LPL Financial Holdings Inc. (NASDAQ:LPLA) to Issue Quarterly Dividend of $0.30

LPL Financial Holdings Inc. (NASDAQ:LPLA) declared a quarterly dividend on Thursday, July 25th, Zacks reports. Stockholders of record on Friday, August 9th will be paid a dividend of 0.30 per share by the financial services provider on Friday, August 23rd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Friday, August 9th.

LPL Financial has increased its dividend by an average of 6.3% per year over the last three years. LPL Financial has a dividend payout ratio of 6.0% meaning its dividend is sufficiently covered by earnings. Analysts expect LPL Financial to earn $19.80 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 6.1%.

LPL Financial Stock Down 7.5 %

NASDAQ LPLA opened at $221.24 on Friday. The business has a fifty day moving average price of $268.42 and a 200 day moving average price of $261.65. LPL Financial has a one year low of $200.18 and a one year high of $289.88. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.84 and a current ratio of 1.84. The company has a market cap of $16.53 billion, a P/E ratio of 16.71, a P/E/G ratio of 0.95 and a beta of 0.90.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $3.88 EPS for the quarter, beating the consensus estimate of $3.66 by $0.22. LPL Financial had a return on equity of 54.38% and a net margin of 8.91%. The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the prior year, the company earned $3.94 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. Research analysts anticipate that LPL Financial will post 15.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on LPLA. Keefe, Bruyette & Woods reduced their price objective on LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday. TD Cowen increased their price objective on LPL Financial from $243.00 to $255.00 and gave the company a “hold” rating in a research note on Friday. JMP Securities raised their target price on LPL Financial from $305.00 to $310.00 and gave the stock a “market outperform” rating in a research note on Friday. Barclays cut their target price on LPL Financial from $313.00 to $273.00 and set an “overweight” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. raised their target price on LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $282.55.

Insider Activity at LPL Financial

In related news, CEO Dan H. Arnold sold 5,677 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $39,546,624.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by insiders.

About LPL Financial

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.