Wells Fargo & Company Cuts LPL Financial (NASDAQ:LPLA) Price Target to $342.00

LPL Financial (NASDAQ:LPLA) had its target price decreased by Wells Fargo & Company from $405.00 to $342.00 in a research report released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the company. TD Cowen raised LPL Financial from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $277.00 to $413.00 in a report on Thursday, December 19th. StockNews.com downgraded shares of LPL Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, March 26th. JPMorgan Chase & Co. raised their price objective on shares of LPL Financial from $397.00 to $405.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Citigroup cut their price target on LPL Financial from $415.00 to $400.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Morgan Stanley lifted their price objective on LPL Financial from $379.00 to $413.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $369.83.

LPL Financial Price Performance

LPLA opened at $286.89 on Tuesday. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16. The stock has a market capitalization of $21.40 billion, a P/E ratio of 20.43, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The company’s 50 day simple moving average is $344.11 and its 200-day simple moving average is $317.19. LPL Financial has a one year low of $187.19 and a one year high of $384.04.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, January 30th. The financial services provider reported $4.25 EPS for the quarter, beating analysts’ consensus estimates of $4.01 by $0.24. LPL Financial had a return on equity of 49.41% and a net margin of 8.55%. Sell-side analysts anticipate that LPL Financial will post 19.35 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

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

Insider Activity at LPL Financial

In related news, Director Marc Eliot Cohen sold 1,100 shares of LPL Financial stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total value of $402,435.00. Following the sale, the director now owns 4,075 shares of the company’s stock, valued at approximately $1,490,838.75. The trade was a 21.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew J. Audette sold 28,777 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $365.14, for a total value of $10,507,633.78. Following the transaction, the chief financial officer now directly owns 13,663 shares of the company’s stock, valued at $4,988,907.82. This trade represents a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,465 shares of company stock valued at $12,562,070. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On LPL Financial

Large investors have recently made changes to their positions in the stock. Anchor Investment Management LLC raised its position in LPL Financial by 0.3% during the fourth quarter. Anchor Investment Management LLC now owns 9,697 shares of the financial services provider’s stock worth $3,166,000 after acquiring an additional 28 shares in the last quarter. Colonial Trust Co SC raised its holdings in shares of LPL Financial by 6.1% in the 4th quarter. Colonial Trust Co SC now owns 505 shares of the financial services provider’s stock valued at $165,000 after purchasing an additional 29 shares during the period. Wealth Alliance lifted its stake in LPL Financial by 2.1% in the 4th quarter. Wealth Alliance now owns 1,483 shares of the financial services provider’s stock valued at $484,000 after purchasing an additional 30 shares during the last quarter. United Capital Financial Advisors LLC grew its holdings in LPL Financial by 2.6% during the fourth quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 31 shares during the period. Finally, Sanchez Wealth Management Group increased its position in LPL Financial by 2.1% during the fourth quarter. Sanchez Wealth Management Group now owns 1,686 shares of the financial services provider’s stock worth $551,000 after buying an additional 35 shares during the last quarter. Institutional investors and hedge funds 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.