Park Avenue Securities LLC Buys 513 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Park Avenue Securities LLC increased its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 6.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,899 shares of the financial services provider’s stock after purchasing an additional 513 shares during the quarter. Park Avenue Securities LLC’s holdings in LPL Financial were worth $2,206,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new position in LPL Financial in the fourth quarter worth $200,497,000. Boston Partners grew its position in LPL Financial by 71.9% in the first quarter. Boston Partners now owns 1,765,230 shares of the financial services provider’s stock worth $466,434,000 after acquiring an additional 738,509 shares in the last quarter. TD Asset Management Inc grew its position in LPL Financial by 286.0% in the fourth quarter. TD Asset Management Inc now owns 828,369 shares of the financial services provider’s stock worth $188,553,000 after acquiring an additional 613,792 shares in the last quarter. Epoch Investment Partners Inc. grew its position in LPL Financial by 89.0% in the fourth quarter. Epoch Investment Partners Inc. now owns 774,297 shares of the financial services provider’s stock worth $176,245,000 after acquiring an additional 364,597 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC grew its position in LPL Financial by 12,785.9% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 234,524 shares of the financial services provider’s stock worth $53,382,000 after acquiring an additional 232,704 shares in the last quarter. Institutional investors own 95.66% of the company’s stock.

Insider Buying and Selling at LPL Financial

In other LPL Financial 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 transaction of $1,574,288.87. Following the completion of the transaction, the chief executive officer now owns 142,608 shares of the company’s stock, valued at $39,546,624.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

LPLA has been the subject of several analyst reports. Bank of America upgraded shares of LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 price target for the company in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods cut their price target on shares of LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. TD Cowen upped their price target on shares of LPL Financial from $243.00 to $255.00 and gave the company a “hold” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. upped their price target on shares of LPL Financial from $261.00 to $268.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Finally, Barclays dropped their target price 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 research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $279.30.

LPL Financial Stock Up 0.9 %

LPLA traded up $1.79 on Wednesday, hitting $195.11. The company had a trading volume of 1,351,589 shares, compared to its average volume of 703,899. 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 Holdings Inc. has a 52-week low of $187.19 and a 52-week high of $289.88. The stock has a fifty day simple moving average of $258.81 and a 200-day simple moving average of $260.77. The firm has a market capitalization of $14.58 billion, a P/E ratio of 14.77, a P/E/G ratio of 1.23 and a beta of 0.90.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $3.88 EPS for the quarter, topping the consensus estimate of $3.66 by $0.22. LPL Financial had a net margin of 8.91% and a return on equity of 52.14%. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same period last year, the business posted $3.94 earnings per share. LPL Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts expect that LPL Financial Holdings Inc. will post 15.9 EPS for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 9th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Friday, August 9th. LPL Financial’s dividend payout ratio is 9.06%.

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.