CIBC Asset Management Inc Sells 6,058 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

CIBC Asset Management Inc decreased its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 68.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,749 shares of the financial services provider’s stock after selling 6,058 shares during the quarter. CIBC Asset Management Inc’s holdings in LPL Financial were worth $640,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of LPLA. OneDigital Investment Advisors LLC boosted its stake in shares of LPL Financial by 27.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 5,081 shares of the financial services provider’s stock valued at $1,182,000 after purchasing an additional 1,107 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in LPL Financial by 2.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,218 shares of the financial services provider’s stock valued at $516,000 after buying an additional 49 shares in the last quarter. Metis Global Partners LLC grew its stake in LPL Financial by 5.1% during the third quarter. Metis Global Partners LLC now owns 945 shares of the financial services provider’s stock worth $220,000 after buying an additional 46 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of LPL Financial by 419.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 15,239 shares of the financial services provider’s stock worth $3,545,000 after buying an additional 12,304 shares in the last quarter. Finally, Future Fund LLC raised its stake in shares of LPL Financial by 20.9% in the third quarter. Future Fund LLC now owns 5,190 shares of the financial services provider’s stock valued at $1,207,000 after acquiring an additional 898 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors.

LPL Financial Stock Up 0.8 %

Shares of LPL Financial stock opened at $317.05 on Thursday. LPL Financial Holdings Inc. has a 1 year low of $187.19 and a 1 year high of $322.03. 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 company has a market capitalization of $23.74 billion, a P/E ratio of 23.84, a price-to-earnings-growth ratio of 1.54 and a beta of 0.85. The business has a 50-day moving average of $258.57 and a two-hundred day moving average of $252.31.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share for the quarter, beating analysts’ consensus estimates of $3.69 by $0.47. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the previous year, the firm posted $3.74 earnings per share. The business’s revenue was up 6.0% on a year-over-year basis. As a group, equities analysts predict that LPL Financial Holdings Inc. will post 16.08 EPS for the current 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 $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 Thursday, November 14th. LPL Financial’s dividend payout ratio is 9.02%.

Wall Street Analyst Weigh In

LPLA has been the topic of a number of research analyst reports. Jefferies Financial Group decreased their price target on LPL Financial from $309.00 to $282.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Morgan Stanley raised their price objective on shares of LPL Financial from $303.00 to $309.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays increased their price target 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. Keefe, Bruyette & Woods decreased their price objective on LPL Financial from $326.00 to $315.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Finally, Wells Fargo & Company raised LPL Financial from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $235.00 to $285.00 in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $286.92.

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.