LPL Financial (NASDAQ:LPLA) Raised to “Overweight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of LPL Financial (NASDAQ:LPLA) from an equal weight rating to an overweight rating in a research report released on Wednesday, Marketbeat Ratings reports. Wells Fargo & Company currently has $285.00 price target on the financial services provider’s stock, up from their prior price target of $235.00.

A number of other brokerages have also issued reports on LPLA. Bank of America raised LPL Financial from a neutral rating to a buy rating and set a $268.00 target price on the stock in a research report on Tuesday, July 30th. Jefferies Financial Group dropped their target price on LPL Financial from $309.00 to $282.00 and set a buy rating on the stock in a research report on Friday, October 4th. TD Cowen boosted 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. Keefe, Bruyette & Woods lowered their price objective on LPL Financial from $326.00 to $315.00 and set an outperform rating for the company in a report on Friday, July 26th. Finally, StockNews.com lowered LPL Financial from a hold rating to a sell rating in a report on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $278.23.

LPL Financial Trading Up 1.9 %

NASDAQ:LPLA opened at $248.09 on Wednesday. LPL Financial has a 12 month low of $187.19 and a 12 month high of $289.88. The firm has a market capitalization of $18.53 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 1.32 and a beta of 0.88. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.16 and a quick ratio of 2.16. The business’s 50-day moving average is $219.60 and its two-hundred day moving average is $248.52.

LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same period in the previous year, the company earned $3.94 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Research analysts predict that LPL Financial will post 15.79 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were given a dividend of $0.30 per share. The ex-dividend date was Friday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 0.48%. LPL Financial’s dividend payout ratio is presently 9.06%.

Hedge Funds Weigh In On LPL Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC acquired a new position in shares of LPL Financial during the second quarter worth approximately $25,000. Key Financial Inc bought a new stake in LPL Financial during the second quarter worth approximately $28,000. Riverview Trust Co bought a new stake in LPL Financial during the first quarter worth approximately $30,000. Paladin Wealth LLC bought a new stake in LPL Financial during the third quarter worth approximately $34,000. 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. 95.66% of the stock is currently owned by institutional investors and hedge funds.

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.