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

LPL Financial (NASDAQ:LPLA) had its price target cut by equities research analysts at Citigroup from $325.00 to $285.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price objective indicates a potential upside of 23.45% from the stock’s current price.

A number of other brokerages have also recently issued reports on LPLA. Wells Fargo & Company assumed coverage on shares of LPL Financial in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $235.00 target price for the company. JMP Securities raised their price objective on LPL Financial from $305.00 to $310.00 and gave the company a “market outperform” rating in a report on Friday, July 26th. Barclays cut their target price on LPL Financial from $313.00 to $273.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. JPMorgan Chase & Co. upped their price objective on shares of LPL Financial from $261.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Finally, Jefferies Financial Group raised their target price on LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $275.69.

LPL Financial Stock Up 0.7 %

NASDAQ:LPLA opened at $230.86 on Friday. The firm has a market capitalization of $17.25 billion, a price-to-earnings ratio of 17.44, a price-to-earnings-growth ratio of 1.27 and a beta of 0.88. LPL Financial has a twelve month low of $187.19 and a twelve month high of $289.88. The stock’s 50 day moving average price is $215.72 and its two-hundred day moving average price is $250.43. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.77.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share 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 for the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter in the previous year, the business earned $3.94 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts expect that LPL Financial will post 15.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LPL Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of LPL Financial by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 7,141,049 shares of the financial services provider’s stock valued at $1,625,446,000 after purchasing an additional 48,439 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of LPL Financial by 9.9% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,589,793 shares of the financial services provider’s stock worth $723,329,000 after acquiring an additional 233,242 shares during the last quarter. Boston Partners boosted its stake in shares of LPL Financial by 71.9% in the 1st quarter. Boston Partners now owns 1,765,230 shares of the financial services provider’s stock valued at $466,434,000 after purchasing an additional 738,509 shares in the last quarter. Samlyn Capital LLC raised its position in LPL Financial by 8.0% in the 2nd quarter. Samlyn Capital LLC now owns 1,194,715 shares of the financial services provider’s stock worth $333,684,000 after purchasing an additional 88,635 shares during the period. Finally, TD Asset Management Inc lifted its stake in LPL Financial by 33.2% in the first quarter. TD Asset Management Inc now owns 1,103,655 shares of the financial services provider’s stock worth $291,586,000 after purchasing an additional 275,286 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors.

About LPL Financial

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.