Toronto Dominion Bank Buys 21,740 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Toronto Dominion Bank lifted its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 32.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,953 shares of the financial services provider’s stock after purchasing an additional 21,740 shares during the quarter. Toronto Dominion Bank owned about 0.12% of LPL Financial worth $24,845,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Intech Investment Management LLC boosted its position in shares of LPL Financial by 38.8% in 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 in the last quarter. Acadian Asset Management LLC raised its stake in LPL Financial by 533.8% in the 1st quarter. Acadian Asset Management LLC now owns 5,153 shares of the financial services provider’s stock worth $1,359,000 after acquiring an additional 4,340 shares during the last quarter. Swedbank AB purchased a new position in LPL Financial in the 1st quarter worth $3,648,000. Sei Investments Co. raised its stake 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 worth $29,923,000 after acquiring an additional 21,481 shares during the last quarter. Finally, Raymond James & Associates raised its stake in LPL Financial by 5.4% in 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 last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.

LPL Financial Price Performance

Shares of LPL Financial stock opened at $229.27 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. LPL Financial Holdings Inc. has a twelve month low of $187.19 and a twelve month high of $289.88. The business has a 50-day moving average price of $215.33 and a 200 day moving average price of $250.76. The firm has a market cap of $17.13 billion, a PE ratio of 17.32, a P/E/G ratio of 1.27 and a beta of 0.88.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share 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 firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the previous year, the business earned $3.94 EPS. LPL Financial’s revenue for the quarter was up 18.8% compared to the same quarter last year. Sell-side analysts predict that LPL Financial Holdings Inc. will post 15.88 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The firm 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. The ex-dividend date was Friday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 0.52%. LPL Financial’s dividend payout ratio is presently 9.06%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LPLA. JMP Securities raised their target price on LPL Financial from $305.00 to $310.00 and gave the stock a “market outperform” rating in a research note on Friday, July 26th. 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 research note on Monday, July 8th. The Goldman Sachs Group reduced their target price on LPL Financial from $289.00 to $271.00 and set a “buy” rating for the company in a research note on Thursday. Barclays reduced their price objective on LPL Financial from $313.00 to $273.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. lifted their price objective on LPL Financial from $261.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $274.92.

LPL Financial 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.