LPL Financial Holdings Inc. (NASDAQ:LPLA) is Kayne Anderson Rudnick Investment Management LLC’s 9th Largest Position

Kayne Anderson Rudnick Investment Management LLC lifted its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 9.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,589,793 shares of the financial services provider’s stock after buying an additional 233,242 shares during the period. LPL Financial makes up 1.8% of Kayne Anderson Rudnick Investment Management LLC’s holdings, making the stock its 9th biggest position. Kayne Anderson Rudnick Investment Management LLC owned 3.47% of LPL Financial worth $723,329,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC purchased a new stake in LPL Financial in the 2nd quarter valued at $25,000. Key Financial Inc acquired a new position in LPL Financial in the 2nd quarter valued at about $28,000. Riverview Trust Co acquired a new stake in shares of LPL Financial during the first quarter worth about $30,000. Crewe Advisors LLC boosted its stake in shares of LPL Financial by 360.7% in the second quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 101 shares during the period. Finally, Tortoise Investment Management LLC grew its holdings in shares of LPL Financial by 74.7% in the second quarter. Tortoise Investment Management LLC now owns 131 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 56 shares in the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Trading Down 2.4 %

LPLA opened at $215.52 on Friday. The company has a quick ratio of 2.16, a current 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 business’s 50 day moving average is $216.25 and its two-hundred day moving average is $251.88. The firm has a market cap of $16.10 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.20 and a beta of 0.88.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 EPS for the quarter, beating 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 firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter in the prior year, the firm earned $3.94 EPS. LPL Financial’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, research analysts predict that LPL Financial Holdings Inc. will post 15.9 EPS for the current year.

LPL Financial Announces Dividend

The firm also recently announced 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 0.56%. LPL Financial’s dividend payout ratio (DPR) is 9.06%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective 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. Jefferies Financial Group boosted their price target on shares of LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Wells Fargo & Company initiated coverage on shares of LPL Financial in a report on Thursday, September 12th. They issued an “equal weight” rating and a $235.00 price objective on the stock. Bank of America upgraded shares of LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 target price for the company in a research note on Tuesday, July 30th. Finally, Barclays dropped their price objective on LPL Financial from $313.00 to $273.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price 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.