Zurcher Kantonalbank Zurich Cantonalbank Acquires 1,104 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 4.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 27,214 shares of the financial services provider’s stock after purchasing an additional 1,104 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in LPL Financial were worth $6,331,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of LPLA. Ashton Thomas Private Wealth LLC bought a new position in shares of LPL Financial in the second quarter worth $25,000. Key Financial Inc purchased a new stake in LPL Financial during the 2nd quarter worth about $28,000. Crewe Advisors LLC boosted its stake in LPL Financial by 360.7% in the 2nd quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 101 shares during the period. Tortoise Investment Management LLC grew its holdings in LPL Financial by 74.7% during the 2nd quarter. Tortoise Investment Management LLC now owns 131 shares of the financial services provider’s stock valued at $37,000 after buying an additional 56 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in shares of LPL Financial during the third quarter valued at about $31,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on LPLA. Jefferies Financial Group cut their price objective on shares of LPL Financial from $309.00 to $282.00 and set a “buy” rating for the company in a research report on Friday, October 4th. JMP Securities reissued a “market outperform” rating and issued a $310.00 price target on shares of LPL Financial in a report on Wednesday, October 9th. StockNews.com raised shares of LPL Financial from a “sell” rating to a “hold” rating in a report on Saturday, November 9th. Morgan Stanley lifted their price objective on LPL Financial from $303.00 to $309.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, TD Cowen upped their target price on LPL Financial from $271.00 to $277.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, LPL Financial has an average rating of “Moderate Buy” and an average price target of $290.83.

LPL Financial Price Performance

Shares of LPL Financial stock opened at $325.15 on Monday. The firm has a market capitalization of $24.35 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 1.59 and a beta of 0.85. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $330.72. The business’s 50-day moving average price is $274.56 and its 200-day moving average price is $255.03.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 EPS for the quarter, beating analysts’ consensus estimates of $3.69 by $0.47. The business had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.04 billion. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the business earned $3.74 earnings per share. Sell-side analysts forecast that LPL Financial Holdings Inc. will post 16.1 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Thursday, November 14th. LPL Financial’s dividend payout ratio is presently 9.02%.

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.