Citigroup Lowers LPL Financial (NASDAQ:LPLA) Price Target to $285.00

LPL Financial (NASDAQ:LPLA) had its target price reduced by equities research analysts at Citigroup from $325.00 to $285.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target suggests a potential upside of 23.45% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. JPMorgan Chase & Co. upped their price target on LPL Financial from $261.00 to $268.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. UBS Group decreased their price objective on LPL Financial from $290.00 to $215.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Jefferies Financial Group lifted their target price on LPL Financial from $322.00 to $334.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Finally, StockNews.com raised shares of LPL Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $275.69.

LPL Financial Stock Performance

Shares of NASDAQ LPLA opened at $230.86 on Friday. LPL Financial has a 52-week low of $187.19 and a 52-week high of $289.88. The stock has a market capitalization of $17.25 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 1.27 and a beta of 0.88. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.77. The stock’s fifty day simple moving average is $215.72 and its 200 day simple moving average is $250.43.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $3.88 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $2.89 billion. During the same quarter in the previous year, the company earned $3.94 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, sell-side analysts forecast that LPL Financial will post 15.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On LPL Financial

Several large investors have recently made changes to their positions in LPLA. Anchor Investment Management LLC lifted its position in LPL Financial by 8.6% in the second quarter. Anchor Investment Management LLC now owns 8,365 shares of the financial services provider’s stock worth $2,336,000 after purchasing an additional 664 shares during the period. Sanctuary Advisors LLC acquired a new position in LPL Financial during the 2nd quarter valued at about $3,478,000. Brown Financial Advisors bought a new position in LPL Financial in the second quarter valued at approximately $310,000. Cetera Investment Advisers boosted its position in shares of LPL Financial by 5.9% in the 2nd quarter. Cetera Investment Advisers now owns 14,439 shares of the financial services provider’s stock worth $4,033,000 after purchasing an additional 805 shares during the last quarter. Finally, Truist Financial Corp grew its position in shares of LPL Financial by 4.0% during the 2nd quarter. Truist Financial Corp now owns 170,848 shares of the financial services provider’s stock worth $47,718,000 after buying an additional 6,646 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.

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 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.