Magnetar Financial LLC Trims Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Magnetar Financial LLC cut its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 17.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,860 shares of the financial services provider’s stock after selling 615 shares during the quarter. Magnetar Financial LLC’s holdings in LPL Financial were worth $799,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new position in LPL Financial during the second quarter worth about $25,000. Key Financial Inc purchased a new position in LPL Financial during the second quarter worth about $28,000. Riverview Trust Co purchased a new position in LPL Financial during the first quarter worth about $30,000. Crewe Advisors LLC lifted its position 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 buying an additional 101 shares during the period. Finally, Tortoise Investment Management LLC lifted its position in LPL Financial by 74.7% during the second quarter. Tortoise Investment Management LLC now owns 131 shares of the financial services provider’s stock worth $37,000 after buying an additional 56 shares during the period. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

LPL Financial Price Performance

LPLA stock opened at $222.00 on Wednesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.16 and a current 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 has a market cap of $16.59 billion, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 1.20 and a beta of 0.88. The stock has a 50-day simple moving average of $215.04 and a 200-day simple moving average of $251.06.

LPL Financial (NASDAQ:LPLA) last posted its earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.89 billion. During the same quarter last year, the firm earned $3.94 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities analysts predict that LPL Financial Holdings Inc. will post 15.9 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.20 dividend on an annualized basis and a yield of 0.54%. LPL Financial’s dividend payout ratio (DPR) is presently 9.06%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on LPLA. Jefferies Financial Group upped their price target on LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. StockNews.com upgraded LPL Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, September 11th. Barclays dropped their price target on LPL Financial from $313.00 to $273.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Bank of America upgraded LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 price target for the company in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. upped their price target 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 equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $275.27.

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.