LPL Financial (NASDAQ:LPLA) Hits New 52-Week High on Better-Than-Expected Earnings

LPL Financial Holdings Inc. (NASDAQ:LPLAGet Free Report)’s share price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $291.64 and last traded at $279.98, with a volume of 92740 shares changing hands. The stock had previously closed at $264.02.

The financial services provider reported $4.16 earnings per share for the quarter, topping the consensus estimate of $3.69 by $0.47. LPL Financial had a net margin of 8.91% and a return on equity of 52.14%. The firm had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the firm earned $3.74 earnings per share. The company’s quarterly revenue was up 6.0% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. UBS Group lifted their price objective on LPL Financial from $215.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, October 8th. Bank of America upgraded shares of LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 target price on the stock in a research report on Tuesday, July 30th. JPMorgan Chase & Co. upped their price objective on LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. TD Cowen lifted their target price on LPL Financial from $243.00 to $255.00 and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods dropped their target price on LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $277.77.

Check Out Our Latest Stock Report on LPLA

Hedge Funds Weigh In On LPL Financial

Several institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in LPL Financial by 3.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,675 shares of the financial services provider’s stock valued at $2,292,000 after purchasing an additional 313 shares in the last quarter. Norden Group LLC bought a new stake in shares of LPL Financial in the 1st quarter valued at $889,000. Commonwealth Equity Services LLC raised its stake in LPL Financial by 33.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 5,473 shares of the financial services provider’s stock worth $1,446,000 after buying an additional 1,380 shares during the period. Van ECK Associates Corp lifted its holdings in LPL Financial by 14.4% during the first quarter. Van ECK Associates Corp now owns 23,589 shares of the financial services provider’s stock worth $6,233,000 after acquiring an additional 2,969 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in LPL Financial in the first quarter valued at about $208,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Stock Up 7.1 %

The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $21.14 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.38 and a beta of 0.88. The firm has a fifty day simple moving average of $232.16 and a 200-day simple moving average of $248.13.

LPL Financial Company Profile

(Get Free Report)

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.

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