LPL Financial Holdings Inc. (NASDAQ:LPLA) Shares Bought by Sumitomo Mitsui Trust Holdings Inc.

Posted by Defense World Staff on Jul 19th, 2023

Sumitomo Mitsui Trust Holdings Inc. increased its position in LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 239,068 shares of the financial services provider’s stock after buying an additional 17,398 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.30% of LPL Financial worth $48,387,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of LPLA. Raymond James Financial Services Advisors Inc. grew its holdings in LPL Financial by 36.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,383 shares of the financial services provider’s stock valued at $801,000 after buying an additional 1,181 shares during the period. HighTower Advisors LLC grew its holdings in LPL Financial by 29.1% in the first quarter. HighTower Advisors LLC now owns 2,172 shares of the financial services provider’s stock valued at $395,000 after purchasing an additional 489 shares during the period. PNC Financial Services Group Inc. increased its position in LPL Financial by 21.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,392 shares of the financial services provider’s stock worth $802,000 after purchasing an additional 770 shares during the last quarter. Bank of Montreal Can raised its stake in LPL Financial by 176.6% during the first quarter. Bank of Montreal Can now owns 6,549 shares of the financial services provider’s stock worth $1,216,000 after purchasing an additional 4,181 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of LPL Financial in the 1st quarter valued at $58,000. Hedge funds and other institutional investors own 93.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $290.00 target price on shares of LPL Financial in a research report on Friday, June 30th. UBS Group reduced their price objective on LPL Financial from $215.00 to $210.00 in a research note on Friday, April 28th. Credit Suisse Group dropped their target price 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. Finally, Bank of America dropped their price objective on shares of LPL Financial from $246.00 to $228.00 and set a “neutral” rating for the company in a research report on Thursday, April 13th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $236.78.

LPL Financial Stock Performance

Shares of NASDAQ LPLA opened at $233.94 on Wednesday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 1.30. The firm’s 50-day moving average price is $206.70 and its two-hundred day moving average price is $215.16. LPL Financial Holdings Inc. has a 52-week low of $178.94 and a 52-week high of $271.56. The stock has a market capitalization of $18.17 billion, a P/E ratio of 17.97, a P/E/G ratio of 0.71 and a beta of 0.91.

LPL Financial (NASDAQ:LPLA – Get Free Report) last announced its quarterly earnings results on Thursday, April 27th. The financial services provider reported $4.49 earnings per share for the quarter, topping analysts’ consensus estimates of $4.35 by $0.14. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.39 billion. LPL Financial had a return on equity of 55.42% and a net margin of 11.74%. As a group, sell-side analysts forecast that LPL Financial Holdings Inc. will post 16.52 earnings per share for the current year.

LPL Financial Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Wednesday, May 17th. LPL Financial’s dividend payout ratio (DPR) is 9.22%.

Insider Transactions at LPL Financial

In other news, Director William Francis Glavin, Jr. acquired 557 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The shares were purchased at an average cost of $180.23 per share, for a total transaction of $100,388.11. Following the transaction, the director now directly owns 2,775 shares in the company, valued at approximately $500,138.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

LPL Financial Profile

(Free Report)

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 enterprises 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.