Citigroup Forecasts Strong Price Appreciation for LPL Financial (NASDAQ:LPLA) Stock

LPL Financial (NASDAQ:LPLA - Free Report) had its price objective increased by Citigroup from $310.00 to $385.00 in a report published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the financial services provider's stock.

Several other brokerages have also recently issued reports on LPLA. Jefferies Financial Group decreased their target price on shares of LPL Financial from $309.00 to $282.00 and set a "buy" rating on the stock in a research report on Friday, October 4th. TD Cowen upgraded shares of LPL Financial from a "hold" rating to a "buy" rating and upped their target price for the stock from $277.00 to $413.00 in a research note on Thursday, December 19th. Morgan Stanley increased their price objective on shares of LPL Financial from $303.00 to $309.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. The Goldman Sachs Group increased their target price on shares of LPL Financial from $271.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company increased their target price on shares of LPL Financial from $310.00 to $390.00 and gave the company an "overweight" rating in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, LPL Financial has an average rating of "Moderate Buy" and an average price target of $351.42.

LPL Financial Price Performance

Shares of LPLA traded down $3.01 during trading hours on Friday, reaching $330.41. 519,281 shares of the stock traded hands, compared to its average volume of 559,147. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. LPL Financial has a 52-week low of $187.19 and a 52-week high of $344.86. The company's 50-day moving average price is $322.22 and its two-hundred day moving average price is $265.43. The company has a market cap of $24.74 billion, a P/E ratio of 24.84, a price-to-earnings-growth ratio of 1.60 and a beta of 0.87.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 EPS for the quarter, topping the consensus estimate of $3.69 by $0.47. The business had revenue of $3.11 billion for the quarter, compared to analysts' expectations of $3.04 billion. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The business's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.74 EPS. On average, analysts anticipate that LPL Financial will post 16.1 earnings per share for the current year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, November 14th. This represents a $1.20 dividend on an annualized basis and a yield of 0.36%. LPL Financial's payout ratio is currently 9.02%.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Aneri Jambusaria sold 305 shares of the firm's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $331.94, for a total transaction of $101,241.70. Following the sale, the director now directly owns 3,920 shares of the company's stock, valued at $1,301,204.80. This trade represents a 7.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On LPL Financial

Several hedge funds have recently modified their holdings of LPLA. Ashton Thomas Private Wealth LLC purchased a new position in shares of LPL Financial during the 2nd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in LPL Financial in the third quarter valued at approximately $31,000. Paladin Wealth LLC acquired a new stake in shares of LPL Financial during the third quarter worth approximately $34,000. Brooklyn Investment Group acquired a new stake in shares of LPL Financial during the third quarter worth approximately $43,000. Finally, First Horizon Advisors Inc. boosted its holdings in LPL Financial by 32.3% in the third quarter. First Horizon Advisors Inc. now owns 385 shares of the financial services provider's stock worth $90,000 after purchasing an additional 94 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

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 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.