Axxcess Wealth Management LLC Purchases 761 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Axxcess Wealth Management LLC lifted its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 52.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,217 shares of the financial services provider’s stock after purchasing an additional 761 shares during the quarter. Axxcess Wealth Management LLC’s holdings in LPL Financial were worth $586,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC increased its stake in shares of LPL Financial by 38.8% during the 1st quarter. Intech Investment Management LLC now owns 41,850 shares of the financial services provider’s stock worth $11,057,000 after purchasing an additional 11,703 shares during the last quarter. Mawer Investment Management Ltd. acquired a new position in LPL Financial during the 4th quarter worth approximately $3,375,000. Sei Investments Co. increased its position in LPL Financial by 23.4% in the 1st quarter. Sei Investments Co. now owns 113,254 shares of the financial services provider’s stock valued at $29,923,000 after acquiring an additional 21,481 shares during the period. Asset Management One Co. Ltd. increased its position in LPL Financial by 15.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 34,863 shares of the financial services provider’s stock valued at $7,965,000 after acquiring an additional 4,686 shares during the period. Finally, National Bank of Canada FI raised its stake in LPL Financial by 421.7% during the first quarter. National Bank of Canada FI now owns 119,772 shares of the financial services provider’s stock worth $32,175,000 after buying an additional 96,816 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at LPL Financial

In other LPL Financial news, CEO Dan H. Arnold sold 5,677 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $277.31, for a total value of $1,574,288.87. Following the completion of the transaction, the chief executive officer now directly owns 142,608 shares in the company, valued at approximately $39,546,624.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

LPL Financial Price Performance

NASDAQ:LPLA traded down $17.96 during mid-day trading on Friday, hitting $221.24. 2,638,501 shares of the stock traded hands, compared to its average volume of 1,440,948. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 1.70. LPL Financial Holdings Inc. has a 12-month low of $200.18 and a 12-month high of $289.88. The company has a market cap of $16.53 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 0.95 and a beta of 0.90. The business’s 50-day moving average price is $268.42 and its 200 day moving average price is $261.65.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 EPS for the quarter, topping analysts’ consensus estimates of $3.66 by $0.22. LPL Financial had a net margin of 8.91% and a return on equity of 54.38%. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter in the previous year, the company earned $3.94 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, analysts expect that LPL Financial Holdings Inc. will post 15.76 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, August 9th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.54%. LPL Financial’s dividend payout ratio (DPR) is 9.06%.

Wall Street Analyst Weigh In

A number of research firms have commented on LPLA. Jefferies Financial Group raised their price target on shares of LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Barclays dropped their price target on shares of LPL Financial from $313.00 to $273.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley raised shares of LPL Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $254.00 to $315.00 in a research report on Tuesday, April 9th. JMP Securities lifted their price objective on shares of LPL Financial from $305.00 to $310.00 and gave the stock a “market outperform” rating in a research report on Friday. Finally, Raymond James started coverage on shares of LPL Financial in a research report on Thursday, April 4th. They issued an “underperform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $282.55.

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.