Cibc World Market Inc. Sells 6,080 Shares of LPL Financial Holdings Inc. $LPLA

Cibc World Market Inc. lessened its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 47.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,738 shares of the financial services provider’s stock after selling 6,080 shares during the quarter. Cibc World Market Inc.’s holdings in LPL Financial were worth $2,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in LPLA. AGF Management Ltd. lifted its holdings in LPL Financial by 74.9% during the 2nd quarter. AGF Management Ltd. now owns 765,024 shares of the financial services provider’s stock worth $286,861,000 after purchasing an additional 327,580 shares in the last quarter. Bryn Mawr Trust Advisors LLC purchased a new stake in shares of LPL Financial in the second quarter worth about $316,000. WCM Investment Management LLC boosted its position in shares of LPL Financial by 0.7% in the third quarter. WCM Investment Management LLC now owns 1,742,991 shares of the financial services provider’s stock valued at $593,663,000 after acquiring an additional 12,214 shares during the period. Independent Advisor Alliance grew its stake in LPL Financial by 41.5% during the third quarter. Independent Advisor Alliance now owns 5,341 shares of the financial services provider’s stock valued at $1,777,000 after acquiring an additional 1,566 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its holdings in LPL Financial by 116.6% during the 3rd quarter. Mutual of America Capital Management LLC now owns 5,568 shares of the financial services provider’s stock worth $1,852,000 after acquiring an additional 2,997 shares during the period. 95.66% of the stock is currently owned by institutional investors.

Insider Activity at LPL Financial

In other news, CEO Richard Steinmeier sold 5,058 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $370.99, for a total transaction of $1,876,467.42. Following the completion of the sale, the chief executive officer directly owned 9,326 shares in the company, valued at approximately $3,459,852.74. This represents a 35.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Aneri Jambusaria sold 80 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $352.48, for a total value of $28,198.40. Following the transaction, the director directly owned 5,502 shares in the company, valued at $1,939,344.96. This trade represents a 1.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 5,888 shares of company stock worth $2,182,893 in the last three months. 0.70% of the stock is owned by insiders.

LPL Financial Stock Up 1.4%

Shares of NASDAQ:LPLA opened at $334.70 on Tuesday. The stock has a market capitalization of $26.79 billion, a P/E ratio of 30.40, a price-to-earnings-growth ratio of 0.74 and a beta of 0.58. The stock’s 50-day moving average price is $367.40 and its 200-day moving average price is $356.60. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.49. LPL Financial Holdings Inc. has a 12-month low of $262.83 and a 12-month high of $403.58.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, January 29th. The financial services provider reported $5.23 earnings per share for the quarter, beating the consensus estimate of $4.82 by $0.41. The company had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $4.90 billion. LPL Financial had a return on equity of 35.99% and a net margin of 5.08%.LPL Financial’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business posted $4.25 EPS. On average, equities analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, March 10th. LPL Financial’s payout ratio is presently 10.90%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Jefferies Financial Group boosted their price target on shares of LPL Financial from $426.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Citizens Jmp lifted their price objective on LPL Financial from $455.00 to $475.00 and gave the company a “market outperform” rating in a research note on Friday, October 31st. TD Cowen decreased their target price on LPL Financial from $399.00 to $378.00 and set a “hold” rating on the stock in a research note on Friday, January 30th. Barclays dropped their price target on LPL Financial from $444.00 to $434.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Finally, Wolfe Research set a $478.00 price objective on shares of LPL Financial in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, LPL Financial has an average rating of “Moderate Buy” and a consensus target price of $431.80.

LPL Financial Company Profile

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.