Citigroup Cuts LPL Financial (NASDAQ:LPLA) Price Target to $400.00

LPL Financial (NASDAQ:LPLA) had its price target decreased by Citigroup from $415.00 to $400.00 in a research note issued to investors on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts also recently issued reports on the company. Morgan Stanley increased their price target on LPL Financial from $379.00 to $413.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. StockNews.com cut LPL Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, March 26th. Barclays upped their price objective on shares of LPL Financial from $389.00 to $414.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company raised their target price on shares of LPL Financial from $390.00 to $405.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, UBS Group upped their price target on shares of LPL Financial from $390.00 to $420.00 and gave the stock a “buy” rating in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $380.42.

LPL Financial Price Performance

Shares of NASDAQ LPLA opened at $283.31 on Wednesday. The firm has a market cap of $21.13 billion, a P/E ratio of 20.18, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. The business’s 50 day moving average is $348.34 and its 200-day moving average is $314.97. 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 has a 1-year low of $187.19 and a 1-year high of $384.04.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, January 30th. The financial services provider reported $4.25 EPS for the quarter, beating the consensus estimate of $4.01 by $0.24. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. Equities research analysts predict that LPL Financial will post 19.35 earnings per share for the current year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Tuesday, March 11th. LPL Financial’s dividend payout ratio (DPR) is currently 8.55%.

Insiders Place Their Bets

In other LPL Financial news, Director Marc Eliot Cohen sold 1,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $365.85, for a total transaction of $402,435.00. Following the completion of the transaction, the director now owns 4,075 shares in the company, valued at approximately $1,490,838.75. This trade represents a 21.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew J. Audette sold 4,588 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $360.07, for a total transaction of $1,652,001.16. Following the completion of the sale, the chief financial officer now directly owns 16,538 shares in the company, valued at approximately $5,954,837.66. This represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,465 shares of company stock valued at $12,562,070 in the last ninety days. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On LPL Financial

Hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc boosted its position in LPL Financial by 1,192.9% during the first quarter. Versant Capital Management Inc now owns 181 shares of the financial services provider’s stock valued at $59,000 after acquiring an additional 167 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of LPL Financial by 325.0% during the 1st quarter. Central Pacific Bank Trust Division now owns 2,397 shares of the financial services provider’s stock valued at $784,000 after purchasing an additional 1,833 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in LPL Financial by 63.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 39 shares in the last quarter. California State Teachers Retirement System lifted its stake in LPL Financial by 3.1% in the fourth quarter. California State Teachers Retirement System now owns 113,287 shares of the financial services provider’s stock valued at $36,989,000 after buying an additional 3,425 shares during the period. Finally, 111 Capital acquired a new position in LPL Financial in the fourth quarter valued at approximately $358,000. Institutional investors own 95.66% of the company’s stock.

LPL Financial Company 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.