Janney Montgomery Scott LLC Sells 517 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Janney Montgomery Scott LLC lessened its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 1.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,239 shares of the financial services provider’s stock after selling 517 shares during the period. Janney Montgomery Scott LLC’s holdings in LPL Financial were worth $8,430,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new stake in shares of LPL Financial in the second quarter worth about $25,000. Key Financial Inc purchased a new stake in LPL Financial in the 2nd quarter worth approximately $28,000. Paladin Wealth LLC bought a new stake in shares of LPL Financial in the 3rd quarter worth approximately $34,000. Crewe Advisors LLC increased its stake in shares of LPL Financial by 360.7% during the second quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider’s stock valued at $36,000 after buying an additional 101 shares during the period. Finally, Tortoise Investment Management LLC raised its holdings in shares of LPL Financial by 74.7% during the second quarter. Tortoise Investment Management LLC now owns 131 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

LPL Financial Price Performance

LPLA opened at $304.90 on Friday. The firm has a market cap of $22.79 billion, a PE ratio of 22.92, a P/E/G ratio of 1.34 and a beta of 0.85. The stock has a 50-day moving average price of $240.71 and a 200-day moving average price of $249.45. LPL Financial Holdings Inc. has a 1 year low of $187.19 and a 1 year high of $309.00. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.16 and a quick ratio of 2.16.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.69 by $0.47. The firm had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.04 billion. LPL Financial had a net margin of 8.73% and a return on equity of 52.08%. The business’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.74 earnings per share. Sell-side analysts predict that LPL Financial Holdings Inc. will post 16.03 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently announced 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 0.39%. LPL Financial’s dividend payout ratio is 9.02%.

Analyst Upgrades and Downgrades

LPLA has been the topic of several recent analyst reports. TD Cowen lifted their price target on shares of LPL Financial from $271.00 to $277.00 and gave the company a “hold” rating in a report on Thursday, October 31st. Wells Fargo & Company raised shares of LPL Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $235.00 to $285.00 in a research note on Wednesday, October 9th. JMP Securities reissued a “market outperform” rating and issued a $310.00 price target on shares of LPL Financial in a research note on Wednesday, October 9th. Barclays lifted their price objective on LPL Financial from $273.00 to $311.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their target price on LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, LPL Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $286.92.

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.