Elevation Point Wealth Partners LLC Invests $1.67 Million in LPL Financial Holdings Inc. $LPLA

Elevation Point Wealth Partners LLC bought a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,927 shares of the financial services provider’s stock, valued at approximately $1,669,000.

Several other hedge funds also recently made changes to their positions in the company. Goldstein Advisors LLC raised its holdings in LPL Financial by 4.8% in the fourth quarter. Goldstein Advisors LLC now owns 634 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 29 shares in the last quarter. Coastal Bridge Advisors LLC boosted its holdings in shares of LPL Financial by 0.6% during the 4th quarter. Coastal Bridge Advisors LLC now owns 5,475 shares of the financial services provider’s stock valued at $1,956,000 after buying an additional 31 shares in the last quarter. Root Financial Partners LLC boosted its holdings in shares of LPL Financial by 1.4% during the 4th quarter. Root Financial Partners LLC now owns 2,318 shares of the financial services provider’s stock valued at $828,000 after buying an additional 33 shares in the last quarter. Lifestyle Asset Management Inc. grew its position in shares of LPL Financial by 2.9% in the 4th quarter. Lifestyle Asset Management Inc. now owns 1,191 shares of the financial services provider’s stock worth $425,000 after buying an additional 34 shares during the period. Finally, Bank of Nova Scotia grew its position in shares of LPL Financial by 0.7% in the 1st quarter. Bank of Nova Scotia now owns 5,705 shares of the financial services provider’s stock worth $1,716,000 after buying an additional 37 shares during the period. 95.66% of the stock is currently owned by institutional investors.

LPL Financial Stock Performance

Shares of LPLA stock opened at $361.35 on Monday. The company has a market capitalization of $28.45 billion, a price-to-earnings ratio of 28.82, a price-to-earnings-growth ratio of 0.61 and a beta of 0.48. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.39 and a current ratio of 2.39. LPL Financial Holdings Inc. has a one year low of $260.15 and a one year high of $400.16. The company’s 50-day moving average is $326.58 and its 200 day moving average is $315.44.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.39 by $0.45. The business had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.04 billion. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The business’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same period in the previous year, the company earned $4.51 earnings per share. Sell-side analysts expect that LPL Financial Holdings Inc. will post 24.09 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. LPL Financial’s dividend payout ratio (DPR) is 9.57%.

Insider Buying and Selling

In other LPL Financial news, Director Aneri Jambusaria sold 308 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total transaction of $94,248.00. Following the sale, the director directly owned 6,415 shares in the company, valued at approximately $1,962,990. This trade represents a 4.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 stock in a transaction 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 sale, the director owned 23,602 shares in the company, valued at approximately $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. Insiders sold a total of 5,427 shares of company stock worth $1,910,778 in the last three months. Insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LPLA. Morgan Stanley lifted their price target on shares of LPL Financial from $374.00 to $387.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Wolfe Research restated an “outperform” rating and issued a $454.00 price objective on shares of LPL Financial in a report on Wednesday, August 12th. UBS Group decreased their target price on shares of LPL Financial from $395.00 to $391.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. TD Cowen lifted their target price on shares of LPL Financial from $330.00 to $372.00 and gave the company a “hold” rating in a report on Friday, July 31st. Finally, BMO Capital Markets boosted their price target on LPL Financial from $300.00 to $390.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $406.69.

About LPL Financial

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.