Gerber Kawasaki Wealth & Investment Management Increases Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Posted by Defense World Staff on Sep 13th, 2023

Gerber Kawasaki Wealth & Investment Management raised its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 72.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,501 shares of the financial services provider’s stock after buying an additional 5,235 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in LPL Financial were worth $2,530,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of LPLA. Raymond James Financial Services Advisors Inc. boosted its position in shares of LPL Financial by 36.9% during the first 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 raised its stake in shares of LPL Financial by 29.1% during the first quarter. HighTower Advisors LLC now owns 2,172 shares of the financial services provider’s stock valued at $395,000 after acquiring an additional 489 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 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 valued at $802,000 after acquiring an additional 770 shares in the last quarter. Bank of Montreal Can raised its stake in shares of 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 valued at $1,216,000 after acquiring an additional 4,181 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of LPL Financial during the first quarter valued at approximately $58,000. Hedge funds and other institutional investors own 92.84% of the company’s stock.

Insider Activity

In other news, Director Matthew Enyedi sold 3,265 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $230.86, for a total transaction of $753,757.90. Following the sale, the director now directly owns 9,978 shares of the company’s stock, valued at $2,303,521.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.30% of the company’s stock.

LPL Financial Stock Performance

Shares of LPLA stock opened at $242.73 on Wednesday. The business’s fifty day simple moving average is $229.91 and its 200-day simple moving average is $214.59. The company has a market cap of $18.52 billion, a PE ratio of 16.51, a PEG ratio of 0.76 and a beta of 0.92. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 1.41. 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 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 12.53% and a return on equity of 59.52%. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.24 earnings per share. Analysts expect that LPL Financial Holdings Inc. will post 16.31 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Thursday, August 10th. LPL Financial’s dividend payout ratio (DPR) is presently 8.16%.

Wall Street Analyst Weigh In

LPLA has been the subject of several research analyst reports. Morgan Stanley lifted their price target on shares of LPL Financial from $238.00 to $243.00 and gave the company an “equal weight” rating in a research note on Monday, July 31st. Jefferies Financial Group boosted their price objective on shares of LPL Financial from $246.00 to $253.00 in a research note on Monday, July 10th. Barclays assumed coverage on shares of LPL Financial in a research note on Thursday, September 7th. They issued an “overweight” rating and a $275.00 price objective for the company. StockNews.com assumed coverage on shares of LPL Financial in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Citigroup boosted their price objective on shares of LPL Financial from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $248.60.

Check Out Our Latest Analysis on LPLA

LPL Financial Company 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.