Coronation Fund Managers Ltd. Sells 168,923 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Coronation Fund Managers Ltd. decreased its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 56.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 129,255 shares of the financial services provider’s stock after selling 168,923 shares during the quarter. LPL Financial comprises about 1.6% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 21st biggest holding. Coronation Fund Managers Ltd.’s holdings in LPL Financial were worth $36,101,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of LPL Financial by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 7,141,049 shares of the financial services provider’s stock worth $1,625,446,000 after purchasing an additional 48,439 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in LPL Financial by 9.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,589,793 shares of the financial services provider’s stock valued at $723,329,000 after purchasing an additional 233,242 shares in the last quarter. Boston Partners raised its holdings in LPL Financial by 71.9% in the first quarter. Boston Partners now owns 1,765,230 shares of the financial services provider’s stock worth $466,434,000 after buying an additional 738,509 shares during the last quarter. Samlyn Capital LLC lifted its stake in shares of LPL Financial by 8.0% in the second quarter. Samlyn Capital LLC now owns 1,194,715 shares of the financial services provider’s stock worth $333,684,000 after buying an additional 88,635 shares in the last quarter. Finally, TD Asset Management Inc lifted its stake in shares of LPL Financial by 33.2% in the first quarter. TD Asset Management Inc now owns 1,103,655 shares of the financial services provider’s stock worth $291,586,000 after buying an additional 275,286 shares in the last quarter. 95.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

LPLA has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Bank of America raised LPL Financial from a “neutral” rating to a “buy” rating and set a $268.00 price target on the stock in a report on Tuesday, July 30th. Barclays reduced their price objective on LPL Financial from $313.00 to $273.00 and set an “overweight” rating for the company in a report on Friday, July 26th. JPMorgan Chase & Co. upped their target price on shares of LPL Financial from $261.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Finally, UBS Group cut their target price on shares of LPL Financial from $290.00 to $215.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $275.69.

LPL Financial Trading Down 1.2 %

Shares of NASDAQ:LPLA opened at $229.85 on Wednesday. The stock has a 50 day moving average of $216.09 and a 200 day moving average of $250.12. The company has a market cap of $17.17 billion, a PE ratio of 17.36, a price-to-earnings-growth 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 company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.77.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share 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 52.14%. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same period in the prior year, the business posted $3.94 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts expect that LPL Financial Holdings Inc. will post 15.88 EPS for the current year.

LPL Financial Announces Dividend

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

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.