Picton Mahoney Asset Management increased its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 9,444.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,268 shares of the financial services provider's stock after acquiring an additional 56,668 shares during the period. Picton Mahoney Asset Management owned approximately 0.08% of LPL Financial worth $18,698,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Daiwa Securities Group Inc. boosted its position in shares of LPL Financial by 50.6% in the third quarter. Daiwa Securities Group Inc. now owns 15,841 shares of the financial services provider's stock worth $3,685,000 after acquiring an additional 5,320 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in LPL Financial during the third quarter valued at approximately $2,633,000. Truist Financial Corp lifted its position 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 valued at $62,740,000 after buying an additional 14,106 shares in the last quarter. Principal Financial Group Inc. lifted its position in LPL Financial by 15.7% during 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 buying an additional 3,444 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in LPL Financial by 4.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 31,209 shares of the financial services provider's stock valued at $10,190,000 after buying an additional 1,383 shares in the last quarter. 95.66% of the stock is owned by institutional investors and hedge funds.
LPL Financial Stock Up 1.8 %
Shares of NASDAQ:LPLA traded up $5.91 during midday trading on Wednesday, reaching $332.21. The company had a trading volume of 769,637 shares, compared to its average volume of 740,833. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16. The stock's fifty day moving average price is $352.00 and its 200-day moving average price is $305.72. The stock has a market capitalization of $24.81 billion, a P/E ratio of 23.66, a PEG ratio of 0.94 and a beta of 0.82. LPL Financial Holdings Inc. has a one year low of $187.19 and a one year high of $384.04.
LPL Financial (NASDAQ:LPLA - Get Free Report) last released its earnings results on Thursday, January 30th. The financial services provider reported $4.25 earnings per share for the quarter, beating 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 research analysts expect that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.
LPL Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 0.36%. LPL Financial's payout ratio is 8.55%.
Insider Buying and Selling at LPL Financial
In other news, CFO Matthew J. Audette sold 4,588 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $360.07, for a total transaction of $1,652,001.16. Following the completion of the transaction, the chief financial officer now owns 16,538 shares in the company, valued at approximately $5,954,837.66. This represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction dated 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 sale, the director now directly owns 4,075 shares in the company, valued at approximately $1,490,838.75. This trade represents a 21.26 % decrease in their position. 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 90 days. Insiders own 1.30% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on LPLA shares. StockNews.com cut shares of LPL Financial from a "hold" rating to a "sell" rating in a research report on Monday. Morgan Stanley lifted their price target on shares of LPL Financial from $379.00 to $413.00 and gave the company an "overweight" rating in a research report on Thursday, February 6th. Wells Fargo & Company lifted their price target on shares of LPL Financial from $390.00 to $405.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. JMP Securities reissued a "market outperform" rating and set a $435.00 target price on shares of LPL Financial in a research report on Friday, January 31st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of LPL Financial from $390.00 to $405.00 and gave the stock an "outperform" rating in a research report on Friday, January 31st. Two research analysts have rated the stock with a sell rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $379.17.
Read Our Latest Research Report on LPLA
LPL Financial Profile
(
Free Report)
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.
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