Brown Brothers Harriman & Co. reduced its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 7.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,176 shares of the financial services provider’s stock after selling 410 shares during the period. Brown Brothers Harriman & Co.’s holdings in LPL Financial were worth $699,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of LPLA. Meeder Asset Management Inc. acquired a new position in shares of LPL Financial during the second quarter worth $28,000. Ameritas Investment Company LLC acquired a new position in shares of LPL Financial during the first quarter worth $29,000. Fred Alger Management LLC acquired a new position in shares of LPL Financial during the first quarter worth $30,000. SkyView Investment Advisors LLC lifted its position in shares of LPL Financial by 241.6% during the first quarter. SkyView Investment Advisors LLC now owns 263 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 186 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new stake in LPL Financial in the first quarter valued at $55,000. 93.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of LPLA stock opened at $166.92 on Thursday. LPL Financial Holdings Inc. has a 12 month low of $75.25 and a 12 month high of $168.96. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.82. The business’s 50 day moving average is $150.44 and its two-hundred day moving average is $145.70. The company has a market cap of $13.40 billion, a PE ratio of 25.32 and a beta of 1.18.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.60%. LPL Financial’s payout ratio is presently 15.48%.
Several analysts recently issued reports on the stock. cut their price target on shares of LPL Financial from $239.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, July 12th. Citigroup upped their price target on shares of LPL Financial from $228.00 to $234.00 and gave the company a “buy” rating in a report on Friday, September 24th. Morgan Stanley upped their price target on shares of LPL Financial from $202.00 to $208.00 and gave the company an “overweight” rating in a report on Friday, October 8th. Finally, The Goldman Sachs Group lowered shares of LPL Financial from a “conviction-buy” rating to a “buy” rating in a research note on Wednesday, June 23rd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, LPL Financial currently has a consensus rating of “Buy” and an average target price of $158.05.
In other news, Director Matthew Enyedi sold 7,712 shares of the firm’s stock in a transaction on Tuesday, July 20th. The stock was sold at an average price of $130.00, for a total value of $1,002,560.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward Fandrey sold 1,784 shares of LPL Financial stock in a transaction dated Thursday, August 26th. The stock was sold at an average price of $148.78, for a total value of $265,423.52. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
About LPL Financial
LPL Financial Holdings, Inc serves independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow their practices. It provides objective financial guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
See Also: Hold Rating
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