Bank of New York Mellon Corp Acquires 14,029 Shares of LPL Financial Holdings Inc (LPLA)

Bank of New York Mellon Corp grew its position in LPL Financial Holdings Inc (NASDAQ:LPLA) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 523,323 shares of the financial services provider’s stock after buying an additional 14,029 shares during the period. Bank of New York Mellon Corp owned approximately 0.58% of LPL Financial worth $26,987,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in LPLA. Janus Henderson Group PLC acquired a new position in shares of LPL Financial during the 2nd quarter worth about $399,202,000. Vanguard Group Inc. raised its holdings in shares of LPL Financial by 10.4% in the 2nd quarter. Vanguard Group Inc. now owns 8,779,510 shares of the financial services provider’s stock valued at $372,778,000 after purchasing an additional 827,372 shares during the period. BlackRock Inc. raised its holdings in shares of LPL Financial by 1.3% in the 2nd quarter. BlackRock Inc. now owns 3,558,615 shares of the financial services provider’s stock valued at $151,098,000 after purchasing an additional 46,013 shares during the period. Samlyn Capital LLC raised its holdings in LPL Financial by 55.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,480,439 shares of the financial services provider’s stock valued at $62,860,000 after acquiring an additional 528,780 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in LPL Financial by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,456,934 shares of the financial services provider’s stock valued at $61,860,000 after acquiring an additional 42,820 shares during the period. 90.33% of the stock is owned by institutional investors.

In related news, CEO Dan H. Arnold sold 3,742 shares of LPL Financial stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total transaction of $181,636.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.00% of the stock is owned by company insiders.

Several brokerages have recently commented on LPLA. Credit Suisse Group assumed coverage on shares of LPL Financial in a report on Thursday, November 30th. They set an “outperform” rating and a $68.00 target price on the stock. Citigroup raised their target price on shares of LPL Financial from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, November 10th. Nomura raised their price target on shares of LPL Financial from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Zacks Investment Research downgraded shares of LPL Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, November 8th. Finally, J P Morgan Chase & Co raised their price target on shares of LPL Financial from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. LPL Financial has an average rating of “Hold” and an average target price of $54.55.

LPL Financial Holdings Inc (NASDAQ:LPLA) opened at $56.21 on Wednesday. LPL Financial Holdings Inc has a 52 week low of $34.45 and a 52 week high of $56.51. The firm has a market cap of $4,962.26, a price-to-earnings ratio of 22.10, a P/E/G ratio of 1.84 and a beta of 1.88. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.48 and a current ratio of 1.48.

LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, October 26th. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm earned $0.58 earnings per share. LPL Financial’s quarterly revenue was up 4.6% on a year-over-year basis. analysts expect that LPL Financial Holdings Inc will post 2.31 EPS for the current fiscal year.

LPL Financial declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 5th that permits the company to buyback $359.00 million in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Monday, November 27th. Investors of record on Thursday, November 9th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Wednesday, November 8th. LPL Financial’s dividend payout ratio is presently 42.55%.

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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.

Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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