BidaskClub lowered shares of LPL Financial (NASDAQ:LPLA) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday, January 16th.
A number of other brokerages have also recently commented on LPLA. Zacks Investment Research upgraded LPL Financial from a hold rating to a buy rating and set a $60.00 price objective for the company in a research note on Thursday, October 26th. Wells Fargo & Co reiterated a market perform rating and issued a $60.00 price objective (up previously from $52.00) on shares of LPL Financial in a research note on Thursday, January 4th. Keefe, Bruyette & Woods reissued a buy rating and set a $66.00 target price on shares of LPL Financial in a research report on Friday, December 22nd. ValuEngine lowered LPL Financial from a buy rating to a hold rating in a research report on Friday, October 6th. Finally, Credit Suisse Group reissued an outperform rating and set a $77.00 target price (up previously from $68.00) on shares of LPL Financial in a research report on Tuesday, January 16th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $66.00.
Shares of LPL Financial (LPLA) traded up $1.94 during trading hours on Tuesday, hitting $62.23. The company had a trading volume of 1,343,241 shares, compared to its average volume of 1,013,694. LPL Financial has a 1 year low of $37.38 and a 1 year high of $64.71. The firm has a market cap of $5,659.43, a P/E ratio of 24.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.74. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.54.
LPL Financial declared that its board has initiated a share buyback plan on Tuesday, December 5th that authorizes the company to repurchase $359.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other LPL Financial news, Director William P. Jr. Morrissey sold 20,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $62.74, for a total transaction of $1,254,800.00. Following the sale, the director now directly owns 37,541 shares in the company, valued at $2,355,322.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Andrew Kalbaugh sold 10,000 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $62.61, for a total value of $626,100.00. Following the completion of the sale, the insider now owns 38,050 shares in the company, valued at $2,382,310.50. The disclosure for this sale can be found here. In the last three months, insiders sold 33,742 shares of company stock worth $2,062,537. Corporate insiders own 4.00% of the company’s stock.
Large investors have recently modified their holdings of the company. Mckinley Capital Management LLC Delaware purchased a new stake in shares of LPL Financial in the second quarter valued at $104,000. American International Group Inc. acquired a new position in LPL Financial in the fourth quarter valued at $119,000. The Manufacturers Life Insurance Company increased its stake in LPL Financial by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 211 shares during the last quarter. Cerebellum GP LLC acquired a new position in LPL Financial in the fourth quarter valued at $122,000. Finally, Comerica Bank acquired a new position in LPL Financial in the third quarter valued at $200,000. Institutional investors and hedge funds own 90.32% of the company’s stock.
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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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