Millennium Management LLC Sells 194,702 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Millennium Management LLC cut its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 30.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 443,095 shares of the financial services provider’s stock after selling 194,702 shares during the quarter. Millennium Management LLC’s holdings in LPL Financial were worth $123,756,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Assetmark Inc. increased its stake in shares of LPL Financial by 39.4% during the fourth quarter. Assetmark Inc. now owns 492 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 139 shares during the period. Orion Portfolio Solutions LLC grew its stake in shares of LPL Financial by 16.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 4,919 shares of the financial services provider’s stock valued at $1,168,000 after acquiring an additional 701 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in LPL Financial by 20.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 922 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 155 shares during the period. TFO Wealth Partners LLC raised its stake in LPL Financial by 37,280.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,869 shares of the financial services provider’s stock worth $425,000 after purchasing an additional 1,864 shares in the last quarter. Finally, Capstone Investment Advisors LLC boosted its holdings in LPL Financial by 11.2% in the 4th quarter. Capstone Investment Advisors LLC now owns 1,109 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 112 shares during the period. 95.66% of the stock is owned by institutional investors.

LPL Financial Price Performance

Shares of LPLA opened at $230.86 on Friday. 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 cap of $17.25 billion, a PE ratio of 17.44, a PEG ratio of 1.27 and a beta of 0.88. LPL Financial Holdings Inc. has a 12-month low of $187.19 and a 12-month high of $289.88. The business has a 50-day simple moving average of $215.72 and a two-hundred day simple moving average of $250.53.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data 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 company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter in the prior year, the firm posted $3.94 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Analysts anticipate that LPL Financial Holdings Inc. will post 15.88 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.20 annualized dividend and a yield of 0.52%. LPL Financial’s payout ratio is 9.06%.

Wall Street Analysts Forecast Growth

LPLA has been the topic of several recent research reports. JPMorgan Chase & Co. raised their target price on shares of LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. UBS Group dropped their price objective on LPL Financial from $290.00 to $215.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. Citigroup cut their target price on LPL Financial from $325.00 to $285.00 and set a “buy” rating for the company in a research report on Friday. Jefferies Financial Group raised their price target on LPL Financial from $322.00 to $334.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Finally, The Goldman Sachs Group cut their price objective on shares of LPL Financial from $289.00 to $271.00 and set a “buy” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $275.69.

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.