LPL Financial (NASDAQ:LPLA) Given New $410.00 Price Target at TD Cowen

LPL Financial (NASDAQ:LPLA) had its target price raised by TD Cowen from $356.00 to $410.00 in a research report report published on Monday morning,Benzinga reports. TD Cowen currently has a hold rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. reduced their price target on LPL Financial from $463.00 to $438.00 and set an “overweight” rating on the stock in a report on Monday, October 20th. Weiss Ratings reissued a “hold (c)” rating on shares of LPL Financial in a research note on Friday. The Goldman Sachs Group restated a “buy” rating and set a $421.00 target price on shares of LPL Financial in a report on Friday. Morgan Stanley cut their price target on shares of LPL Financial from $490.00 to $462.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Finally, Wells Fargo & Company upped their price objective on shares of LPL Financial from $402.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $429.00.

LPL Financial Trading Up 0.4%

Shares of LPLA opened at $378.94 on Monday. The stock has a market capitalization of $30.32 billion, a P/E ratio of 34.89, a PEG ratio of 0.88 and a beta of 0.63. LPL Financial has a twelve month low of $262.83 and a twelve month high of $403.58. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41. The firm has a fifty day simple moving average of $340.14 and a two-hundred day simple moving average of $357.14.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data on Thursday, October 30th. The financial services provider reported $5.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.49 by $0.71. The firm had revenue of $4.55 billion for the quarter, compared to analysts’ expectations of $4.08 billion. LPL Financial had a net margin of 5.35% and a return on equity of 40.11%. The company’s revenue for the quarter was up 46.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.16 earnings per share. On average, research analysts anticipate that LPL Financial will post 19.35 EPS for the current year.

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Thursday, November 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Thursday, November 13th. LPL Financial’s payout ratio is 11.05%.

Insider Transactions at LPL Financial

In related news, Director Aneri Jambusaria sold 80 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $361.25, for a total value of $28,900.00. Following the completion of the transaction, the director directly owned 5,582 shares in the company, valued at $2,016,497.50. This trade represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Greg Gates sold 750 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $314.42, for a total transaction of $235,815.00. Following the sale, the director directly owned 16,870 shares in the company, valued at $5,304,265.40. The trade was a 4.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,330 shares of company stock worth $772,030 over the last ninety days. Insiders own 0.70% of the company’s stock.

Institutional Trading of LPL Financial

A number of hedge funds have recently made changes to their positions in the stock. Osterweis Capital Management Inc. bought a new position in LPL Financial during the 2nd quarter valued at approximately $26,000. Summit Securities Group LLC purchased a new stake in shares of LPL Financial in the first quarter worth $26,000. SBI Securities Co. Ltd. increased its holdings in shares of LPL Financial by 116.2% during the second quarter. SBI Securities Co. Ltd. now owns 80 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 43 shares in the last quarter. SJS Investment Consulting Inc. raised its position in shares of LPL Financial by 912.5% in the 3rd quarter. SJS Investment Consulting Inc. now owns 81 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 73 shares during the last quarter. Finally, Eastern Bank boosted its stake in LPL Financial by 72.0% in the 3rd quarter. Eastern Bank now owns 86 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 36 shares in the last quarter. 95.66% of the stock is owned by institutional investors.

About LPL Financial

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.