LPL Financial (NASDAQ:LPLA) Posts Earnings Results, Beats Estimates By $0.36 EPS

by · The Markets Daily

LPL Financial (NASDAQ:LPLA – Get Free Report) released its quarterly earnings data on Thursday. The financial services provider reported $5.23 EPS for the quarter, topping analysts’ consensus estimates of $4.87 by $0.36, FiscalAI reports. LPL Financial had a net margin of 5.35% and a return on equity of 36.80%.

LPL Financial Price Performance

NASDAQ:LPLA traded down $4.19 during mid-day trading on Thursday, reaching $362.71. 1,052,927 shares of the company were exchanged, compared to its average volume of 591,148. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.49. The stock has a market cap of $29.03 billion, a PE ratio of 33.40, a PEG ratio of 0.79 and a beta of 0.57. LPL Financial has a 12 month low of $262.83 and a 12 month high of $403.58. The company has a fifty day moving average of $365.43 and a 200 day moving average of $358.37.

Wall Street Analysts Forecast Growth

LPLA has been the subject of a number of analyst reports. BMO Capital Markets assumed coverage on shares of LPL Financial in a research note on Friday, October 3rd. They set an “outperform” rating and a $365.00 price target for the company. JMP Securities set a $475.00 target price on LPL Financial in a research report on Friday, October 31st. JPMorgan Chase & Co. decreased their price target on LPL Financial from $440.00 to $433.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. UBS Group reiterated a “neutral” rating and set a $406.00 price objective on shares of LPL Financial in a research note on Thursday, December 11th. Finally, TD Cowen cut their price objective on LPL Financial from $410.00 to $399.00 and set a “hold” rating for the company in a report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $429.07.

Get Our Latest Report on LPL Financial

Insiders Place Their Bets

In other news, CEO Richard Steinmeier sold 5,058 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $370.99, for a total transaction of $1,876,467.42. Following the transaction, the chief executive officer directly owned 9,326 shares in the company, valued at approximately $3,459,852.74. This represents a 35.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg Gates sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $376.43, for a total transaction of $564,645.00. Following the completion of the sale, the director directly owned 15,370 shares of the company’s stock, valued at approximately $5,785,729.10. This represents a 8.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 7,388 shares of company stock valued at $2,747,538. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On LPL Financial

A number of institutional investors and hedge funds have recently made changes to their positions in LPLA. State Street Corp boosted its holdings in LPL Financial by 5.9% in the third quarter. State Street Corp now owns 1,828,455 shares of the financial services provider’s stock valued at $608,309,000 after acquiring an additional 101,289 shares during the last quarter. Samlyn Capital LLC lifted its position in LPL Financial by 10.8% during the 3rd quarter. Samlyn Capital LLC now owns 1,346,494 shares of the financial services provider’s stock valued at $447,965,000 after purchasing an additional 131,214 shares during the period. SurgoCap Partners LP lifted its position in LPL Financial by 12.8% during the 3rd quarter. SurgoCap Partners LP now owns 994,278 shares of the financial services provider’s stock valued at $330,786,000 after purchasing an additional 112,873 shares during the period. Bank of America Corp DE boosted its stake in shares of LPL Financial by 4.2% in the 2nd quarter. Bank of America Corp DE now owns 962,076 shares of the financial services provider’s stock valued at $360,750,000 after purchasing an additional 38,386 shares during the last quarter. Finally, Raymond James Financial Inc. grew its position in shares of LPL Financial by 1.2% during the 2nd quarter. Raymond James Financial Inc. now owns 870,620 shares of the financial services provider’s stock worth $326,456,000 after buying an additional 10,606 shares during the period. Institutional investors own 95.66% of the company’s stock.

About LPL Financial

(Get Free Report)

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.

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