Elkfork Partners LLC decreased its position in LPL Financial Holdings Inc (NASDAQ:LPLA) by 69.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,590 shares of the financial services provider’s stock after selling 16,940 shares during the quarter. Elkfork Partners LLC’s holdings in LPL Financial were worth $619,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of LPLA. Sandy Spring Bank bought a new stake in shares of LPL Financial in the 1st quarter worth $34,000. DekaBank Deutsche Girozentrale bought a new position in LPL Financial during the second quarter valued at about $34,000. Advisory Services Network LLC grew its position in LPL Financial by 131.8% during the first quarter. Advisory Services Network LLC now owns 605 shares of the financial services provider’s stock valued at $42,000 after buying an additional 344 shares during the period. Robeco Institutional Asset Management B.V. grew its position in LPL Financial by 610.1% during the second quarter. Robeco Institutional Asset Management B.V. now owns 987 shares of the financial services provider’s stock valued at $80,000 after buying an additional 848 shares during the period. Finally, SG Americas Securities LLC bought a new position in LPL Financial during the first quarter valued at about $105,000. Hedge funds and other institutional investors own 93.96% of the company’s stock.
Several equities analysts recently weighed in on the stock. Credit Suisse Group increased their price target on shares of LPL Financial from $108.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Citigroup reduced their price target on shares of LPL Financial from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Zacks Investment Research lowered shares of LPL Financial from a “hold” rating to a “sell” rating in a research report on Saturday, July 27th. BidaskClub upgraded shares of LPL Financial from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Jefferies Financial Group started coverage on shares of LPL Financial in a research report on Tuesday, September 17th. They set a “buy” rating and a $96.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $87.88.
In other news, CFO Matthew J. Audette sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $76.67, for a total value of $958,375.00. Following the transaction, the chief financial officer now owns 30,943 shares in the company, valued at $2,372,399.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Andrew Kalbaugh sold 32,120 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $80.28, for a total transaction of $2,578,593.60. Following the completion of the transaction, the director now owns 24,096 shares in the company, valued at approximately $1,934,426.88. The disclosure for this sale can be found here. Insiders have sold 117,526 shares of company stock worth $9,234,790 over the last quarter. Company insiders own 2.20% of the company’s stock.
Shares of LPLA opened at $81.30 on Friday. The firm’s 50 day simple moving average is $77.25 and its 200 day simple moving average is $78.76. The company has a market capitalization of $6.69 billion, a P/E ratio of 15.25, a P/E/G ratio of 0.78 and a beta of 1.37. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.42 and a quick ratio of 1.42. LPL Financial Holdings Inc has a 1-year low of $52.03 and a 1-year high of $89.89.
LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.12. LPL Financial had a net margin of 9.77% and a return on equity of 57.63%. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the business earned $1.30 earnings per share. The business’s quarterly revenue was up 7.0% on a year-over-year basis. On average, equities analysts anticipate that LPL Financial Holdings Inc will post 7.1 earnings per share for the current year.
LPL Financial Company Profile
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 financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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