LPL Financial (NASDAQ:LPLA) Sets New 1-Year High Following Better-Than-Expected Earnings

LPL Financial Holdings Inc. (NASDAQ:LPLA)’s stock price hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $291.64 and last traded at $279.98, with a volume of 92740 shares changing hands. The stock had previously closed at $264.02.

The financial services provider reported $4.16 earnings per share for the quarter, topping the consensus estimate of $3.69 by $0.47. The firm had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $3.04 billion. LPL Financial had a net margin of 8.91% and a return on equity of 52.14%. LPL Financial’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.74 EPS.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. UBS Group boosted their price target on shares of LPL Financial from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods reduced their price target 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. StockNews.com upgraded LPL Financial from a “sell” rating to a “hold” rating in a report on Thursday. Barclays raised their target price on LPL Financial from $273.00 to $311.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, TD Cowen upped their price target on LPL Financial from $271.00 to $277.00 and gave the company a “hold” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $284.31.

Institutional Investors Weigh In On LPL Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its stake in shares of LPL Financial by 3.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,675 shares of the financial services provider’s stock valued at $2,292,000 after purchasing an additional 313 shares during the period. Norden Group LLC acquired a new position in LPL Financial during the 1st quarter worth approximately $889,000. Commonwealth Equity Services LLC grew its stake in shares of LPL Financial by 33.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 5,473 shares of the financial services provider’s stock worth $1,446,000 after acquiring an additional 1,380 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of LPL Financial by 14.4% in the first quarter. Van ECK Associates Corp now owns 23,589 shares of the financial services provider’s stock valued at $6,233,000 after purchasing an additional 2,969 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of LPL Financial in the first quarter worth $208,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Price Performance

The firm has a market cap of $21.10 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 1.38 and a beta of 0.88. The company’s fifty day moving average is $232.98 and its 200 day moving average is $248.24. 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 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.