Rhumbline Advisers Raises Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Posted by Defense World Staff on Aug 30th, 2023

Rhumbline Advisers grew its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 8.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 97,082 shares of the financial services provider’s stock after buying an additional 7,578 shares during the period. Rhumbline Advisers owned 0.12% of LPL Financial worth $19,649,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC lifted its position in shares of LPL Financial by 218,199.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 95,191,655 shares of the financial services provider’s stock valued at $20,577,580,000 after buying an additional 95,148,049 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of LPL Financial by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 7,011,365 shares of the financial services provider’s stock valued at $1,280,836,000 after buying an additional 93,283 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of LPL Financial by 7.5% during 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 buying an additional 248,255 shares during the last quarter. State Street Corp lifted its holdings in LPL Financial by 1.5% during 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 in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in LPL Financial by 19.1% during the 4th quarter. Geode Capital Management LLC now owns 1,325,660 shares of the financial services provider’s stock worth $286,293,000 after purchasing an additional 212,183 shares in the last quarter. Hedge funds and other institutional investors own 92.84% of the company’s stock.

LPL Financial Price Performance

Shares of LPL Financial stock opened at $233.09 on Wednesday. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $17.78 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 0.76 and a beta of 0.92. The business’s 50-day moving average price is $225.48 and its 200-day moving average price is $215.31. LPL Financial Holdings Inc. has a 12 month low of $179.00 and a 12 month high of $271.56.

LPL Financial (NASDAQ:LPLA – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.87 by $0.07. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.44 billion. LPL Financial had a return on equity of 59.52% and a net margin of 12.53%. The company’s revenue was up 21.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.24 EPS. Sell-side analysts forecast that LPL Financial Holdings Inc. will post 16.31 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $1.20 annualized dividend and a dividend yield of 0.51%. LPL Financial’s dividend payout ratio (DPR) is presently 8.16%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on LPLA shares. StockNews.com started coverage on LPL Financial in a report on Thursday, August 17th. They set a “hold” rating on the stock. Citigroup increased their price objective on LPL Financial from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Morgan Stanley increased their price objective on LPL Financial from $238.00 to $243.00 and gave the stock an “equal weight” rating in a report on Monday, July 31st. JMP Securities reissued a “market outperform” rating and set a $290.00 price objective on shares of LPL Financial in a report on Friday, August 18th. Finally, Jefferies Financial Group upped their target price on LPL Financial from $246.00 to $253.00 in a research note on Monday, July 10th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $245.67.

Check Out Our Latest Stock Report on LPLA

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.