Poplar Forest Capital LLC Acquires Shares of 33,311 LPL Financial Holdings Inc. (NASDAQ:LPLA)

Poplar Forest Capital LLC purchased a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm purchased 33,311 shares of the financial services provider's stock, valued at approximately $7,749,000. LPL Financial accounts for approximately 1.1% of Poplar Forest Capital LLC's portfolio, making the stock its 28th largest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Boston Partners grew its position in shares of LPL Financial by 71.9% in the 1st 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. TD Asset Management Inc boosted its holdings in shares of LPL Financial by 33.2% in the first quarter. TD Asset Management Inc now owns 1,103,655 shares of the financial services provider's stock valued at $291,586,000 after buying an additional 275,286 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of LPL Financial by 9.9% during the second 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 acquiring an additional 233,242 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of LPL Financial by 31.1% during the second 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. Finally, American Century Companies Inc. lifted its position in LPL Financial by 52.6% in the 2nd 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. Institutional investors own 95.66% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. JMP Securities reissued a "market outperform" rating and issued a $310.00 price target on shares of LPL Financial in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods cut their target price on LPL Financial from $326.00 to $315.00 and set an "outperform" rating on the stock in a research note on Friday, July 26th. Citigroup raised their price target on shares of LPL Financial from $285.00 to $310.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. UBS Group boosted their price objective on shares of LPL Financial from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company upgraded shares of LPL Financial from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $235.00 to $285.00 in a research note on Wednesday, October 9th. One research 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $286.92.

LPL Financial Stock Performance

Shares of NASDAQ:LPLA traded down $1.84 during trading on Thursday, reaching $306.32. 282,944 shares of the stock were exchanged, compared to its average volume of 744,748. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $309.00. The firm has a market cap of $22.90 billion, a PE ratio of 22.98, a PEG ratio of 1.34 and a beta of 0.85. The stock has a 50-day moving average price of $239.07 and a 200-day moving average price of $249.06. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.77.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.69 by $0.47. LPL Financial had a return on equity of 52.08% and a net margin of 8.73%. The company had revenue of $3.11 billion during the quarter, compared to analysts' expectations of $3.04 billion. During the same quarter in the previous year, the company posted $3.74 earnings per share. The business's revenue was up 6.0% on a year-over-year basis. Research analysts expect that LPL Financial Holdings Inc. will post 16.03 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Thursday, November 14th. LPL Financial's dividend 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.