JPMorgan Chase & Co. cut shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) from an overweight rating to a neutral rating in a research note published on Wednesday. They currently have $31.00 price target on the stock, up from their prior price target of $30.00.
Several other analysts have also recently weighed in on the company. Morgan Stanley initiated coverage on LPL Financial Holdings in a report on Monday, September 26th. They issued an underweight rating and a $27.00 price target on the stock. TheStreet raised LPL Financial Holdings from a hold rating to a buy rating in a report on Tuesday, September 6th. Zacks Investment Research cut LPL Financial Holdings from a strong-buy rating to a hold rating in a report on Wednesday, June 29th. Credit Suisse Group AG cut LPL Financial Holdings from an outperform rating to a neutral rating and set a $28.00 price target on the stock. in a report on Monday, August 22nd. They noted that the move was a valuation call. Finally, Nomura reaffirmed a hold rating on shares of LPL Financial Holdings in a report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. LPL Financial Holdings presently has an average rating of Hold and a consensus price target of $28.69.
LPL Financial Holdings (NASDAQ:LPLA) opened at 30.93 on Wednesday. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 17.24 and a beta of 1.70. The company has a 50 day moving average price of $29.97 and a 200-day moving average price of $26.40. LPL Financial Holdings has a 1-year low of $15.38 and a 1-year high of $48.00.
LPL Financial Holdings (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.09. LPL Financial Holdings had a return on equity of 22.96% and a net margin of 4.05%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1,000 million. During the same quarter last year, the firm posted $0.65 EPS. The company’s revenue was down 6.6% compared to the same quarter last year. On average, analysts forecast that LPL Financial Holdings will post $1.84 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of LPLA. Fairview Capital Investment Management LLC raised its stake in LPL Financial Holdings by 17.5% in the second quarter. Fairview Capital Investment Management LLC now owns 5,838,312 shares of the company’s stock worth $131,537,000 after buying an additional 867,650 shares in the last quarter. JPMorgan Chase & Co. raised its stake in LPL Financial Holdings by 138.1% in the second quarter. JPMorgan Chase & Co. now owns 301,281 shares of the company’s stock worth $6,788,000 after buying an additional 174,744 shares in the last quarter. Kleinwort Benson Investors Dublin Ltd acquired a new stake in shares of LPL Financial Holdings during the second quarter valued at approximately $811,000. California Public Employees Retirement System raised its stake in shares of LPL Financial Holdings by 5.3% in the second quarter. California Public Employees Retirement System now owns 206,200 shares of the company’s stock valued at $4,646,000 after buying an additional 10,400 shares in the last quarter. Finally, BlackRock Inc. raised its stake in shares of LPL Financial Holdings by 203.7% in the first quarter. BlackRock Inc. now owns 10,733 shares of the company’s stock valued at $266,000 after buying an additional 7,199 shares in the last quarter.
About LPL Financial Holdings
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors (RIAs) and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors (its advisors), including financial advisors at approximately 700 financial institutions across the country.
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