Cornerstone Wealth Management LLC Sells 253 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Cornerstone Wealth Management LLC lessened its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 2.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,450 shares of the financial services provider’s stock after selling 253 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in LPL Financial were worth $4,065,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. FMR LLC grew its position in shares of LPL Financial by 24.4% during the 3rd quarter. FMR LLC now owns 3,322,571 shares of the financial services provider’s stock worth $772,930,000 after buying an additional 650,675 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of LPL Financial by 27.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,275,136 shares of the financial services provider’s stock worth $296,635,000 after buying an additional 276,166 shares in the last quarter. Southpoint Capital Advisors LP boosted its position in LPL Financial by 50.0% during the third quarter. Southpoint Capital Advisors LP now owns 750,000 shares of the financial services provider’s stock valued at $174,472,000 after purchasing an additional 250,000 shares in the last quarter. Maverick Capital Ltd. boosted its position in LPL Financial by 82.0% during the third quarter. Maverick Capital Ltd. now owns 497,075 shares of the financial services provider’s stock valued at $115,635,000 after purchasing an additional 223,931 shares in the last quarter. Finally, Azora Capital LP boosted its position in LPL Financial by 52.2% during the third quarter. Azora Capital LP now owns 643,544 shares of the financial services provider’s stock valued at $149,708,000 after purchasing an additional 220,622 shares in the last quarter. Institutional investors own 95.66% of the company’s stock.

LPL Financial Stock Up 0.6 %

Shares of LPLA stock opened at $358.78 on Friday. The stock has a 50 day moving average of $329.74 and a 200 day moving average of $269.38. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. The stock has a market cap of $26.87 billion, a P/E ratio of 26.98, a P/E/G ratio of 1.09 and a beta of 0.87. LPL Financial Holdings Inc. has a twelve month low of $187.19 and a twelve month high of $361.63.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $4.16 EPS for the quarter, beating the consensus estimate of $3.69 by $0.47. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.04 billion. LPL Financial had a return on equity of 49.47% and a net margin of 8.73%. LPL Financial’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $3.74 earnings per share. As a group, sell-side analysts expect that LPL Financial Holdings Inc. will post 16.17 EPS for the current year.

LPL Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date was Thursday, November 14th. LPL Financial’s dividend payout ratio is presently 9.02%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. TD Cowen raised LPL Financial from a “hold” rating to a “buy” rating and raised their price objective for the company from $277.00 to $413.00 in a research report on Thursday, December 19th. Citigroup raised their price objective on LPL Financial from $310.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, January 10th. JPMorgan Chase & Co. raised LPL Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $288.00 to $397.00 in a research report on Tuesday, January 7th. Jefferies Financial Group dropped their price objective 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. Finally, Wells Fargo & Company raised their price objective on LPL Financial from $310.00 to $390.00 and gave the company an “overweight” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $351.50.

Insider Transactions at LPL Financial

In related news, Director Aneri Jambusaria sold 305 shares of LPL Financial stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $331.94, for a total transaction of $101,241.70. Following the transaction, the director now owns 3,920 shares in the company, valued at approximately $1,301,204.80. This trade represents a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.30% 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.