Everence Capital Management Inc. Makes New Investment in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Everence Capital Management Inc. bought a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,610 shares of the financial services provider’s stock, valued at approximately $526,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LPLA. FMR LLC boosted its stake in LPL Financial by 24.4% in the third quarter. FMR LLC now owns 3,322,571 shares of the financial services provider’s stock worth $772,930,000 after purchasing an additional 650,675 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of LPL Financial by 27.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,275,136 shares of the financial services provider’s stock valued at $296,635,000 after acquiring an additional 276,166 shares during the period. Southpoint Capital Advisors LP increased its position in shares of LPL Financial by 50.0% in the 3rd quarter. Southpoint Capital Advisors LP now owns 750,000 shares of the financial services provider’s stock valued at $174,472,000 after buying an additional 250,000 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in LPL Financial by 9.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,589,793 shares of the financial services provider’s stock worth $723,329,000 after purchasing an additional 233,242 shares in the last quarter. Finally, Maverick Capital Ltd. boosted its stake in LPL Financial by 82.0% in the 3rd quarter. Maverick Capital Ltd. now owns 497,075 shares of the financial services provider’s stock worth $115,635,000 after purchasing an additional 223,931 shares during the period. Institutional investors own 95.66% of the company’s stock.

Insider Activity at LPL Financial

In other LPL Financial news, Director Aneri Jambusaria sold 305 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $331.94, for a total value of $101,241.70. Following the sale, the director now directly owns 3,920 shares in the company, valued at $1,301,204.80. This represents a 7.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of LPL Financial from $310.00 to $390.00 and gave the company an “overweight” rating in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $310.00 price objective on shares of LPL Financial in a report on Wednesday, October 9th. TD Cowen raised LPL Financial from a “hold” rating to a “buy” rating and lifted their price objective for the company from $277.00 to $413.00 in a report on Thursday, December 19th. Keefe, Bruyette & Woods boosted their target price on LPL Financial from $325.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, December 20th. Finally, Jefferies Financial Group reduced their price objective on shares of LPL Financial from $309.00 to $282.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $322.75.

LPL Financial Stock Up 1.6 %

LPL Financial stock opened at $333.09 on Monday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. LPL Financial Holdings Inc. has a 1-year low of $187.19 and a 1-year high of $336.40. The firm has a market capitalization of $24.94 billion, a price-to-earnings ratio of 25.04, a price-to-earnings-growth ratio of 1.60 and a beta of 0.86. The firm’s fifty day moving average price is $316.97 and its two-hundred day moving average price is $263.88.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share for the quarter, beating analysts’ consensus estimates of $3.69 by $0.47. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the firm earned $3.74 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that LPL Financial Holdings Inc. will post 16.1 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.36%. LPL Financial’s dividend payout ratio is presently 9.02%.

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.