Renaissance Technologies LLC Has $7.12 Million Stock Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Renaissance Technologies LLC reduced its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 72.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 25,476 shares of the financial services provider’s stock after selling 68,624 shares during the period. Renaissance Technologies LLC’s holdings in LPL Financial were worth $7,115,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Intech Investment Management LLC increased its position in LPL Financial by 38.8% in the first 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 period. Acadian Asset Management LLC raised its stake in shares of LPL Financial by 533.8% during the first quarter. Acadian Asset Management LLC now owns 5,153 shares of the financial services provider’s stock worth $1,359,000 after buying an additional 4,340 shares during the last quarter. Swedbank AB acquired a new position in LPL Financial in the first quarter valued at approximately $3,648,000. Sei Investments Co. boosted its stake in LPL Financial by 23.4% in the first 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 last quarter. Finally, Raymond James & Associates grew its holdings in LPL Financial by 5.4% during the 2nd quarter. Raymond James & Associates now owns 394,091 shares of the financial services provider’s stock worth $110,070,000 after acquiring an additional 20,123 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

LPL Financial Price Performance

Shares of LPL Financial stock opened at $230.35 on Thursday. 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 stock has a market capitalization of $17.21 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 1.27 and a beta of 0.88. LPL Financial Holdings Inc. has a twelve month low of $187.19 and a twelve month high of $289.88. The company has a 50-day simple moving average of $215.12 and a two-hundred day simple moving average of $250.91.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.66 by $0.22. LPL Financial had a return on equity of 52.14% and a net margin of 8.91%. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same period in the previous year, the company posted $3.94 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts forecast that LPL Financial Holdings Inc. will post 15.88 EPS for the current year.

LPL Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date was Friday, August 9th. LPL Financial’s dividend payout ratio (DPR) is presently 9.06%.

Analyst Upgrades and Downgrades

LPLA has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price target on LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Jefferies Financial Group raised their target price on LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Keefe, Bruyette & Woods lowered their price target on LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. UBS Group reduced their price objective on shares of LPL Financial from $290.00 to $215.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Finally, Barclays lowered their target price on shares of LPL Financial from $313.00 to $273.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $275.27.

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 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.