Zacks Investment Research Downgrades LPL Financial Holdings Inc. (LPLA) to Hold
LPL Financial Holdings Inc. (NASDAQ:LPLA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “LPL Financial Holdings Inc. is engaged in providing 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, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “
Several other research firms also recently weighed in on LPLA. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 target price on shares of LPL Financial Holdings in a research report on Tuesday, July 4th. Morgan Stanley reiterated an “underweight” rating and set a $38.00 target price (up from $35.00) on shares of LPL Financial Holdings in a research report on Monday, July 10th. BidaskClub downgraded LPL Financial Holdings from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Nomura increased their target price on LPL Financial Holdings from $53.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. Finally, ValuEngine downgraded LPL Financial Holdings from a “buy” rating to a “hold” rating in a research report on Friday, October 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $52.50.
LPL Financial Holdings (NASDAQ LPLA) opened at 49.61 on Wednesday. LPL Financial Holdings has a 12-month low of $30.77 and a 12-month high of $53.92. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of 21.55 and a beta of 1.87. The stock’s 50 day moving average price is $51.05 and its 200 day moving average price is $45.01.
LPL Financial Holdings (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. LPL Financial Holdings had a return on equity of 26.63% and a net margin of 5.19%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the business earned $0.58 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. Analysts forecast that LPL Financial Holdings will post $2.29 EPS for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in LPLA. Janus Henderson Group PLC purchased a new position in shares of LPL Financial Holdings in the 2nd quarter worth about $399,202,000. BlackRock Inc. raised its holdings in shares of LPL Financial Holdings by 11,835.9% in the 1st quarter. BlackRock Inc. now owns 3,512,602 shares of the financial services provider’s stock worth $139,907,000 after purchasing an additional 3,483,173 shares during the period. Vanguard Group Inc. raised its holdings in shares of LPL Financial Holdings by 16.7% in the 1st quarter. Vanguard Group Inc. now owns 7,952,138 shares of the financial services provider’s stock worth $316,734,000 after purchasing an additional 1,136,785 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of LPL Financial Holdings in the 3rd quarter worth about $31,835,000. Finally, Samlyn Capital LLC raised its holdings in shares of LPL Financial Holdings by 55.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,480,439 shares of the financial services provider’s stock worth $62,860,000 after purchasing an additional 528,780 shares during the period. Institutional investors own 90.66% of the company’s stock.
About LPL Financial Holdings
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.
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