Rafferty Asset Management LLC Sells 2,598 Shares of LPL Financial Holdings Inc (LPLA)

Rafferty Asset Management LLC reduced its holdings in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 11.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,556 shares of the financial services provider’s stock after selling 2,598 shares during the period. Rafferty Asset Management LLC’s holdings in LPL Financial were worth $1,326,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Globeflex Capital L P boosted its position in LPL Financial by 27.7% in the third quarter. Globeflex Capital L P now owns 42,519 shares of the financial services provider’s stock valued at $2,743,000 after buying an additional 9,219 shares in the last quarter. BlackRock Inc. boosted its position in LPL Financial by 0.8% in the third quarter. BlackRock Inc. now owns 4,142,421 shares of the financial services provider’s stock valued at $267,226,000 after buying an additional 34,253 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in LPL Financial by 59.0% in the third quarter. PNC Financial Services Group Inc. now owns 12,146 shares of the financial services provider’s stock valued at $784,000 after buying an additional 4,505 shares in the last quarter. Bank of New York Mellon Corp boosted its position in LPL Financial by 5.6% in the third quarter. Bank of New York Mellon Corp now owns 1,540,194 shares of the financial services provider’s stock valued at $99,357,000 after buying an additional 81,126 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in LPL Financial by 52.8% in the third quarter. Alliancebernstein L.P. now owns 276,904 shares of the financial services provider’s stock valued at $17,863,000 after buying an additional 95,626 shares in the last quarter. Institutional investors and hedge funds own 96.31% of the company’s stock.

Shares of NASDAQ LPLA opened at $64.17 on Friday. LPL Financial Holdings Inc has a 1-year low of $50.35 and a 1-year high of $73.28. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 21.39, a P/E/G ratio of 0.82 and a beta of 1.59. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.43.

LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, October 25th. The financial services provider reported $1.32 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.30 billion. On average, equities research analysts anticipate that LPL Financial Holdings Inc will post 5.19 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Thursday, November 8th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Wednesday, November 7th. LPL Financial’s dividend payout ratio is presently 33.33%.

LPLA has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of LPL Financial from $80.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, October 30th. Wolfe Research initiated coverage on shares of LPL Financial in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. BidaskClub lowered shares of LPL Financial from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 8th. Morgan Stanley reduced their price target on shares of LPL Financial from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Wednesday, November 14th. Finally, Credit Suisse Group reduced their price target on shares of LPL Financial from $91.00 to $88.00 and set an “outperform” rating on the stock in a research report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. LPL Financial presently has a consensus rating of “Buy” and an average target price of $77.82.

In other LPL Financial news, insider Michelle Oroschakoff sold 6,000 shares of the business’s stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $63.00, for a total value of $378,000.00. Following the completion of the transaction, the insider now directly owns 19,811 shares of the company’s stock, valued at $1,248,093. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director George Burton White sold 23,893 shares of the business’s 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 completion of the transaction, the director now directly owns 50,582 shares of the company’s stock, valued at $3,338,412. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,143 shares of company stock valued at $1,971,038. Insiders own 2.60% of the company’s stock.

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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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Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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