Pictet Asset Management SA Increases Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Posted by Defense World Staff on Aug 24th, 2023

Pictet Asset Management SA grew its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,974 shares of the financial services provider’s stock after buying an additional 234 shares during the quarter. Pictet Asset Management SA’s holdings in LPL Financial were worth $6,472,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC raised its position in LPL Financial by 218,199.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 95,191,655 shares of the financial services provider’s stock worth $20,577,580,000 after purchasing an additional 95,148,049 shares during the period. Vanguard Group Inc. raised its position in LPL Financial by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 7,011,365 shares of the financial services provider’s stock worth $1,280,836,000 after purchasing an additional 93,283 shares during the period. Wellington Management Group LLP raised 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 worth $652,923,000 after purchasing an additional 248,255 shares during the period. WCM Investment Management LLC raised its position in LPL Financial by 6.8% in the 4th quarter. WCM Investment Management LLC now owns 2,556,276 shares of the financial services provider’s stock worth $552,590,000 after purchasing an additional 161,784 shares during the period. Finally, State Street Corp raised its position in LPL Financial by 1.5% in the 3rd quarter. State Street Corp now owns 1,633,513 shares of the financial services provider’s stock worth $356,890,000 after purchasing an additional 23,686 shares during the period. 93.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on LPLA shares. Credit Suisse Group reduced their price objective on shares of LPL Financial from $205.00 to $192.00 in a research report on Friday, April 28th. Citigroup raised their target price on shares of LPL Financial from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Morgan Stanley raised their target price on shares of LPL Financial from $238.00 to $243.00 and gave the stock an “equal weight” rating in a research report on Monday, July 31st. StockNews.com started coverage on shares of LPL Financial in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Jefferies Financial Group raised their target price on shares of LPL Financial from $246.00 to $253.00 in a research report on Monday, July 10th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, LPL Financial has an average rating of “Hold” and an average price target of $245.67.

Check Out Our Latest Research Report on LPLA

LPL Financial Price Performance

NASDAQ LPLA opened at $229.16 on Thursday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.74 and a current ratio of 1.74. The firm’s 50 day moving average price is $223.53 and its 200-day moving average price is $215.71. LPL Financial Holdings Inc. has a 52-week low of $179.00 and a 52-week high of $271.56. The company has a market cap of $17.48 billion, a PE ratio of 15.59, a P/E/G ratio of 0.75 and a beta of 0.92.

LPL Financial (NASDAQ:LPLA – Get Free Report) last announced its earnings results on Thursday, July 27th. The financial services provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.87 by $0.07. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.44 billion. LPL Financial had a net margin of 12.53% and a return on equity of 59.52%. LPL Financial’s revenue was up 21.1% compared to the same quarter last year. During the same period last year, the firm earned $2.24 earnings per share. Sell-side analysts forecast that LPL Financial Holdings Inc. will post 16.34 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $1.20 annualized dividend and a yield of 0.52%. LPL Financial’s dividend payout ratio (DPR) is 8.16%.

About LPL Financial

(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.