Envestnet Asset Management Inc. Buys 17,254 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Envestnet Asset Management Inc. grew its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 5.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 333,924 shares of the financial services provider's stock after purchasing an additional 17,254 shares during the period. Envestnet Asset Management Inc. owned approximately 0.45% of LPL Financial worth $109,030,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Graney & King LLC purchased a new stake in LPL Financial in the fourth quarter worth $30,000. Jones Financial Companies Lllp grew its position in shares of LPL Financial by 45.3% in the 4th quarter. Jones Financial Companies Lllp now owns 138 shares of the financial services provider's stock worth $45,000 after buying an additional 43 shares during the period. Atala Financial Inc bought a new position in shares of LPL Financial in the 4th quarter worth about $59,000. Compass Financial Services Inc purchased a new position in LPL Financial during the 4th quarter valued at about $65,000. Finally, R Squared Ltd bought a new stake in LPL Financial during the fourth quarter worth about $78,000. Hedge funds and other institutional investors own 95.66% of the company's stock.

LPL Financial Stock Performance

Shares of LPLA stock traded up $9.89 during trading hours on Friday, reaching $311.42. The company had a trading volume of 789,293 shares, compared to its average volume of 822,656. The company has a debt-to-equity ratio of 1.60, a quick ratio of 2.16 and a current ratio of 2.16. The business has a fifty day moving average price of $340.03 and a 200-day moving average price of $319.63. LPL Financial Holdings Inc. has a one year low of $187.19 and a one year high of $384.04. The firm has a market cap of $24.71 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64.

Remove Ads

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings data 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 return on equity of 49.41% and a net margin of 8.55%. Sell-side analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Tuesday, March 11th. LPL Financial's dividend payout ratio is presently 8.55%.

Insiders Place Their Bets

In related news, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $365.85, for a total value of $402,435.00. Following the completion of the sale, the director now directly owns 4,075 shares of the company's stock, 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 SEC, which can be accessed through this link. Also, CFO Matthew J. Audette sold 28,777 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $365.14, for a total transaction of $10,507,633.78. Following the completion of the transaction, the chief financial officer now owns 13,663 shares of the company's stock, valued at approximately $4,988,907.82. The trade was a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,465 shares of company stock worth $12,562,070 over the last quarter. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on LPLA shares. Morgan Stanley raised their target price on shares of LPL Financial from $379.00 to $413.00 and gave the company an "overweight" rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. lifted their price objective on LPL Financial from $397.00 to $405.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods boosted their target price on LPL Financial from $390.00 to $405.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Citigroup reduced their price target on LPL Financial from $415.00 to $400.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Finally, JMP Securities dropped 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 note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, LPL Financial has a consensus rating of "Moderate Buy" and a consensus target price of $369.83.

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.