LPL Financial (NASDAQ:LPLA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday. The firm currently has a $68.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.86% from the company’s previous close.
According to Zacks, “LPL Financial Holdings Inc. is engaged in providing an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “
Other equities analysts have also recently issued reports about the stock. Credit Suisse Group began coverage on shares of LPL Financial in a research note on Thursday, November 30th. They set an “outperform” rating and a $68.00 price target for the company. Wells Fargo & Co reaffirmed a “market perform” rating and set a $60.00 price target (up from $52.00) on shares of LPL Financial in a research note on Thursday. Morgan Stanley raised shares of LPL Financial from an “underweight” rating to an “equal weight” rating and set a $42.00 price target for the company in a research note on Wednesday. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $66.00 price target on shares of LPL Financial in a research note on Friday, December 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of LPL Financial from $52.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. LPL Financial presently has a consensus rating of “Buy” and a consensus price target of $57.50.
LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.08 billion. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the business earned $0.58 EPS. analysts anticipate that LPL Financial will post 2.31 EPS for the current fiscal year.
LPL Financial announced that its board has approved a stock repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $359.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, CEO Dan H. Arnold sold 3,742 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total value of $181,636.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Meridian Wealth Management LLC acquired a new stake in LPL Financial during the 3rd quarter valued at $316,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in LPL Financial by 166.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,393 shares of the financial services provider’s stock valued at $1,036,000 after purchasing an additional 15,229 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in LPL Financial during the 2nd quarter valued at $1,273,000. ClariVest Asset Management LLC lifted its holdings in LPL Financial by 22.6% during the 3rd quarter. ClariVest Asset Management LLC now owns 70,945 shares of the financial services provider’s stock valued at $3,658,000 after purchasing an additional 13,092 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in LPL Financial by 72.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 656,891 shares of the financial services provider’s stock valued at $33,882,000 after purchasing an additional 275,138 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.
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LPL Financial Company Profile
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.
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