Frontier Capital Management Co. LLC boosted its holdings in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 12.4% during the third quarter, HoldingsChannel.com reports. The firm owned 2,524,046 shares of the financial services provider’s stock after acquiring an additional 277,854 shares during the quarter. LPL Financial makes up about 1.0% of Frontier Capital Management Co. LLC’s investment portfolio, making the stock its 12th biggest position. Frontier Capital Management Co. LLC’s holdings in LPL Financial were worth $162,826,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Integrated Investment Consultants LLC purchased a new position in LPL Financial during the 2nd quarter valued at about $111,000. First Hawaiian Bank purchased a new position in LPL Financial during the 3rd quarter valued at about $188,000. Contravisory Investment Management Inc. purchased a new position in LPL Financial during the 2nd quarter valued at about $205,000. Calamos Advisors LLC purchased a new position in LPL Financial during the 2nd quarter valued at about $206,000. Finally, GAM Holding AG purchased a new position in LPL Financial during the 2nd quarter valued at about $228,000. Institutional investors own 94.50% of the company’s stock.
Shares of LPLA stock traded up $1.85 during midday trading on Tuesday, reaching $58.52. 190,476 shares of the stock were exchanged, compared to its average volume of 774,951. LPL Financial Holdings Inc has a 1 year low of $48.13 and a 1 year high of $73.28. The company has a debt-to-equity ratio of 2.36, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 0.73 and a beta of 1.70.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 26th. Shareholders of record on Thursday, November 8th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 7th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.71%. LPL Financial’s dividend payout ratio (DPR) is 33.33%.
In other LPL Financial news, Director Michelle Oroschakoff sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $67.11, for a total transaction of $402,660.00. Following the transaction, the director now owns 19,811 shares in the company, valued at approximately $1,329,516.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 12,250 shares of company stock worth $820,160 in the last quarter. Company insiders own 2.60% of the company’s stock.
A number of research analysts recently issued reports on LPLA shares. BidaskClub upgraded LPL Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday. Wells Fargo & Co boosted their price target on LPL Financial from $70.00 to $74.00 and gave the company a “market perform” rating in a report on Friday, July 27th. Zacks Investment Research downgraded LPL Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, October 5th. Citigroup set a $84.00 target price on LPL Financial and gave the stock a “buy” rating in a report on Tuesday. Finally, Credit Suisse Group reduced their target price on LPL Financial from $91.00 to $88.00 and set an “outperform” rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $78.18.
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 financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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