California State Teachers Retirement System cut its holdings in LPL Financial Holdings Inc (NASDAQ:LPLA) by 7.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 145,232 shares of the financial services provider’s stock after selling 12,102 shares during the period. California State Teachers Retirement System owned about 0.16% of LPL Financial worth $7,490,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of LPLA. Meridian Wealth Management LLC bought a new position in shares of LPL Financial during the 3rd quarter worth approximately $316,000. Prudential Financial Inc. raised its stake in shares of LPL Financial by 15.1% during the 2nd quarter. Prudential Financial Inc. now owns 441,404 shares of the financial services provider’s stock worth $18,742,000 after acquiring an additional 57,830 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of LPL Financial by 166.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,393 shares of the financial services provider’s stock worth $1,036,000 after acquiring an additional 15,229 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of LPL Financial during the 2nd quarter worth approximately $1,273,000. Finally, Wells Fargo & Company MN increased its stake in LPL Financial by 88.5% during the 3rd quarter. Wells Fargo & Company MN now owns 342,284 shares of the financial services provider’s stock valued at $17,653,000 after purchasing an additional 160,738 shares in the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.
LPLA has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, September 20th. Morgan Stanley increased their price objective on shares of LPL Financial from $39.00 to $42.00 and gave the stock an “underweight” rating in a research note on Thursday, October 5th. ValuEngine lowered shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. SunTrust Banks reissued a “buy” rating and set a $65.00 price target on shares of LPL Financial in a report on Friday, October 27th. Finally, JPMorgan Chase & Co. increased their price target on shares of LPL Financial from $52.00 to $53.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $57.50.
In related news, CEO Dan H. Arnold sold 3,742 shares of LPL Financial stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total value of $181,636.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.00% of the stock is owned by insiders.
Shares of LPL Financial Holdings Inc (NASDAQ:LPLA) opened at $61.19 on Friday. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.48 and a current ratio of 1.48. LPL Financial Holdings Inc has a 12-month low of $36.72 and a 12-month high of $61.95. The firm has a market cap of $5,520.00, a PE ratio of 25.93, a price-to-earnings-growth ratio of 1.36 and a beta of 1.88.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. LPL Financial had a net margin of 5.46% and a return on equity of 25.44%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm posted $0.58 earnings per share. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. equities research analysts anticipate that LPL Financial Holdings Inc will post 2.27 EPS for the current year.
LPL Financial declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $359.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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.
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