Sanford C. Bernstein initiated coverage on shares of LPL Financial (NASDAQ:LPLA) in a report released on Monday, The Fly reports. The brokerage set an “outperform” rating on the financial services provider’s stock.
LPLA has been the topic of a number of other research reports. Zacks Investment Research raised shares of LPL Financial from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective on the stock in a report on Friday, January 5th. ValuEngine downgraded shares of LPL Financial from a “buy” rating to a “hold” rating in a report on Friday, March 23rd. BidaskClub downgraded shares of LPL Financial from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Morgan Stanley raised shares of LPL Financial from an “underweight” rating to an “equal weight” rating and set a $42.00 price target on the stock in a report on Wednesday, January 3rd. Finally, Wells Fargo reaffirmed a “market perform” rating and set a $60.00 price target (up previously from $52.00) on shares of LPL Financial in a report on Thursday, January 4th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $70.50.
Shares of LPLA traded down $2.16 on Monday, reaching $56.49. The company’s stock had a trading volume of 1,441,539 shares, compared to its average volume of 913,881. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 2.47. The company has a market cap of $5,289.10, a price-to-earnings ratio of 18.83, a PEG ratio of 1.01 and a beta of 1.62. LPL Financial has a 12-month low of $37.38 and a 12-month high of $66.64.
In other news, Director William P. Jr. Morrissey sold 20,000 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $62.74, for a total value of $1,254,800.00. Following the transaction, the director now owns 37,541 shares of the company’s stock, valued at $2,355,322.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Dan H. Arnold sold 4,004 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $65.20, for a total transaction of $261,060.80. The disclosure for this sale can be found here. Insiders have sold 1,469,435 shares of company stock worth $92,312,374 in the last ninety days. Insiders own 2.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. American International Group Inc. purchased a new position in shares of LPL Financial in the fourth quarter worth $119,000. The Manufacturers Life Insurance Company increased its position in LPL Financial by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 211 shares during the last quarter. Cerebellum GP LLC bought a new stake in LPL Financial in the fourth quarter worth $122,000. Ladenburg Thalmann Financial Services Inc. increased its position in LPL Financial by 140.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,186 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 1,278 shares during the last quarter. Finally, London Co. of Virginia bought a new stake in LPL Financial in the fourth quarter worth $220,000. 93.48% of the stock is currently owned by hedge funds and other institutional investors.
About LPL Financial
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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