Sandy Spring Bank reduced its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) by 25.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300 shares of the financial services provider's stock after selling 100 shares during the quarter. Sandy Spring Bank's holdings in LPL Financial were worth $55,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Arizona State Retirement System raised its stake in LPL Financial by 0.3% in the first quarter. Arizona State Retirement System now owns 21,665 shares of the financial services provider's stock valued at $3,958,000 after purchasing an additional 67 shares in the last quarter. Signaturefd LLC raised its stake in LPL Financial by 14.5% in the first quarter. Signaturefd LLC now owns 537 shares of the financial services provider's stock valued at $98,000 after purchasing an additional 68 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of LPL Financial by 0.9% during the first quarter. Advisors Asset Management Inc. now owns 8,065 shares of the financial services provider's stock worth $1,473,000 after acquiring an additional 75 shares in the last quarter. Koshinski Asset Management Inc. raised its stake in shares of LPL Financial by 19.1% during the first quarter. Koshinski Asset Management Inc. now owns 512 shares of the financial services provider's stock worth $94,000 after acquiring an additional 82 shares in the last quarter. Finally, Yousif Capital Management LLC raised its stake in shares of LPL Financial by 3.6% during the first quarter. Yousif Capital Management LLC now owns 2,424 shares of the financial services provider's stock worth $443,000 after acquiring an additional 85 shares in the last quarter.
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Shares of NASDAQ LPLA opened at $225.57 on Tuesday. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 1.48. LPL Financial Holdings Inc. has a 52 week low of $140.65 and a 52 week high of $236.58. The firm's fifty day moving average is $222.56 and its 200 day moving average is $200.43. The company has a market cap of $17.99 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 0.56 and a beta of 0.90.
LPL Financial (NASDAQ:LPLA – Get Rating) last released its quarterly earnings results on Tuesday, August 2nd. The financial services provider reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.23. The business had revenue of $2.04 billion for the quarter. LPL Financial had a net margin of 6.15% and a return on equity of 36.15%. On average, equities research analysts expect that LPL Financial Holdings Inc. will post 10.43 earnings per share for the current year.LPL Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Wednesday, August 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, August 16th. LPL Financial's dividend payout ratio (DPR) is currently 16.16%.
Wall Street Analysts Forecast Growth
Several research firms have commented on LPLA. Morgan Stanley decreased their price target on shares of LPL Financial from $241.00 to $239.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 3rd. StockNews.com raised shares of LPL Financial from a "sell" rating to a "hold" rating in a research note on Thursday, August 4th. Finally, UBS Group lifted their price target on shares of LPL Financial from $212.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, August 4th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, LPL Financial has a consensus rating of "Moderate Buy" and an average target price of $235.83.
Insider Activity at LPL Financial
In related news, Director Richard Steinmeier sold 7,355 shares of LPL Financial stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $216.64, for a total value of $1,593,387.20. Following the sale, the director now owns 24,078 shares in the company, valued at $5,216,257.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Richard Steinmeier sold 7,355 shares of LPL Financial stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $216.64, for a total value of $1,593,387.20. Following the completion of the transaction, the director now owns 24,078 shares of the company's stock, valued at approximately $5,216,257.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Dan H. Arnold sold 10,000 shares of LPL Financial stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $225.56, for a total value of $2,255,600.00. Following the completion of the transaction, the chief executive officer now directly owns 162,608 shares of the company's stock, valued at approximately $36,677,860.48. The disclosure for this sale can be found here. Insiders have sold a total of 67,761 shares of company stock worth $14,682,118 over the last quarter. Corporate insiders own 1.60% of the company's stock.
LPL Financial Profile
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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 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes.
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