LPL Financial Holdings Inc. (NASDAQ:LPLA) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc trimmed its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 68.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,749 shares of the financial services provider's stock after selling 6,058 shares during the period. CIBC Asset Management Inc's holdings in LPL Financial were worth $640,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Partners increased its holdings in shares of LPL Financial by 71.9% in the first quarter. Boston Partners now owns 1,765,230 shares of the financial services provider's stock valued at $466,434,000 after purchasing an additional 738,509 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its position in LPL Financial by 9.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,589,793 shares of the financial services provider's stock worth $723,329,000 after buying an additional 233,242 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of LPL Financial by 31.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 774,175 shares of the financial services provider's stock worth $216,227,000 after acquiring an additional 183,755 shares during the period. American Century Companies Inc. boosted its holdings in shares of LPL Financial by 52.6% in the second quarter. American Century Companies Inc. now owns 477,211 shares of the financial services provider's stock valued at $133,285,000 after acquiring an additional 164,586 shares in the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in shares of LPL Financial by 19.8% during the first quarter. Epoch Investment Partners Inc. now owns 927,369 shares of the financial services provider's stock worth $245,011,000 after acquiring an additional 153,072 shares during the period. Institutional investors and hedge funds own 95.66% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Bank of America upgraded LPL Financial from a "neutral" rating to a "buy" rating and set a $268.00 price objective for the company in a research report on Tuesday, July 30th. UBS Group increased their target price on shares of LPL Financial from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Tuesday, October 8th. JMP Securities reissued a "market outperform" rating and set a $310.00 price target on shares of LPL Financial in a research note on Wednesday, October 9th. Wells Fargo & Company raised LPL Financial from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $235.00 to $285.00 in a research note on Wednesday, October 9th. Finally, Morgan Stanley boosted their target price on LPL Financial from $303.00 to $309.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, LPL Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $286.92.

LPL Financial Stock Performance

Shares of LPLA stock opened at $317.05 on Thursday. 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 business has a 50 day moving average of $258.57 and a two-hundred day moving average of $252.31. The company has a market cap of $23.74 billion, a P/E ratio of 23.84, a PEG ratio of 1.54 and a beta of 0.85. LPL Financial Holdings Inc. has a 52 week low of $187.19 and a 52 week high of $322.03.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share for the quarter, topping the consensus estimate of $3.69 by $0.47. LPL Financial had a return on equity of 49.47% and a net margin of 8.73%. The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the company earned $3.74 earnings per share. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. As a group, analysts anticipate that LPL Financial Holdings Inc. will post 16.08 EPS for the current year.

LPL Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.20 annualized dividend and a dividend yield of 0.38%. LPL Financial's payout ratio is currently 9.02%.

About LPL Financial

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.