LPL Financial (LPLA) Sets New 52-Week High After Dividend Announcement

LPL Financial Holdings Inc (NASDAQ:LPLA) shares reached a new 52-week high during trading on Friday following a dividend announcement from the company. The company traded as high as $65.36 and last traded at $62.50, with a volume of 1997500 shares traded. The stock had previously closed at $62.50.

The newly announced dividend which will be paid on Friday, March 23rd. Shareholders of record on Friday, March 9th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, March 8th. LPL Financial’s payout ratio is 38.76%.

A number of research firms have issued reports on LPLA. Nomura lifted their price objective on LPL Financial from $80.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley lifted their price objective on LPL Financial from $62.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Credit Suisse Group lifted their price objective on LPL Financial from $77.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. SunTrust Banks reaffirmed a “buy” rating and issued a $75.00 price objective on shares of LPL Financial in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $73.00 price objective on shares of LPL Financial in a research note on Friday, February 2nd. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $68.36.

The company has a market capitalization of $5,695.11, a price-to-earnings ratio of 24.22, a P/E/G ratio of 1.12 and a beta of 1.74. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.48 and a quick ratio of 1.48.

LPL Financial declared that its Board of Directors has approved a share buyback program 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. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

In related news, Director William P. Jr. Morrissey sold 20,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $62.74, for a total transaction of $1,254,800.00. Following the completion of the transaction, the director now owns 37,541 shares in the company, valued at approximately $2,355,322.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Andrew Kalbaugh sold 10,000 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $62.61, for a total value of $626,100.00. Following the transaction, the insider now owns 38,050 shares of the company’s stock, valued at approximately $2,382,310.50. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of LPLA. Bank of New York Mellon Corp boosted its holdings in LPL Financial by 140.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,258,579 shares of the financial services provider’s stock valued at $71,917,000 after acquiring an additional 735,256 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in LPL Financial during the 3rd quarter valued at $31,835,000. Arrowstreet Capital Limited Partnership boosted its holdings in LPL Financial by 947.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 438,378 shares of the financial services provider’s stock valued at $25,049,000 after acquiring an additional 396,533 shares during the period. Zweig DiMenna Associates LLC purchased a new position in LPL Financial during the 3rd quarter valued at $20,250,000. Finally, Renaissance Technologies LLC boosted its holdings in LPL Financial by 219.8% during the 4th quarter. Renaissance Technologies LLC now owns 543,100 shares of the financial services provider’s stock valued at $31,033,000 after acquiring an additional 373,300 shares during the period. Institutional investors own 92.01% of the company’s stock.

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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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