Finally, Boston Partners grew its stake in shares of LPL Financial by 21.5% in the 4th quarter. Boston Partners now owns 1,026,721 shares of the financial services provider’s stock valued at $233,744,000 after buying an additional 181,594 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Insiders Place Their Bets

In other LPL Financial news, CEO Dan H. Arnold sold 5,677 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $277.31, for a total transaction of $1,574,288.87. Following the transaction, the chief executive officer now directly owns 142,608 shares of the company’s stock, valued at approximately $39,546,624.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by insiders.

LPL Financial Price Performance

Shares of LPLA opened at $276.01 on Friday. LPL Financial Holdings Inc. has a twelve month low of $200.18 and a twelve month high of $289.88. The firm’s fifty day simple moving average is $276.42 and its 200-day simple moving average is $260.49. The firm has a market capitalization of $20.62 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 1.11 and a beta of 0.90. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 1.70.

LPL Financial (NASDAQ:LPLAGet Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $4.21 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.44. LPL Financial had a net margin of 9.71% and a return on equity of 55.22%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.68 billion. Equities analysts forecast that LPL Financial Holdings Inc. will post 15.85 EPS for the current fiscal year.

LPL Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $1.20 annualized dividend and a yield of 0.43%. LPL Financial’s dividend payout ratio is currently 9.06%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. JMP Securities reissued a “market outperform” rating and issued a $305.00 price target on shares of LPL Financial in a research note on Wednesday, May 1st. Morgan Stanley raised shares of LPL Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $254.00 to $315.00 in a research report on Tuesday, April 9th. JPMorgan Chase & Co. increased their price objective on shares of LPL Financial from $254.00 to $260.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 2nd. TD Cowen increased their price objective on shares of LPL Financial from $269.00 to $271.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Finally, Raymond James began coverage on shares of LPL Financial in a research report on Thursday, April 4th. They set an “underperform” rating for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, LPL Financial currently has an average rating of “Hold” and a consensus price target of $276.20.

View Our Latest Research Report on LPLA

LPL Financial Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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