Panagora Asset Management Inc. raised its holdings in LPL Financial Holdings Inc (NASDAQ:LPLA) by 2.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 257,897 shares of the financial services provider’s stock after purchasing an additional 5,429 shares during the period. Panagora Asset Management Inc.’s holdings in LPL Financial were worth $16,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in LPLA. Integrated Investment Consultants LLC bought a new stake in LPL Financial in the 2nd quarter valued at $111,000. First Hawaiian Bank bought a new stake in LPL Financial in the 3rd quarter valued at $188,000. GAM Holding AG bought a new stake in LPL Financial in the 2nd quarter valued at $228,000. Advisors Asset Management Inc. increased its holdings in LPL Financial by 158.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 10,983 shares of the financial services provider’s stock valued at $240,000 after buying an additional 6,726 shares during the period. Finally, Greenleaf Trust bought a new stake in LPL Financial in the 3rd quarter valued at $254,000. 96.31% of the stock is currently owned by hedge funds and other institutional investors.
In other LPL Financial news, insider Michelle Oroschakoff sold 6,000 shares of the stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $63.00, for a total transaction of $378,000.00. Following the sale, the insider now owns 19,811 shares of the company’s stock, valued at approximately $1,248,093. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director George Burton White sold 23,893 shares of the stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $66.00, for a total transaction of $1,576,938.00. Following the sale, the director now directly owns 50,582 shares in the company, valued at approximately $3,338,412. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,143 shares of company stock worth $1,971,038. Insiders own 2.60% of the company’s stock.
LPL Financial (NASDAQ:LPLA) last posted its earnings results on Thursday, October 25th. The financial services provider reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.08. LPL Financial had a net margin of 7.68% and a return on equity of 41.69%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.30 billion. Analysts expect that LPL Financial Holdings Inc will post 5.19 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Thursday, November 8th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Wednesday, November 7th. LPL Financial’s dividend payout ratio is currently 33.33%.
Several equities research analysts have issued reports on LPLA shares. BidaskClub lowered shares of LPL Financial from a “sell” rating to a “strong sell” rating in a report on Saturday, September 8th. Zacks Investment Research raised shares of LPL Financial from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a report on Tuesday, August 14th. Wolfe Research started coverage on shares of LPL Financial in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. ValuEngine lowered shares of LPL Financial from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Finally, Credit Suisse Group lowered their target price on shares of LPL Financial from $91.00 to $88.00 and set an “outperform” rating on the stock in a report on Friday, October 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $77.82.
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About LPL Financial
LPL Financial Holdings Inc, together with its subsidiaries, provides 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, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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