Pzena Investment Management LLC Reduces Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Pzena Investment Management LLC lessened its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 24.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 900 shares of the financial services provider’s stock after selling 287 shares during the period. Pzena Investment Management LLC’s holdings in LPL Financial were worth $294,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in LPL Financial during the 3rd quarter valued at about $31,000. Brooklyn Investment Group purchased a new position in shares of LPL Financial during the third quarter valued at approximately $43,000. Jones Financial Companies Lllp raised its holdings in shares of LPL Financial by 45.3% during the fourth quarter. Jones Financial Companies Lllp now owns 138 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 43 shares in the last quarter. Compass Financial Services Inc purchased a new stake in LPL Financial in the fourth quarter worth $65,000. Finally, R Squared Ltd bought a new stake in LPL Financial in the fourth quarter valued at $78,000. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Marc Eliot Cohen sold 1,100 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $365.85, for a total transaction of $402,435.00. Following the completion of the sale, the director now directly owns 4,075 shares in the company, valued at approximately $1,490,838.75. The trade was a 21.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew J. Audette sold 4,588 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $360.07, for a total value of $1,652,001.16. Following the completion of the transaction, the chief financial officer now owns 16,538 shares in the company, valued at approximately $5,954,837.66. This trade represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,465 shares of company stock worth $12,562,070 over the last quarter. 1.00% of the stock is currently owned by insiders.

LPL Financial Stock Performance

Shares of LPL Financial stock opened at $313.23 on Wednesday. The stock has a market cap of $23.39 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 0.94 and a beta of 0.82. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16. LPL Financial Holdings Inc. has a 1 year low of $187.19 and a 1 year high of $384.04. The firm’s 50-day moving average is $353.37 and its 200 day moving average is $301.68.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, January 30th. The financial services provider reported $4.25 EPS for the quarter, beating analysts’ consensus estimates of $4.01 by $0.24. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. Sell-side analysts anticipate that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend is Tuesday, March 11th. LPL Financial’s dividend payout ratio is currently 8.55%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JMP Securities restated a “market outperform” rating and issued a $435.00 price objective on shares of LPL Financial in a report on Friday, January 31st. Citigroup increased their price target on shares of LPL Financial from $310.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Barclays lifted their price objective on LPL Financial from $389.00 to $414.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company increased their target price on LPL Financial from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, TD Cowen upgraded LPL Financial from a “hold” rating to a “buy” rating and lifted their price target for the company from $277.00 to $413.00 in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $379.17.

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.