PNC Financial Services Group Inc. increased its holdings in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 59.0% during the third quarter, HoldingsChannel.com reports. The fund owned 12,146 shares of the financial services provider’s stock after buying an additional 4,505 shares during the period. PNC Financial Services Group Inc.’s holdings in LPL Financial were worth $784,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Great West Life Assurance Co. Can grew its position in shares of LPL Financial by 12.1% during the 2nd quarter. Great West Life Assurance Co. Can now owns 9,853 shares of the financial services provider’s stock valued at $646,000 after acquiring an additional 1,065 shares during the period. HL Financial Services LLC grew its position in shares of LPL Financial by 22.3% during the 2nd quarter. HL Financial Services LLC now owns 7,280 shares of the financial services provider’s stock valued at $477,000 after acquiring an additional 1,325 shares during the period. Integrated Investment Consultants LLC acquired a new stake in shares of LPL Financial during the 2nd quarter valued at about $111,000. Rhumbline Advisers grew its position in shares of LPL Financial by 2.5% during the 2nd quarter. Rhumbline Advisers now owns 93,640 shares of the financial services provider’s stock valued at $6,137,000 after acquiring an additional 2,320 shares during the period. Finally, First Hawaiian Bank acquired a new stake in shares of LPL Financial during the 3rd quarter valued at about $188,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.
Shares of LPL Financial stock opened at $59.09 on Friday. The stock has a market capitalization of $5.12 billion, a P/E ratio of 13.07, a P/E/G ratio of 0.76 and a beta of 1.59. LPL Financial Holdings Inc has a twelve month low of $52.03 and a twelve month high of $73.28. The company has a debt-to-equity ratio of 2.43, a quick ratio of 1.40 and a current ratio of 1.40.
The business also recently declared a quarterly dividend, which was paid on Monday, November 26th. Investors of record on Thursday, November 8th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Wednesday, November 7th. LPL Financial’s dividend payout ratio is presently 33.33%.
In related news, insider Michelle Oroschakoff sold 6,000 shares of the firm’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 transaction, the insider now directly owns 19,811 shares of the company’s stock, valued at approximately $1,248,093. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director George Burton White sold 23,893 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $3,338,412. The disclosure for this sale can be found here. Insiders sold a total of 64,536 shares of company stock worth $4,059,245 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.
LPLA has been the topic of a number of analyst reports. BidaskClub cut LPL Financial from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 8th. Wolfe Research initiated coverage on LPL Financial in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. ValuEngine cut LPL Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded LPL Financial from a “hold” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Wednesday, September 12th. Finally, Credit Suisse Group decreased 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 note on Friday, October 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. LPL Financial presently has a consensus rating of “Buy” and a consensus price target of $77.82.
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LPL Financial Profile
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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