LPL Financial (LPLA) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of LPL Financial (NASDAQ:LPLA) from a hold rating to a strong-buy rating in a research report sent to investors on Friday. They currently have $68.00 target price on the financial services provider’s stock.

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. “

LPLA has been the topic of a number of other reports. Morgan Stanley upgraded LPL Financial from an underweight rating to an equal weight rating and set a $42.00 target price on the stock in a report on Wednesday, January 3rd. Wells Fargo & Co reiterated a market perform rating and set a $60.00 price target (up previously from $52.00) on shares of LPL Financial in a report on Thursday, January 4th. Keefe, Bruyette & Woods reiterated a buy rating and set a $66.00 price target on shares of LPL Financial in a report on Friday, December 22nd. SunTrust Banks reiterated a buy rating and set a $65.00 price target on shares of LPL Financial in a report on Friday, October 27th. Finally, JPMorgan Chase & Co. lifted their price target on LPL Financial from $52.00 to $53.00 and gave the company a neutral rating in a report on Monday, October 30th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $57.50.

LPL Financial (NASDAQ LPLA) traded up $0.61 on Friday, hitting $60.33. The stock had a trading volume of 920,400 shares, compared to its average volume of 821,720. LPL Financial has a 12 month low of $36.72 and a 12 month high of $60.59. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.54. The company has a market cap of $5,420.00, a P/E ratio of 25.56, a PEG ratio of 1.36 and a beta of 1.88.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.03. LPL Financial had a return on equity of 26.03% and a net margin of 5.19%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the business earned $0.58 EPS. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. research analysts expect that LPL Financial will post 2.27 earnings per share for the current fiscal year.

LPL Financial declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $359.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In other LPL Financial news, CEO Dan H. Arnold sold 3,742 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total value of $181,636.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.00% of the company’s stock.

Large investors have recently made changes to their positions in the business. Mckinley Capital Management LLC Delaware acquired a new stake in shares of LPL Financial in the second quarter worth about $104,000. The Manufacturers Life Insurance Company lifted its position in shares of 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 worth $119,000 after buying an additional 211 shares during the last quarter. Comerica Bank acquired a new stake in shares of LPL Financial in the third quarter worth about $200,000. Virginia Retirement Systems ET AL acquired a new stake in shares of LPL Financial in the third quarter worth about $227,000. Finally, World Asset Management Inc acquired a new stake in shares of LPL Financial in the third quarter worth about $239,000. 90.28% of the stock is owned by institutional investors.

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About LPL Financial

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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