Citigroup Cuts LPL Financial (NASDAQ:LPLA) Price Target to $285.00

LPL Financial (NASDAQ:LPLA) had its target price reduced by Citigroup from $325.00 to $285.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

LPLA has been the topic of several other research reports. TD Cowen raised their price target 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 for the company in a research note on Tuesday, July 30th. The Goldman Sachs Group dropped their price objective on LPL Financial from $289.00 to $271.00 and set a buy rating on the stock in a research note on Thursday, September 26th. Barclays decreased their target price on LPL Financial from $313.00 to $273.00 and set an overweight rating for the company in a research report on Friday, July 26th. Finally, Wells Fargo & Company began coverage on LPL Financial in a research report on Thursday, September 12th. They set an equal weight rating and a $235.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, LPL Financial currently has an average rating of Hold and a consensus target price of $275.69.

LPL Financial Stock Up 0.8 %

Shares of NASDAQ LPLA opened at $232.63 on Friday. LPL Financial has a 1 year low of $187.19 and a 1 year high of $289.88. The firm has a 50-day simple moving average of $216.09 and a two-hundred day simple moving average of $250.12. The company has a market cap of $17.38 billion, a P/E ratio of 17.57, a PEG ratio of 1.27 and a beta of 0.88. 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 quarterly 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. LPL Financial had a return on equity of 52.14% and a net margin of 8.91%. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same period last year, the company earned $3.94 EPS. LPL Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. Research analysts anticipate that LPL Financial will post 15.88 earnings per share for the current year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Friday, August 9th. LPL Financial’s payout ratio is currently 9.06%.

Institutional Investors Weigh In On LPL Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assetmark Inc. boosted its position in shares of LPL Financial by 39.4% in the 4th quarter. Assetmark Inc. now owns 492 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 139 shares in the last quarter. Orion Portfolio Solutions LLC boosted its holdings in LPL Financial by 16.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 4,919 shares of the financial services provider’s stock worth $1,168,000 after acquiring an additional 701 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of LPL Financial by 20.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 922 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 155 shares during the last quarter. TFO Wealth Partners LLC increased its holdings in shares of LPL Financial by 37,280.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,869 shares of the financial services provider’s stock valued at $425,000 after acquiring an additional 1,864 shares in the last quarter. Finally, Capstone Investment Advisors LLC raised its position in shares of LPL Financial by 11.2% in the 4th quarter. Capstone Investment Advisors LLC now owns 1,109 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

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.