LPL Financial Holdings Inc (NASDAQ:LPLA) was the target of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 806,480 shares, a decline of 49.1% from the February 15th total of 1,584,877 shares. Based on an average daily volume of 1,042,883 shares, the short-interest ratio is currently 0.8 days. Currently, 1.0% of the shares of the company are short sold.
In related news, Director George Burton White sold 25,000 shares of the business’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $65.42, for a total value of $1,635,500.00. Following the transaction, the director now owns 50,505 shares in the company, valued at approximately $3,304,037.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Andrew Kalbaugh sold 1,398 shares of the business’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $64.76, for a total value of $90,534.48. The disclosure for this sale can be found here. Insiders sold a total of 1,469,435 shares of company stock valued at $92,312,374 over the last three months. Company insiders own 4.00% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. acquired a new stake in shares of LPL Financial in the 4th quarter worth approximately $119,000. Cerebellum GP LLC acquired a new stake in shares of LPL Financial in the 4th quarter worth approximately $122,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of LPL Financial by 140.7% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,186 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 1,278 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of LPL Financial by 8.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 211 shares during the period. Finally, London Co. of Virginia acquired a new stake in shares of LPL Financial in the 4th quarter worth approximately $220,000. Institutional investors and hedge funds own 93.61% of the company’s stock.
LPLA stock opened at $63.95 on Wednesday. The company has a debt-to-equity ratio of 2.47, a quick ratio of 1.39 and a current ratio of 1.39. LPL Financial has a 52-week low of $37.38 and a 52-week high of $66.64. The stock has a market capitalization of $5,791.46, a P/E ratio of 24.79, a price-to-earnings-growth ratio of 1.10 and a beta of 1.59.
LPL Financial (NASDAQ:LPLA) last released its earnings results on Thursday, February 1st. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.52. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. LPL Financial had a return on equity of 29.42% and a net margin of 5.58%. sell-side analysts forecast that LPL Financial will post 3.9 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be issued 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 is Thursday, March 8th. LPL Financial’s dividend payout ratio is currently 38.76%.
LPL Financial announced that its board has authorized a share repurchase program on Tuesday, December 5th that permits the company to repurchase $359.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Several equities analysts recently issued reports on LPLA shares. Credit Suisse Group started coverage on LPL Financial in a research report on Thursday, November 30th. They issued an “outperform” rating and a $68.00 price target on the stock. Keefe, Bruyette & Woods restated a “buy” rating and issued a $66.00 price target on shares of LPL Financial in a research report on Friday, December 22nd. Zacks Investment Research cut LPL Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. Morgan Stanley upgraded LPL Financial from an “underweight” rating to an “equal weight” rating and set a $42.00 price target on the stock in a research report on Wednesday, January 3rd. Finally, Wells Fargo reiterated a “market perform” rating and set a $60.00 target price (up previously from $52.00) on shares of LPL Financial in a research report on Thursday, January 4th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. LPL Financial has a consensus rating of “Buy” and a consensus price target of $70.50.
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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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