Sumitomo Mitsui DS Asset Management Company Ltd Lowers Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 53.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,677 shares of the financial services provider’s stock after selling 19,098 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in LPL Financial were worth $3,880,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Foster Victor Wealth Advisors LLC grew its position in LPL Financial by 32.5% during the third quarter. Foster Victor Wealth Advisors LLC now owns 69,731 shares of the financial services provider’s stock worth $17,142,000 after buying an additional 17,091 shares during the period. Swedbank AB grew its holdings in shares of LPL Financial by 19.8% in the 3rd quarter. Swedbank AB now owns 16,429 shares of the financial services provider’s stock worth $3,822,000 after acquiring an additional 2,720 shares during the period. CX Institutional purchased a new position in LPL Financial in the 3rd quarter valued at approximately $382,000. Paladin Wealth LLC acquired a new position in LPL Financial during the third quarter worth $34,000. Finally, Oliver Luxxe Assets LLC boosted its position in LPL Financial by 1.7% during the third quarter. Oliver Luxxe Assets LLC now owns 8,373 shares of the financial services provider’s stock worth $1,948,000 after purchasing an additional 144 shares in the last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.

LPL Financial Stock Performance

LPL Financial stock opened at $258.62 on Monday. The stock has a fifty day moving average price of $225.63 and a 200 day moving average price of $248.11. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.77. LPL Financial Holdings Inc. has a 52 week low of $187.19 and a 52 week high of $289.88. The firm has a market capitalization of $19.32 billion, a P/E ratio of 19.53, a PEG ratio of 1.32 and a beta of 0.88.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $3.88 earnings per share 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 for the quarter, compared to analyst estimates of $2.89 billion. During the same period in the prior year, the firm posted $3.94 EPS. The company’s revenue was up 18.8% on a year-over-year basis. Equities research analysts anticipate that LPL Financial Holdings Inc. will post 15.79 earnings per share for the current year.

LPL Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 0.46%. LPL Financial’s dividend payout ratio is presently 9.06%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on LPLA shares. 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 report on Tuesday, July 30th. Wells Fargo & Company upgraded shares of LPL Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $235.00 to $285.00 in a research report on Wednesday, October 9th. Barclays reduced their price target on shares of LPL Financial from $313.00 to $273.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Morgan Stanley raised their price objective on shares of LPL Financial from $303.00 to $309.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods reduced their target price on LPL Financial from $326.00 to $315.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $277.77.

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.