Hennessy Advisors Inc. cut its stake in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) by 3.2% during the third quarter, HoldingsChannel.com reports. The firm owned 57,000 shares of the financial services provider’s stock after selling 1,900 shares during the period. Hennessy Advisors Inc.’s holdings in LPL Financial were worth $3,677,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Integrated Investment Consultants LLC acquired a new position in shares of LPL Financial during the 2nd quarter worth $111,000. Private Capital Group LLC grew its stake in LPL Financial by 266.9% in the 1st quarter. Private Capital Group LLC now owns 2,176 shares of the financial services provider’s stock valued at $133,000 after acquiring an additional 1,583 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in LPL Financial in the 2nd quarter valued at about $205,000. Calamos Advisors LLC acquired a new stake in LPL Financial in the 2nd quarter valued at about $206,000. Finally, GAM Holding AG acquired a new stake in LPL Financial in the 2nd quarter valued at about $228,000. 94.57% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts recently commented on the stock. Zacks Investment Research cut shares of LPL Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 5th. Wolfe Research assumed coverage on shares of LPL Financial in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. BidaskClub cut shares of LPL Financial from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 8th. Wells Fargo & Co increased their price objective on shares of LPL Financial from $70.00 to $74.00 and gave the company a “market perform” rating in a research note on Friday, July 27th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $83.00 price objective on shares of LPL Financial in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. LPL Financial currently has a consensus rating of “Hold” and a consensus target price of $79.09.

Shares of NASDAQ LPLA opened at $59.01 on Friday. The stock has a market capitalization of $5.68 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 0.83 and a beta of 1.70. LPL Financial Holdings Inc has a 52 week low of $48.13 and a 52 week 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.

LPL Financial (NASDAQ:LPLA) last released its earnings results on Thursday, July 26th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.10. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.28 billion. LPL Financial had a net margin of 7.09% and a return on equity of 35.98%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. As a group, equities research analysts expect that LPL Financial Holdings Inc will post 5.19 earnings per share for the current year.

In other LPL Financial news, Director Michelle Oroschakoff sold 6,000 shares of the company’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $67.11, for a total value of $402,660.00. Following the transaction, the director now directly owns 19,811 shares in the company, valued at approximately $1,329,516.21. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 12,250 shares of company stock worth $820,160. 2.60% of the stock is owned by insiders.

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 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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Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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