LPL Financial Holdings Inc. (NASDAQ:LPLA) Shares Sold by Principal Financial Group Inc.

Posted by Defense World Staff on Jun 3rd, 2023

Principal Financial Group Inc. lessened its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA – Get Rating) by 65.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,264 shares of the financial services provider’s stock after selling 19,386 shares during the quarter. Principal Financial Group Inc.’s holdings in LPL Financial were worth $2,219,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LPLA. U.S. Capital Wealth Advisors LLC purchased a new position in LPL Financial during the 4th quarter valued at about $32,000. Ronald Blue Trust Inc. raised its position in shares of LPL Financial by 958.8% during the 4th quarter. Ronald Blue Trust Inc. now owns 180 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 163 shares during the last quarter. Fred Alger Management LLC purchased a new stake in LPL Financial in the 3rd quarter valued at approximately $44,000. Acadian Asset Management LLC acquired a new stake in LPL Financial during the 1st quarter valued at $58,000. Finally, Ellevest Inc. increased its position in LPL Financial by 38.1% during the fourth quarter. Ellevest Inc. now owns 308 shares of the financial services provider’s stock worth $67,000 after buying an additional 85 shares in the last quarter. Institutional investors and hedge funds own 94.89% of the company’s stock.

Insider Buying and Selling

In other LPL Financial news, Director William Francis Glavin, Jr. acquired 557 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was bought at an average cost of $180.23 per share, for a total transaction of $100,388.11. Following the completion of the purchase, the director now directly owns 2,775 shares in the company, valued at $500,138.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

LPL Financial Price Performance

Shares of LPL Financial stock opened at $202.77 on Friday. The stock has a market capitalization of $15.75 billion, a P/E ratio of 15.57, a PEG ratio of 0.36 and a beta of 0.90. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 1.30. The business’s fifty day moving average price is $197.24 and its 200 day moving average price is $217.03. LPL Financial Holdings Inc. has a twelve month low of $169.68 and a twelve month high of $271.56.

LPL Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Thursday, May 18th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Wednesday, May 17th. LPL Financial’s payout ratio is currently 9.22%.

Wall Street Analyst Weigh In

A number of analysts recently commented on LPLA shares. Citigroup decreased their price objective on LPL Financial from $290.00 to $230.00 and set a “buy” rating on the stock in a research note on Tuesday, April 11th. Credit Suisse Group cut their price objective on shares of LPL Financial from $205.00 to $192.00 in a research report on Friday, April 28th. StockNews.com initiated coverage on shares of LPL Financial in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Bank of America cut their price target on LPL Financial from $246.00 to $228.00 and set a “neutral” rating for the company in a report on Thursday, April 13th. Finally, JMP Securities restated a “market outperform” rating and set a $290.00 price objective on shares of LPL Financial in a report on Monday, March 13th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $234.75.

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.