State Street Corp Sells 25,879 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

State Street Corp cut its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 1.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,677,093 shares of the financial services provider's stock after selling 25,879 shares during the period. State Street Corp owned about 2.24% of LPL Financial worth $390,142,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quantinno Capital Management LP raised its stake in LPL Financial by 4.0% during the 3rd quarter. Quantinno Capital Management LP now owns 14,394 shares of the financial services provider's stock worth $3,349,000 after buying an additional 550 shares during the period. Royal London Asset Management Ltd. raised its position in shares of LPL Financial by 6.2% during the third quarter. Royal London Asset Management Ltd. now owns 51,542 shares of the financial services provider's stock worth $11,990,000 after purchasing an additional 2,998 shares during the period. Point72 Asset Management L.P. raised its position in shares of LPL Financial by 144.6% during the third quarter. Point72 Asset Management L.P. now owns 350,382 shares of the financial services provider's stock worth $81,509,000 after purchasing an additional 207,153 shares during the period. Prana Capital Management LP lifted its holdings in shares of LPL Financial by 35.0% during the 3rd quarter. Prana Capital Management LP now owns 18,876 shares of the financial services provider's stock valued at $4,391,000 after purchasing an additional 4,889 shares in the last quarter. Finally, IHT Wealth Management LLC increased its stake in LPL Financial by 14.1% during the 3rd quarter. IHT Wealth Management LLC now owns 3,411 shares of the financial services provider's stock worth $792,000 after purchasing an additional 422 shares in the last quarter. 95.66% of the stock is owned by institutional investors.

Insider Activity

In other 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 completion of the sale, the director now owns 3,920 shares in the company, valued at approximately $1,301,204.80. This trade represents a 7.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

LPLA has been the topic of a number of research reports. Citigroup lifted their price target on shares of LPL Financial from $285.00 to $310.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Barclays boosted their price objective on shares of LPL Financial from $311.00 to $378.00 and gave the company an "overweight" rating in a research report on Monday. Jefferies Financial Group lowered their target price on LPL Financial from $309.00 to $282.00 and set a "buy" rating for the company in a report on Friday, October 4th. TD Cowen boosted their price target on LPL Financial from $271.00 to $277.00 and gave the company a "hold" rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group upped their price objective on LPL Financial from $271.00 to $305.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $296.42.

LPL Financial Stock Up 1.1 %

Shares of NASDAQ:LPLA traded up $3.55 during midday trading on Tuesday, hitting $324.05. The stock had a trading volume of 541,167 shares, compared to its average volume of 724,399. The company has a market cap of $24.26 billion, a P/E ratio of 24.36, a PEG ratio of 1.60 and a beta of 0.86. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $332.91. The business's 50-day simple moving average is $286.29 and its 200-day simple moving average is $257.36. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.60.

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

LPL Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th were paid a $0.30 dividend. The ex-dividend date was Thursday, November 14th. This represents a $1.20 annualized dividend and a yield of 0.37%. LPL Financial's dividend payout ratio is 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.