Allstate Corp Takes Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Allstate Corp purchased a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,204 shares of the financial services provider’s stock, valued at approximately $720,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Rockefeller Capital Management L.P. purchased a new position in shares of LPL Financial in the third quarter valued at approximately $2,633,000. Principal Financial Group Inc. lifted its holdings in LPL Financial by 15.7% in the 3rd quarter. Principal Financial Group Inc. now owns 25,418 shares of the financial services provider’s stock valued at $5,913,000 after purchasing an additional 3,444 shares in the last quarter. Truist Financial Corp boosted its stake in LPL Financial by 7.9% during the 4th quarter. Truist Financial Corp now owns 192,153 shares of the financial services provider’s stock worth $62,740,000 after purchasing an additional 14,106 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of LPL Financial by 4.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 31,209 shares of the financial services provider’s stock worth $10,190,000 after buying an additional 1,383 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of LPL Financial by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 335,749 shares of the financial services provider’s stock valued at $109,625,000 after buying an additional 13,936 shares during the last quarter. 95.66% of the stock is owned by hedge funds and other institutional investors.

LPL Financial Price Performance

Shares of LPLA opened at $327.14 on Tuesday. The firm has a 50-day simple moving average of $351.48 and a two-hundred day simple moving average of $313.38. The stock has a market cap of $24.40 billion, a PE ratio of 23.30, a P/E/G ratio of 0.94 and a beta of 0.82. LPL Financial Holdings Inc. has a 1-year low of $187.19 and a 1-year high of $384.04. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16.

LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, January 30th. The financial services provider reported $4.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.01 by $0.24. LPL Financial had a return on equity of 49.41% and a net margin of 8.55%. As a group, analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend was Tuesday, March 11th. LPL Financial’s payout ratio is 8.55%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Citigroup upped their price objective on shares of LPL Financial from $310.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Wells Fargo & Company upped their price target on LPL Financial from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley lifted their price objective on LPL Financial from $379.00 to $413.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. upped their target price on LPL Financial from $397.00 to $405.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Keefe, Bruyette & Woods lifted their price target on LPL Financial from $390.00 to $405.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, LPL Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.17.

Insider Activity at LPL Financial

In other LPL Financial news, CFO Matthew J. Audette sold 4,588 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $360.07, for a total transaction of $1,652,001.16. Following the sale, the chief financial officer now directly owns 16,538 shares in the company, valued at $5,954,837.66. This represents a 21.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Marc Eliot Cohen sold 1,100 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total transaction of $402,435.00. Following the completion of the transaction, the director now owns 4,075 shares of the company’s stock, valued at approximately $1,490,838.75. This trade represents a 21.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,465 shares of company stock worth $12,562,070 in the last three months. 1.30% of the stock is owned by company insiders.

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.