Point72 Asset Management L.P. Invests $40 Million in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Point72 Asset Management L.P. acquired a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 143,229 shares of the financial services provider’s stock, valued at approximately $40,004,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of LPL Financial by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 7,141,049 shares of the financial services provider’s stock valued at $1,625,446,000 after purchasing an additional 48,439 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in LPL Financial by 9.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,589,793 shares of the financial services provider’s stock worth $723,329,000 after purchasing an additional 233,242 shares in the last quarter. Boston Partners lifted its stake in LPL Financial by 71.9% in the 1st quarter. Boston Partners now owns 1,765,230 shares of the financial services provider’s stock valued at $466,434,000 after purchasing an additional 738,509 shares during the last quarter. Samlyn Capital LLC boosted its position in LPL Financial by 8.0% in the second quarter. Samlyn Capital LLC now owns 1,194,715 shares of the financial services provider’s stock valued at $333,684,000 after buying an additional 88,635 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in shares of LPL Financial by 33.2% during the first quarter. TD Asset Management Inc now owns 1,103,655 shares of the financial services provider’s stock worth $291,586,000 after buying an additional 275,286 shares during the last quarter. Institutional investors own 95.66% of the company’s stock.

LPL Financial Stock Up 3.8 %

Shares of NASDAQ LPLA opened at $230.35 on Thursday. LPL Financial Holdings Inc. has a 52-week low of $187.19 and a 52-week high of $289.88. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.16 and a current ratio of 2.16. The company’s 50 day moving average price is $215.12 and its 200-day moving average price is $250.91. The company has a market capitalization of $17.21 billion, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 1.27 and a beta of 0.88.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 EPS for the quarter, beating analysts’ consensus estimates of $3.66 by $0.22. LPL Financial had a net margin of 8.91% and a return on equity of 52.14%. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter in the prior year, the firm posted $3.94 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that LPL Financial Holdings Inc. will post 15.88 earnings per share for the current year.

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, August 9th. This represents a $1.20 annualized dividend and a yield of 0.52%. LPL Financial’s dividend payout ratio is currently 9.06%.

Wall Street Analyst Weigh In

LPLA has been the subject of a number of research reports. Keefe, Bruyette & Woods dropped their price target on LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Wells Fargo & Company initiated coverage on LPL Financial in a research note on Thursday, September 12th. They set an “equal weight” rating and a $235.00 price target on the stock. StockNews.com raised LPL Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, September 11th. TD Cowen raised their price objective on shares of LPL Financial from $243.00 to $255.00 and gave the company a “hold” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their target price on shares of LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, LPL Financial has an average rating of “Hold” and an average target price of $275.27.

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.