LPL Financial (LPLA) Price Target Raised to $66.00

LPL Financial (NASDAQ:LPLA) had its target price hoisted by Morgan Stanley from $62.00 to $66.00 in a report released on Wednesday morning. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $73.00 price objective on shares of LPL Financial in a report on Friday, February 2nd. Zacks Investment Research downgraded LPL Financial from a buy rating to a hold rating in a report on Wednesday, November 1st. Nomura upped their price objective on LPL Financial from $80.00 to $84.00 and gave the stock a buy rating in a report on Friday, February 2nd. SunTrust Banks reaffirmed a buy rating and set a $75.00 price objective on shares of LPL Financial in a report on Friday, February 2nd. Finally, BidaskClub raised LPL Financial from a hold rating to a buy rating in a research note on Monday, February 5th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $66.00.

LPL Financial (LPLA) opened at $62.23 on Wednesday. LPL Financial has a 1-year low of $37.38 and a 1-year high of $64.71. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.54. The stock has a market capitalization of $5,612.52, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 1.10 and a beta of 1.74.

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

In other news, insider John Andrew Kalbaugh sold 10,000 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $62.61, for a total value of $626,100.00. Following the transaction, the insider now owns 38,050 shares of the company’s stock, valued at approximately $2,382,310.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William P. Jr. Morrissey sold 20,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $62.74, for a total value of $1,254,800.00. Following the completion of the transaction, the director now directly owns 37,541 shares in the company, valued at approximately $2,355,322.34. The disclosure for this sale can be found here. In the last three months, insiders sold 33,742 shares of company stock worth $2,062,537. 4.00% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ARP Americas LP increased its position in shares of LPL Financial by 219.2% in the 4th quarter. ARP Americas LP now owns 28,208 shares of the financial services provider’s stock valued at $1,612,000 after buying an additional 19,370 shares in the last quarter. American International Group Inc. bought a new stake in shares of LPL Financial in the 4th quarter valued at $119,000. Arrowstreet Capital Limited Partnership increased its position in shares of LPL Financial by 947.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 438,378 shares of the financial services provider’s stock valued at $25,049,000 after buying an additional 396,533 shares in the last quarter. BlackRock Inc. increased its position in shares of LPL Financial by 5.3% in the 4th quarter. BlackRock Inc. now owns 3,945,418 shares of the financial services provider’s stock valued at $225,442,000 after buying an additional 198,189 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of LPL Financial by 140.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,258,579 shares of the financial services provider’s stock valued at $71,917,000 after buying an additional 735,256 shares in the last quarter. Institutional investors and hedge funds own 90.32% of the company’s stock.

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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.

Analyst Recommendations for LPL Financial (NASDAQ:LPLA)

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