LPL Financial (LPLA) Raised to Equal Weight at Morgan Stanley

Morgan Stanley upgraded shares of LPL Financial (NASDAQ:LPLA) from an underweight rating to an equal weight rating in a report issued on Wednesday, Marketbeat Ratings reports. Morgan Stanley currently has $42.00 price target on the financial services provider’s stock.

Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered LPL Financial from a buy rating to a hold rating in a report on Wednesday, November 1st. Credit Suisse Group assumed coverage on LPL Financial in a report on Thursday, November 30th. They set an outperform rating and a $68.00 price objective on the stock. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $66.00 price objective on shares of LPL Financial in a report on Friday, December 22nd. ValuEngine lowered LPL Financial from a buy rating to a hold rating in a report on Friday, October 6th. Finally, JPMorgan Chase & Co. raised their price objective on LPL Financial from $52.00 to $53.00 and gave the stock a neutral rating in a report on Monday, October 30th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $57.50.

LPL Financial (LPLA) opened at $59.72 on Wednesday. The stock has a market capitalization of $5,301.38, a PE ratio of 23.61, a price-to-earnings-growth ratio of 1.37 and a beta of 1.88. LPL Financial has a twelve month low of $36.43 and a twelve month high of $59.85. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.54.

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 consensus estimate of $0.60 by $0.03. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.08 billion. LPL Financial had a return on equity of 26.03% and a net margin of 5.19%. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 earnings per share. sell-side analysts forecast that LPL Financial will post 2.27 EPS for the current year.

LPL Financial declared that its board has initiated a share buyback program on Tuesday, December 5th that authorizes the company to buyback $359.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

In related news, CEO Dan H. Arnold sold 3,742 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total transaction of $181,636.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.00% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC purchased a new position in shares of LPL Financial during the second quarter worth about $399,202,000. Vanguard Group Inc. grew its holdings in shares of LPL Financial by 10.4% during the second quarter. Vanguard Group Inc. now owns 8,779,510 shares of the financial services provider’s stock worth $372,778,000 after buying an additional 827,372 shares during the last quarter. BlackRock Inc. lifted its position in LPL Financial by 1.3% in the second quarter. BlackRock Inc. now owns 3,558,615 shares of the financial services provider’s stock valued at $151,098,000 after purchasing an additional 46,013 shares during the period. Samlyn Capital LLC lifted its position in LPL Financial by 55.6% in the second quarter. Samlyn Capital LLC now owns 1,480,439 shares of the financial services provider’s stock valued at $62,860,000 after purchasing an additional 528,780 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in LPL Financial by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,456,934 shares of the financial services provider’s stock valued at $61,860,000 after purchasing an additional 42,820 shares during the period. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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