Brant Point Investment Management LLC Reduces Stake in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Brant Point Investment Management LLC lowered its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 5.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 23,316 shares of the financial services provider's stock after selling 1,450 shares during the period. LPL Financial accounts for approximately 0.9% of Brant Point Investment Management LLC's holdings, making the stock its 13th largest position. Brant Point Investment Management LLC's holdings in LPL Financial were worth $7,613,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in shares of LPL Financial by 15.7% in the third quarter. Principal Financial Group Inc. now owns 25,418 shares of the financial services provider's stock valued at $5,913,000 after acquiring an additional 3,444 shares in the last quarter. Truist Financial Corp raised its stake in LPL Financial by 7.9% during the fourth quarter. Truist Financial Corp now owns 192,153 shares of the financial services provider's stock worth $62,740,000 after acquiring an additional 14,106 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in LPL Financial by 4.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 31,209 shares of the financial services provider's stock valued at $10,190,000 after purchasing an additional 1,383 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of LPL Financial by 46.9% during the 4th quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock valued at $19,561,000 after acquiring an additional 19,126 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of LPL Financial by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 335,749 shares of the financial services provider's stock valued at $109,625,000 after purchasing an additional 13,936 shares in the last quarter. Institutional investors and hedge funds own 95.66% of the company's stock.

Insider Buying and Selling

In other news, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total transaction of $402,435.00. Following the completion of the transaction, the director now owns 4,075 shares in the company, valued at approximately $1,490,838.75. This represents a 21.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew J. Audette sold 28,777 shares of the business's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $365.14, for a total value of $10,507,633.78. Following the completion of the sale, the chief financial officer now owns 13,663 shares in the company, valued at $4,988,907.82. This represents a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,465 shares of company stock valued at $12,562,070. 1.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of LPL Financial from $390.00 to $405.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Barclays reduced their price objective on shares of LPL Financial from $414.00 to $365.00 and set an "overweight" rating on the stock in a research note on Monday, April 7th. JPMorgan Chase & Co. lifted their target price on shares of LPL Financial from $397.00 to $405.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. JMP Securities cut their price target on shares of LPL Financial from $435.00 to $420.00 and set a "market outperform" rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup lowered their price objective on LPL Financial from $415.00 to $400.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, LPL Financial has an average rating of "Moderate Buy" and an average target price of $369.83.

LPL Financial Stock Up 4.4 %

NASDAQ:LPLA traded up $13.32 during trading hours on Wednesday, hitting $313.52. 336,313 shares of the company traded hands, compared to its average volume of 823,715. LPL Financial Holdings Inc. has a one year low of $187.19 and a one year high of $384.04. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.60. The company has a market cap of $24.88 billion, a PE ratio of 22.33, a PEG ratio of 0.94 and a beta of 0.64. The firm's 50-day simple moving average is $331.26 and its 200-day simple moving average is $322.50.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its earnings results on Thursday, January 30th. The financial services provider reported $4.25 EPS for the quarter, topping the consensus estimate of $4.01 by $0.24. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. Equities analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date was Tuesday, March 11th. LPL Financial's payout ratio is 8.55%.

LPL Financial 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 enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.