Sumitomo Mitsui DS Asset Management Company Ltd Lowers Stake in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 3.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 35,775 shares of the financial services provider’s stock after selling 1,165 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in LPL Financial were worth $9,992,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in LPLA. EdgeRock Capital LLC acquired a new position in LPL Financial in the 4th quarter valued at $25,000. Key Financial Inc purchased a new stake in shares of LPL Financial in the second quarter valued at about $28,000. Riverview Trust Co acquired a new position in shares of LPL Financial during the first quarter worth about $30,000. GAMMA Investing LLC acquired a new position in shares of LPL Financial during the fourth quarter worth about $30,000. Finally, Crewe Advisors LLC raised its holdings in LPL Financial by 360.7% during the second quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 101 shares in the last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.

Insider Transactions at LPL Financial

In related news, CEO Dan H. Arnold sold 5,677 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $277.31, for a total value of $1,574,288.87. Following the sale, the chief executive officer now directly owns 142,608 shares of the company’s stock, valued at $39,546,624.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.

LPL Financial Stock Up 0.7 %

Shares of NASDAQ LPLA opened at $224.34 on Friday. The firm’s 50-day moving average is $234.88 and its two-hundred day moving average is $256.96. The company has a market capitalization of $16.76 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 1.23 and a beta of 0.90. LPL Financial Holdings Inc. has a 12-month low of $187.19 and a 12-month high of $289.88. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.16 and a quick ratio of 1.84.

LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, July 25th. The financial services provider reported $3.88 EPS for the quarter, beating analysts’ consensus estimates of $3.66 by $0.22. LPL Financial had a return on equity of 52.14% and a net margin of 8.91%. The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter in the prior year, the firm earned $3.94 EPS. LPL Financial’s quarterly revenue was up 18.8% on a year-over-year basis. Equities analysts anticipate that LPL Financial Holdings Inc. will post 15.9 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Friday, August 9th. LPL Financial’s dividend payout ratio is presently 9.06%.

Wall Street Analyst Weigh In

LPLA has been the topic of a number of analyst reports. TD Cowen lifted their price objective on LPL Financial from $243.00 to $255.00 and gave the company a “hold” rating in a report on Friday, July 26th. UBS Group decreased their price target on LPL Financial from $290.00 to $215.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Jefferies Financial Group increased their price objective on LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. JMP Securities boosted their target price on shares of LPL Financial from $305.00 to $310.00 and gave the stock a “market outperform” rating in a research report on Friday, July 26th. Finally, Barclays cut their price target on shares of LPL Financial from $313.00 to $273.00 and set an “overweight” rating for the company in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, LPL Financial currently has an average rating of “Hold” and an average target price of $279.30.

LPL Financial 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 enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.