JPMorgan Chase & Co. Cuts LPL Financial (NASDAQ:LPLA) Price Target to $433.00

LPL Financial (NASDAQ:LPLA) had its target price lowered by JPMorgan Chase & Co. from $440.00 to $433.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

LPLA has been the topic of a number of other reports. JMP Securities set a $475.00 price target on shares of LPL Financial in a research report on Friday, October 31st. Rothschild & Co Redburn downgraded LPL Financial from a “buy” rating to a “neutral” rating and set a $390.00 target price on the stock. in a research note on Friday, September 19th. Citizens Jmp upped their target price on LPL Financial from $455.00 to $475.00 and gave the company a “market outperform” rating in a report on Friday, October 31st. Rothschild Redb downgraded LPL Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 19th. Finally, Citigroup reiterated an “outperform” rating on shares of LPL Financial in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $429.07.

LPL Financial Stock Up 1.3%

Shares of NASDAQ:LPLA opened at $376.83 on Tuesday. The business’s 50 day moving average is $365.30 and its 200 day moving average is $359.10. LPL Financial has a 12-month low of $262.83 and a 12-month high of $403.58. The stock has a market cap of $30.16 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 0.78 and a beta of 0.57. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.49.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, October 30th. The financial services provider reported $5.20 earnings per share for the quarter, beating the consensus estimate of $4.49 by $0.71. The business had revenue of $4.55 billion for the quarter, compared to analysts’ expectations of $4.08 billion. LPL Financial had a return on equity of 36.80% and a net margin of 5.35%.The business’s revenue was up 46.4% on a year-over-year basis. During the same period last year, the business earned $4.16 EPS. On average, sell-side analysts forecast that LPL Financial will post 19.35 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Thursday, November 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Thursday, November 13th. LPL Financial’s dividend payout ratio is 11.05%.

Insiders Place Their Bets

In related news, Director Aneri Jambusaria sold 80 shares of LPL Financial stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $352.48, for a total value of $28,198.40. Following the completion of the sale, the director owned 5,502 shares of the company’s stock, valued at approximately $1,939,344.96. This trade represents a 1.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Greg Gates sold 750 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $370.97, for a total value of $278,227.50. Following the completion of the sale, the director owned 14,620 shares in the company, valued at $5,423,581.40. This represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 7,388 shares of company stock valued at $2,747,538 over the last ninety days. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On LPL Financial

Several large investors have recently modified their holdings of the business. Cullen Frost Bankers Inc. lifted its stake in shares of LPL Financial by 9.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 301 shares of the financial services provider’s stock valued at $113,000 after buying an additional 27 shares in the last quarter. Camden National Bank raised its holdings in LPL Financial by 3.1% during the 2nd quarter. Camden National Bank now owns 967 shares of the financial services provider’s stock valued at $363,000 after acquiring an additional 29 shares during the period. Stratos Investment Management LLC lifted its position in shares of LPL Financial by 4.2% during the third quarter. Stratos Investment Management LLC now owns 715 shares of the financial services provider’s stock worth $238,000 after acquiring an additional 29 shares in the last quarter. Perennial Investment Advisors LLC boosted its holdings in shares of LPL Financial by 4.0% in the second quarter. Perennial Investment Advisors LLC now owns 804 shares of the financial services provider’s stock worth $302,000 after acquiring an additional 31 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its holdings in shares of LPL Financial by 4.1% in the fourth quarter. Frank Rimerman Advisors LLC now owns 785 shares of the financial services provider’s stock worth $280,000 after acquiring an additional 31 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

LPL Financial Company Profile

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.