Zacks Investment Research upgraded shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) from a hold rating to a buy rating in a research report sent to investors on Wednesday. The firm currently has $59.00 price target on the financial services provider’s stock.

According to Zacks, “LPL Financial Holdings Inc. is engaged in providing an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “

Several other equities analysts have also recently commented on the stock. BidaskClub cut shares of LPL Financial Holdings from a buy rating to a hold rating in a research report on Wednesday, August 2nd. J P Morgan Chase & Co reissued a neutral rating and issued a $51.00 price target (up previously from $48.00) on shares of LPL Financial Holdings in a research report on Friday, August 18th. Morgan Stanley reissued an underweight rating and issued a $38.00 price target (up previously from $35.00) on shares of LPL Financial Holdings in a research report on Monday, July 10th. ValuEngine cut shares of LPL Financial Holdings from a buy rating to a hold rating in a research report on Friday, October 6th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $44.00 price target on shares of LPL Financial Holdings in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. LPL Financial Holdings has an average rating of Buy and an average target price of $49.70.

LPL Financial Holdings (NASDAQ:LPLA) traded down 0.19% during mid-day trading on Wednesday, reaching $52.33. The company’s stock had a trading volume of 230,062 shares. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 22.73 and a beta of 1.87. LPL Financial Holdings has a 52 week low of $30.18 and a 52 week high of $53.58. The company’s 50-day moving average price is $49.70 and its 200 day moving average price is $44.18.

LPL Financial Holdings (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.08. LPL Financial Holdings had a net margin of 5.10% and a return on equity of 26.45%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter last year, the company posted $0.53 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that LPL Financial Holdings will post $2.37 earnings per share for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in LPLA. Mckinley Capital Management LLC Delaware purchased a new stake in shares of LPL Financial Holdings during the 2nd quarter worth $104,000. Public Employees Retirement Association of Colorado lifted its position in LPL Financial Holdings by 1.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,776 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 52 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in LPL Financial Holdings by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 211 shares during the last quarter. SG Americas Securities LLC purchased a new stake in LPL Financial Holdings in the first quarter valued at $171,000. Finally, Teacher Retirement System of Texas lifted its position in LPL Financial Holdings by 10.4% in the second quarter. Teacher Retirement System of Texas now owns 6,514 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 611 shares during the last quarter. 89.73% of the stock is owned by institutional investors and hedge funds.

LPL Financial Holdings Company Profile

LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.

Analyst Recommendations for LPL Financial Holdings (NASDAQ:LPLA)

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