HM Payson & Co. Reduces Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

HM Payson & Co. trimmed its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 95.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,501 shares of the financial services provider's stock after selling 198,974 shares during the quarter. HM Payson & Co.'s holdings in LPL Financial were worth $1,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC acquired a new stake in LPL Financial during the 2nd quarter worth about $25,000. Key Financial Inc purchased a new stake in LPL Financial in the second quarter valued at approximately $28,000. Paladin Wealth LLC acquired a new position in LPL Financial in the 3rd quarter worth approximately $34,000. Crewe Advisors LLC raised its position in LPL Financial by 360.7% during the 2nd quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider's stock worth $36,000 after buying an additional 101 shares during the last quarter. Finally, Tortoise Investment Management LLC lifted its stake in LPL Financial by 74.7% during the 2nd quarter. Tortoise Investment Management LLC now owns 131 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 56 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on LPLA. Keefe, Bruyette & Woods reduced their target price on shares of LPL Financial from $326.00 to $315.00 and set an "outperform" rating for the company in a report on Friday, July 26th. Bank of America raised LPL Financial from a "neutral" rating to a "buy" rating and set a $268.00 target price on the stock in a report on Tuesday, July 30th. Barclays boosted their price target on LPL Financial from $273.00 to $311.00 and gave the company an "overweight" rating in a report on Thursday. JPMorgan Chase & Co. lifted their target price on shares of LPL Financial from $261.00 to $268.00 and gave the company a "neutral" rating in a report on Thursday, July 11th. Finally, Wells Fargo & Company upgraded shares of LPL Financial from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $235.00 to $285.00 in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, LPL Financial currently has a consensus rating of "Moderate Buy" and an average target price of $286.92.

LPL Financial Stock Down 0.5 %

LPLA traded down $1.37 during trading hours on Friday, hitting $280.81. 1,022,141 shares of the company's stock were exchanged, compared to its average volume of 738,729. The firm has a market cap of $20.99 billion, a P/E ratio of 21.12, a price-to-earnings-growth ratio of 1.43 and a beta of 0.88. LPL Financial Holdings Inc. has a 12-month low of $187.19 and a 12-month high of $291.67. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.77. The firm has a 50 day moving average of $234.24 and a 200 day moving average of $248.48.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.69 by $0.47. LPL Financial had a return on equity of 52.08% and a net margin of 8.73%. The business had revenue of $3.11 billion for the quarter, compared to analysts' expectations of $3.04 billion. During the same period last year, the firm earned $3.74 earnings per share. The company's revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts predict that LPL Financial Holdings Inc. will post 15.71 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Thursday, November 14th. LPL Financial's dividend payout ratio is presently 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.