Van ECK Associates Corp Acquires 13,814 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Van ECK Associates Corp increased its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 61.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,380 shares of the financial services provider's stock after purchasing an additional 13,814 shares during the quarter. Van ECK Associates Corp's holdings in LPL Financial were worth $9,386,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays upped their price target on shares of LPL Financial from $273.00 to $311.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Bank of America raised shares of LPL Financial from a "neutral" rating to a "buy" rating and set a $268.00 price target on the stock in a research report on Tuesday, July 30th. The Goldman Sachs Group increased their price objective on LPL Financial from $271.00 to $305.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. JPMorgan Chase & Co. increased 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, Citigroup upped their price objective on LPL Financial from $285.00 to $310.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $286.92.

LPL Financial Price Performance

LPLA traded down $2.05 during trading on Thursday, reaching $306.11. 361,334 shares of the stock were exchanged, compared to its average volume of 745,034. LPL Financial Holdings Inc. has a 1 year low of $187.19 and a 1 year high of $309.00. The company has a market capitalization of $22.88 billion, a price-to-earnings ratio of 22.98, a P/E/G ratio of 1.34 and a beta of 0.85. The business's 50 day moving average price is $239.07 and its two-hundred day moving average price is $249.06. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.16 and a quick ratio of 2.16.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $4.16 EPS for the quarter, beating the consensus estimate of $3.69 by $0.47. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.04 billion. LPL Financial had a return on equity of 52.08% and a net margin of 8.73%. LPL Financial's revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business posted $3.74 earnings per share. As a group, equities research analysts anticipate that LPL Financial Holdings Inc. will post 16.03 earnings per share for the current year.

LPL Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Thursday, November 14th. LPL Financial's dividend payout ratio (DPR) 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.