Cinctive Capital Management LP Sells 7,508 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Cinctive Capital Management LP trimmed its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 18.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 32,858 shares of the financial services provider’s stock after selling 7,508 shares during the quarter. Cinctive Capital Management LP’s holdings in LPL Financial were worth $7,644,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LPLA. Ashton Thomas Private Wealth LLC purchased a new stake in shares of LPL Financial in the 2nd quarter worth $25,000. Key Financial Inc bought a new stake in LPL Financial during the second quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new stake in LPL Financial during the third quarter valued at about $31,000. Paladin Wealth LLC purchased a new stake in LPL Financial in the third quarter worth about $34,000. Finally, Crewe Advisors LLC raised 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 worth $36,000 after buying an additional 101 shares during the period. 95.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LPLA. Citigroup increased their target price on shares of LPL Financial from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com raised shares of LPL Financial from a “sell” rating to a “hold” rating in a research note on Saturday, November 9th. Barclays lifted their target price on shares of LPL Financial from $273.00 to $311.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Morgan Stanley upped their target price on shares of LPL Financial from $303.00 to $309.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, The Goldman Sachs Group raised their price target on LPL Financial from $271.00 to $305.00 and gave the company a “buy” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $290.83.

LPL Financial Stock Down 0.2 %

LPL Financial stock opened at $325.15 on Monday. LPL Financial Holdings Inc. has a 1-year low of $187.19 and a 1-year high of $330.72. The business has a fifty day moving average price of $274.56 and a 200-day moving average price of $255.03. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16. The stock has a market capitalization of $24.35 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 1.59 and a beta of 0.85.

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

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.20 annualized dividend and a yield of 0.37%. LPL Financial’s payout ratio is presently 9.02%.

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.