LPL Financial (NASDAQ:LPLA) Upgraded by TD Cowen to Buy Rating

TD Cowen upgraded shares of LPL Financial (NASDAQ:LPLA) from a hold rating to a buy rating in a research note released on Thursday, Marketbeat reports. They currently have $413.00 price target on the financial services provider’s stock, up from their prior price target of $277.00.

LPLA has been the topic of a number of other reports. Barclays raised their target price on shares of LPL Financial from $311.00 to $378.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Jefferies Financial Group dropped their price objective on shares of LPL Financial from $309.00 to $282.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. JMP Securities reiterated a “market outperform” rating and set a $310.00 target price on shares of LPL Financial in a research note on Wednesday, October 9th. UBS Group boosted their price target on LPL Financial from $215.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, October 8th. Finally, Citigroup increased their price objective on LPL Financial from $285.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $316.50.

LPL Financial Price Performance

LPLA stock opened at $327.69 on Thursday. The business has a 50 day moving average price of $300.63 and a 200 day moving average price of $260.22. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.60. The stock has a market cap of $24.54 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 1.61 and a beta of 0.86. LPL Financial has a fifty-two week low of $187.19 and a fifty-two week high of $334.83.

LPL Financial (NASDAQ:LPLA) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $4.16 EPS for the quarter, beating analysts’ consensus estimates of $3.69 by $0.47. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The firm had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the firm posted $3.74 EPS. The company’s revenue was up 6.0% on a year-over-year basis. Equities research analysts anticipate that LPL Financial will post 16.1 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Thursday, November 14th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Thursday, November 14th. LPL Financial’s dividend payout ratio is currently 9.02%.

Insider Buying and Selling

In other news, Director Aneri Jambusaria sold 305 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 3,920 shares of the company’s stock, valued at $1,301,204.80. This trade represents a 7.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On LPL Financial

A number of institutional investors have recently made changes to their positions in LPLA. Ashton Thomas Private Wealth LLC acquired a new position in LPL Financial in the 2nd quarter valued at about $25,000. Key Financial Inc purchased a new stake in shares of LPL Financial during the second quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new position in shares of LPL Financial in the third quarter valued at approximately $31,000. Paladin Wealth LLC purchased a new position in shares of LPL Financial during the third quarter valued at approximately $34,000. Finally, Crewe Advisors LLC boosted its position in LPL Financial by 360.7% during the second quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 101 shares during the last quarter. 95.66% of the stock is owned by institutional investors and hedge funds.

LPL Financial Company Profile

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.