LPL Financial’s (LPLA) Market Perform Rating Reaffirmed at Wells Fargo & Co

Wells Fargo & Co reaffirmed their market perform rating on shares of LPL Financial (NASDAQ:LPLA) in a research report released on Thursday. The brokerage currently has a $60.00 price target on the financial services provider’s stock, up from their previous price target of $52.00.

Several other equities research analysts also recently issued reports on LPLA. Zacks Investment Research downgraded shares of LPL Financial from a hold rating to a sell rating in a research report on Tuesday. Morgan Stanley raised shares of LPL Financial from an underweight rating to an equal weight rating and set a $42.00 target price for the company in a research report on Wednesday. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $66.00 target price on shares of LPL Financial in a research report on Friday, December 22nd. SunTrust Banks reaffirmed a buy rating and issued a $65.00 target price on shares of LPL Financial in a research report on Friday, October 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of LPL Financial from $52.00 to $53.00 and gave the company a neutral rating in a research report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $56.83.

Shares of LPL Financial (LPLA) traded up $0.33 during mid-day trading on Thursday, hitting $58.78. 1,022,800 shares of the stock traded hands, compared to its average volume of 856,267. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.48 and a quick ratio of 1.48. LPL Financial has a 52 week low of $36.43 and a 52 week high of $59.84. The company has a market capitalization of $5,320.00, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 1.44 and a beta of 1.88.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.03. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The firm’s revenue was up 4.6% compared to the same quarter last year. sell-side analysts predict that LPL Financial will post 2.31 earnings per share for the current fiscal year.

LPL Financial declared that its board has authorized a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $359.00 million in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In other LPL Financial news, CEO Dan H. Arnold sold 3,742 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total value of $181,636.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.00% of the company’s stock.

A number of hedge funds have recently made changes to their positions in LPLA. Mckinley Capital Management LLC Delaware acquired a new stake in LPL Financial in the second quarter valued at $104,000. Public Employees Retirement Association of Colorado lifted its stake in LPL Financial by 1.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,776 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 52 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in LPL Financial by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 211 shares during the last quarter. Comerica Bank acquired a new stake in LPL Financial in the third quarter valued at $200,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in LPL Financial in the third quarter valued at $227,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

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LPL Financial Company Profile

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.

Analyst Recommendations for LPL Financial (NASDAQ:LPLA)

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