LPL Financial Holdings Inc. (NASDAQ:LPLA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, July 4th. The firm presently has a $48.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 4.39% from the stock’s previous close.
According to Zacks, “LPL Financial Holdings Inc. is engaged in providing 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, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “
A number of other brokerages have also recently issued reports on LPLA. Keefe, Bruyette & Woods set a $44.00 price objective on shares of LPL Financial Holdings and gave the stock a “hold” rating in a research note on Thursday, April 6th. Instinet raised shares of LPL Financial Holdings from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $51.00 in a research note on Friday, April 28th. Goldman Sachs Group, Inc. (The) upgraded shares of LPL Financial Holdings from a “neutral” rating to a “conviction-buy” rating and upped their target price for the stock from $44.00 to $47.00 in a research report on Monday, March 20th. Citigroup Inc. upped their target price on shares of LPL Financial Holdings from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Finally, SunTrust Banks, Inc. restated a “hold” rating and set a $42.00 target price on shares of LPL Financial Holdings in a research report on Friday, March 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $42.73.
Shares of LPL Financial Holdings (NASDAQ:LPLA) traded up 1.88% on Tuesday, reaching $45.98. The company’s stock had a trading volume of 1,535,324 shares. LPL Financial Holdings has a 52-week low of $24.46 and a 52-week high of $46.62. The firm has a 50 day moving average of $42.85 and a 200 day moving average of $40.59. The company has a market cap of $4.13 billion, a PE ratio of 19.97 and a beta of 1.82.
LPL Financial Holdings (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.08. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. LPL Financial Holdings had a net margin of 5.10% and a return on equity of 26.97%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 earnings per share. Analysts predict that LPL Financial Holdings will post $2.49 earnings per share for the current year.
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In other LPL Financial Holdings news, insider William P. Jr. Morrissey sold 32,150 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $39.34, for a total transaction of $1,264,781.00. Following the transaction, the insider now owns 49,691 shares of the company’s stock, valued at approximately $1,954,843.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in LPL Financial Holdings by 11,835.9% in the first quarter. BlackRock Inc. now owns 3,512,602 shares of the financial services provider’s stock worth $139,907,000 after buying an additional 3,483,173 shares during the period. Norges Bank acquired a new position in LPL Financial Holdings during the fourth quarter worth approximately $42,914,000. Point72 Asset Management L.P. purchased a new stake in LPL Financial Holdings during the first quarter worth $46,765,000. Vanguard Group Inc. boosted its stake in LPL Financial Holdings by 16.7% in the first quarter. Vanguard Group Inc. now owns 7,952,138 shares of the financial services provider’s stock worth $316,734,000 after buying an additional 1,136,785 shares in the last quarter. Finally, Janus Capital Management LLC boosted its stake in LPL Financial Holdings by 13.1% in the first quarter. Janus Capital Management LLC now owns 8,996,531 shares of the financial services provider’s stock worth $358,332,000 after buying an additional 1,038,731 shares in the last quarter. 90.80% of the stock is currently owned by institutional investors and hedge funds.
About LPL Financial Holdings
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.
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