LPL Financial (NASDAQ:LPLA) Lowered to “Hold” at Zacks Investment Research

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Zacks Investment Research downgraded shares of LPL Financial (NASDAQ:LPLA) from a strong-buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

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. “

Several other brokerages have also recently issued reports on LPLA. Citigroup cut Apergy from a buy rating to a neutral rating and reduced their price objective for the stock from $41.00 to $34.00 in a report on Tuesday, July 9th. BidaskClub raised Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. Compass Point cut LPL Financial from a buy rating to a neutral rating and set a $84.13 price objective for the company. in a report on Wednesday, May 8th. Finally, Goldman Sachs Group reissued a buy rating and issued a GBX 265 ($3.46) price target on shares of Tesco in a report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $83.88.

Shares of LPLA stock opened at $84.99 on Wednesday. The business’s fifty day moving average price is $82.80. The firm has a market capitalization of $7.09 billion, a PE ratio of 14.07, a PEG ratio of 0.80 and a beta of 1.34. LPL Financial has a 1 year low of $52.03 and a 1 year high of $86.09. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.40 and a current ratio of 1.40.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.33. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.35 billion. LPL Financial had a return on equity of 53.97% and a net margin of 9.42%. LPL Financial’s revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. As a group, sell-side analysts anticipate that LPL Financial will post 6.98 EPS for the current year.

In other news, CEO Dan H. Arnold sold 1,222 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $85.00, for a total value of $103,870.00. Following the completion of the transaction, the chief executive officer now directly owns 230,068 shares of the company’s stock, valued at $19,555,780. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michelle Oroschakoff sold 6,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $84.51, for a total value of $507,060.00. Following the completion of the transaction, the insider now directly owns 15,563 shares of the company’s stock, valued at $1,315,229.13. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,722 shares of company stock valued at $653,055. Insiders own 2.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Preferred LLC acquired a new position in shares of LPL Financial in the first quarter worth $26,000. Sandy Spring Bank purchased a new stake in shares of LPL Financial in the first quarter valued at $34,000. Advisory Services Network LLC grew its position in shares of LPL Financial by 131.8% in the first quarter. Advisory Services Network LLC now owns 605 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 344 shares during the period. SG Americas Securities LLC purchased a new stake in shares of LPL Financial in the first quarter valued at $105,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in shares of LPL Financial in the first quarter valued at $118,000. 93.75% of the stock is owned by institutional investors.

LPL Financial Company Profile

LPL Financial Holdings Inc, together with its subsidiaries, provides 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, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.

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