Concurrent Investment Advisors LLC Makes New Investment in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Concurrent Investment Advisors LLC bought a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,026 shares of the financial services provider’s stock, valued at approximately $287,000.

A number of other hedge funds have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. acquired a new position in shares of LPL Financial during the fourth quarter worth $80,000. Private Advisor Group LLC grew its position in shares of LPL Financial by 0.4% in the 4th quarter. Private Advisor Group LLC now owns 26,015 shares of the financial services provider’s stock valued at $5,922,000 after buying an additional 101 shares during the last quarter. Apollon Wealth Management LLC acquired a new stake in shares of LPL Financial in the fourth quarter valued at about $219,000. Charles Schwab Investment Management Inc. raised its position in shares of LPL Financial by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 293,471 shares of the financial services provider’s stock worth $66,800,000 after acquiring an additional 9,539 shares during the last quarter. Finally, EdgeRock Capital LLC acquired a new position in shares of LPL Financial in the fourth quarter worth approximately $25,000. 95.66% of the stock is owned by institutional investors and hedge funds.

LPL Financial Stock Down 0.2 %

Shares of NASDAQ:LPLA opened at $219.33 on Thursday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.16 and a current ratio of 2.16. 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 simple moving average is $231.57 and its two-hundred day simple moving average is $256.20. The firm has a market cap of $16.39 billion, a P/E ratio of 16.57, a PEG ratio of 1.29 and a beta of 0.90.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.66 by $0.22. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. LPL Financial had a return on equity of 52.14% and a net margin of 8.91%. LPL Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business earned $3.94 EPS. As a group, research analysts forecast that LPL Financial Holdings Inc. will post 15.85 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend was Friday, August 9th. LPL Financial’s payout ratio is presently 9.06%.

Insider Buying and Selling

In other LPL Financial news, CEO Dan H. Arnold sold 5,677 shares of LPL Financial stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $277.31, for a total transaction of $1,574,288.87. Following the completion of the transaction, the chief executive officer now owns 142,608 shares in the company, valued at approximately $39,546,624.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

LPLA has been the subject of a number of recent analyst reports. Jefferies Financial Group increased their target price on shares of LPL Financial from $322.00 to $334.00 and gave the company a “buy” rating in a research report on Monday, July 8th. TD Cowen lifted their target price on shares of LPL Financial from $243.00 to $255.00 and gave the stock a “hold” rating in a research note on Friday, July 26th. Bank of America raised shares of LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 price target on the stock in a research report on Tuesday, July 30th. StockNews.com lowered LPL Financial from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, UBS Group cut their target price on LPL Financial from $290.00 to $215.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $279.30.

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.