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LPL Financial Holdings Inc. (NASDAQ:LPLA) Increases Dividend to $0.30 Per Share

kopsource · Feb 4, 2023 10:01

LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) announced a quarterly dividend on Thursday, February 2nd, Zacks reports. Shareholders of record on Tuesday, March 14th will be given a dividend of 0.30 per share by the financial services provider on Tuesday, March 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, March 13th. This is a positive change from LPL Financial's previous quarterly dividend of $0.25.

LPL Financial has a dividend payout ratio of 4.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect LPL Financial to earn $20.01 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 5.0%.

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LPL Financial Trading Up 4.6 %

Shares of NASDAQ:LPLA opened at $234.93 on Friday. The stock has a 50 day moving average of $223.35 and a 200 day moving average of $227.12. The company has a market cap of $18.70 billion, a PE ratio of 22.55, a price-to-earnings-growth ratio of 0.26 and a beta of 0.93. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.36. LPL Financial has a 12-month low of $140.65 and a 12-month high of $271.56.

Insider Transactions at LPL Financial

In other news, CAO Brent Simonich acquired 920 shares of the firm's stock in a transaction dated Friday, November 18th. The shares were acquired at an average cost of $219.15 per share, with a total value of $201,618.00. Following the acquisition, the chief accounting officer now directly owns 6,042 shares of the company's stock, valued at $1,324,104.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Michelle Oroschakoff sold 5,213 shares of the company's stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $213.80, for a total transaction of $1,114,539.40. Following the sale, the director now directly owns 41,100 shares of the company's stock, valued at approximately $8,787,180. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brent Simonich bought 920 shares of the business's stock in a transaction dated Friday, November 18th. The shares were bought at an average cost of $219.15 per share, for a total transaction of $201,618.00. Following the transaction, the chief accounting officer now owns 6,042 shares in the company, valued at approximately $1,324,104.30. The disclosure for this purchase can be found here. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On LPL Financial

Several large investors have recently modified their holdings of LPLA. Capital Research Global Investors bought a new position in shares of LPL Financial during the 1st quarter valued at approximately $117,183,000. State Street Corp grew its position in LPL Financial by 29.1% in the 2nd quarter. State Street Corp now owns 1,609,827 shares of the financial services provider's stock valued at $296,981,000 after acquiring an additional 362,953 shares during the last quarter. Wellington Management Group LLP grew its position in LPL Financial by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 3,574,135 shares of the financial services provider's stock valued at $652,923,000 after acquiring an additional 248,255 shares during the last quarter. Goldman Sachs Group Inc. grew its position in LPL Financial by 72.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 457,528 shares of the financial services provider's stock valued at $83,581,000 after acquiring an additional 191,631 shares during the last quarter. Finally, National Pension Service bought a new position in LPL Financial in the 3rd quarter valued at $25,782,000. Institutional investors own 94.89% of the company's stock.

Analysts Set New Price Targets

LPLA has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on LPL Financial from $258.00 to $277.00 and gave the company an "outperform" rating in a research note on Thursday, January 12th. StockNews.com started coverage on LPL Financial in a report on Wednesday, October 12th. They issued a "hold" rating on the stock. William Blair reissued an "outperform" rating on shares of LPL Financial in a report on Tuesday, January 17th. JPMorgan Chase & Co. boosted their price target on LPL Financial from $259.00 to $260.00 and gave the stock a "neutral" rating in a report on Monday, January 23rd. Finally, Credit Suisse Group lowered their price target on LPL Financial from $283.50 to $266.00 and set an "outperform" rating on the stock in a report on Friday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $260.25.

LPL Financial Company Profile

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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.