LPL Financial Holdings Inc. (NASDAQ:LPLA) is Heron Bay Capital Management’s 2nd Largest Position

Heron Bay Capital Management cut its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 0.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 89,845 shares of the financial services provider’s stock after selling 84 shares during the quarter. LPL Financial accounts for approximately 5.3% of Heron Bay Capital Management’s holdings, making the stock its 2nd biggest holding. Heron Bay Capital Management owned approximately 0.12% of LPL Financial worth $25,094,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Brown Advisory Inc. bought a new stake in LPL Financial in the fourth quarter worth $254,000. Coldstream Capital Management Inc. boosted its holdings in LPL Financial by 15.3% during the 4th quarter. Coldstream Capital Management Inc. now owns 1,035 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 137 shares during the period. Corient Private Wealth LLC grew its position in LPL Financial by 94.8% during the 4th quarter. Corient Private Wealth LLC now owns 69,623 shares of the financial services provider’s stock worth $15,847,000 after acquiring an additional 33,880 shares during the last quarter. Quest Partners LLC bought a new position in LPL Financial during the 4th quarter worth approximately $126,000. Finally, Assetmark Inc. increased its stake in LPL Financial by 39.4% in the 4th quarter. Assetmark Inc. now owns 492 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 139 shares during the period. 95.66% of the stock is currently owned by institutional investors.

LPL Financial Stock Performance

Shares of LPL Financial stock opened at $215.52 on Friday. The stock has a market cap of $16.10 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.20 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. LPL Financial Holdings Inc. has a 1 year low of $187.19 and a 1 year high of $289.88. The firm’s 50-day moving average is $216.25 and its 200 day moving average is $251.80.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 EPS for the quarter, beating analysts’ consensus estimates of $3.66 by $0.22. LPL Financial had a net margin of 8.91% and a return on equity of 52.14%. The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter in the prior year, the company posted $3.94 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Sell-side analysts anticipate that LPL Financial Holdings Inc. will post 15.9 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Friday, August 9th. LPL Financial’s dividend payout ratio is currently 9.06%.

Wall Street Analysts Forecast Growth

LPLA has been the topic of several analyst reports. Jefferies Financial Group lifted their target price on shares of LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Bank of America upgraded shares of LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 price objective on the stock in a research report on Tuesday, July 30th. UBS Group cut their target price on LPL Financial from $290.00 to $215.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. 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. Finally, Keefe, Bruyette & Woods cut their price objective on LPL Financial from $326.00 to $315.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, LPL Financial currently has an average rating of “Hold” and a consensus price target of $275.27.

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.