18,466 Shares in LPL Financial Holdings Inc. $LPLA Bought by SummitTX Capital L.P.

by · The Markets Daily

SummitTX Capital L.P. purchased a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) in the first quarter, Holdings Channel.com reports. The firm purchased 18,466 shares of the financial services provider’s stock, valued at approximately $5,555,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Goldstein Advisors LLC lifted its position in shares of LPL Financial by 4.8% in the fourth quarter. Goldstein Advisors LLC now owns 634 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 29 shares in the last quarter. Frank Rimerman Advisors LLC boosted its stake in shares of LPL Financial by 4.1% in the fourth quarter. Frank Rimerman Advisors LLC now owns 785 shares of the financial services provider’s stock worth $280,000 after acquiring an additional 31 shares during the period. Coastal Bridge Advisors LLC grew its position in shares of LPL Financial by 0.6% during the fourth quarter. Coastal Bridge Advisors LLC now owns 5,475 shares of the financial services provider’s stock worth $1,956,000 after purchasing an additional 31 shares in the last quarter. Natural Investments LLC grew its position in shares of LPL Financial by 4.8% during the fourth quarter. Natural Investments LLC now owns 727 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 33 shares in the last quarter. Finally, Root Financial Partners LLC raised its stake in LPL Financial by 1.4% during the 4th quarter. Root Financial Partners LLC now owns 2,318 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 33 shares during the period. 95.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on LPLA. Barclays lowered their price target on LPL Financial from $412.00 to $394.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. William Blair reaffirmed an “outperform” rating on shares of LPL Financial in a report on Thursday, June 4th. UBS Group reduced their price objective on shares of LPL Financial from $395.00 to $391.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods initiated coverage on shares of LPL Financial in a report on Wednesday, April 8th. They issued an “outperform” rating and a $350.00 target price on the stock. Finally, Jefferies Financial Group dropped their target price on shares of LPL Financial from $464.00 to $383.00 and set a “buy” rating for the company in a research report on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, LPL Financial currently has an average rating of “Moderate Buy” and a consensus target price of $397.92.

View Our Latest Stock Analysis on LPLA

LPL Financial Price Performance

NASDAQ:LPLA opened at $331.72 on Tuesday. The business’s 50-day moving average is $297.19 and its 200 day moving average is $316.45. LPL Financial Holdings Inc. has a 12 month low of $260.15 and a 12 month high of $403.58. The company has a market capitalization of $26.53 billion, a P/E ratio of 29.62, a P/E/G ratio of 0.64 and a beta of 0.50. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 1.26.

LPL Financial (NASDAQ:LPLA – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $5.60 earnings per share for the quarter, beating the consensus estimate of $5.49 by $0.11. LPL Financial had a return on equity of 31.26% and a net margin of 4.93%.The business had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $4.98 billion. During the same quarter last year, the business posted $5.15 EPS. The firm’s revenue for the quarter was up 34.6% compared to the same quarter last year. On average, equities research analysts forecast that LPL Financial Holdings Inc. will post 23.38 earnings per share for the current fiscal year.

Insider Activity at LPL Financial

In other news, Director Aneri Jambusaria sold 308 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total transaction of $94,248.00. Following the completion of the transaction, the director directly owned 6,415 shares in the company, valued at approximately $1,962,990. This represents a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.60% of the company’s stock.

About LPL Financial

(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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