Morgan Stanley Upgrades LPL Financial (LPLA) to “Equal Weight”
LPL Financial (NASDAQ:LPLA) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday. The brokerage presently has a $42.00 price target on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential downside of 28.55% from the stock’s previous close.
LPLA has been the topic of several other research reports. SunTrust Banks reaffirmed a “buy” rating and set a $65.00 target price on shares of LPL Financial in a research note on Friday, October 27th. Nomura lifted their target price on LPL Financial from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Credit Suisse Group assumed coverage on LPL Financial in a research note on Thursday, November 30th. They set an “outperform” rating and a $68.00 target price on the stock. Zacks Investment Research lowered LPL Financial from a “hold” rating to a “sell” rating in a report on Wednesday, November 8th. Finally, Citigroup lifted their price target on LPL Financial from $63.00 to $65.00 and gave the company a “buy” rating in a report on Friday, November 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $56.83.
LPL Financial (LPLA) traded up $0.33 during trading hours on Wednesday, reaching $58.78. The company’s stock had a trading volume of 1,022,800 shares, compared to its average volume of 856,267. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.54. LPL Financial has a 52 week low of $36.43 and a 52 week high of $59.84. The stock has a market cap of $5,320.00, a PE ratio of 24.91, a PEG ratio of 1.44 and a beta of 1.88.
LPL Financial announced that its board has authorized a stock buyback program on Tuesday, December 5th that authorizes the company to repurchase $359.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, CEO Dan H. Arnold sold 3,742 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total value of $181,636.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.00% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of LPLA. Janus Henderson Group PLC bought a new position in LPL Financial in the 2nd quarter worth approximately $399,202,000. Vanguard Group Inc. increased its position in LPL Financial by 10.4% in the 2nd quarter. Vanguard Group Inc. now owns 8,779,510 shares of the financial services provider’s stock worth $372,778,000 after buying an additional 827,372 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in LPL Financial in the 3rd quarter worth approximately $31,835,000. Samlyn Capital LLC increased its position in LPL Financial by 55.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,480,439 shares of the financial services provider’s stock worth $62,860,000 after buying an additional 528,780 shares during the period. Finally, Zweig DiMenna Associates LLC bought a new position in LPL Financial in the 3rd quarter worth approximately $20,250,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.
About LPL Financial
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.
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