LPL Financial (NASDAQ:LPLA) Stock Keeps “Market Outperform” Rating at Citizens Jmp

Citizens Jmp reiterated their market outperform rating on shares of LPL Financial (NASDAQ:LPLA) in a research note published on Monday,Benzinga reports. Citizens Jmp currently has a $500.00 price target on the financial services provider’s stock.

LPLA has been the subject of a number of other research reports. Truist Financial started coverage on shares of LPL Financial in a report on Tuesday, September 1st. They issued a “hold” rating and a $389.00 price objective for the company. Citigroup restated a “market outperform” rating on shares of LPL Financial in a report on Monday. Barclays upped their price target on LPL Financial from $394.00 to $401.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. UBS Group reduced their price objective on LPL Financial from $395.00 to $391.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. Finally, BMO Capital Markets boosted their price objective on LPL Financial from $300.00 to $390.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Fourteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, LPL Financial has an average rating of “Moderate Buy” and a consensus target price of $413.80.

LPL Financial Price Performance

LPL Financial stock opened at $331.98 on Monday. LPL Financial has a 52-week low of $260.15 and a 52-week high of $400.16. The firm has a market capitalization of $26.14 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 0.53 and a beta of 0.53. The company has a fifty day simple moving average of $347.05 and a 200-day simple moving average of $318.21. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 1.30.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share for the quarter, topping the consensus estimate of $5.39 by $0.45. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.04 billion. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The company’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same period last year, the firm posted $4.51 earnings per share. On average, equities analysts anticipate that LPL Financial will post 24.24 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 0.4%. The ex-dividend date was Friday, August 14th. LPL Financial’s payout ratio is presently 9.57%.

Insider Activity

In other news, Director Matthew Enyedi sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $352.72, for a total transaction of $352,720.00. Following the completion of the sale, the director owned 13,121 shares in the company, valued at $4,628,039.12. This trade represents a 7.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg Gates sold 4,119 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $355.38, for a total value of $1,463,810.22. Following the completion of the transaction, the director owned 23,602 shares in the company, valued at $8,387,678.76. This represents a 14.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 5,867 shares of company stock worth $2,079,664. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On LPL Financial

Several large investors have recently modified their holdings of LPLA. Physician Wealth Advisors Inc. increased its position in shares of LPL Financial by 580.0% during the 1st quarter. Physician Wealth Advisors Inc. now owns 136 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 116 shares during the last quarter. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in LPL Financial in the fourth quarter valued at about $50,000. Reflection Asset Management acquired a new position in LPL Financial in the fourth quarter valued at about $50,000. Versant Capital Management Inc boosted its stake in LPL Financial by 79.0% during the second quarter. Versant Capital Management Inc now owns 188 shares of the financial services provider’s stock worth $53,000 after buying an additional 83 shares during the period. Finally, Abound Financial LLC boosted its stake in LPL Financial by 9,550.0% during the first quarter. Abound Financial LLC now owns 193 shares of the financial services provider’s stock worth $58,000 after buying an additional 191 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.

About LPL Financial

LPL Financial Holdings Inc is a financial services company that provides brokerage and investment advisory services through a network of independent financial advisors. Operating primarily in the United States, the company supports advisors who serve individuals, families, businesses and retirement plan participants.

LPL Financial’s platform offers access to investment products and services, including equities, bonds, mutual funds, exchange-traded funds, insurance products, annuities and alternative investments.