Russell Investments Group Ltd. Sells 71,105 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Russell Investments Group Ltd. trimmed its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 45.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,549 shares of the financial services provider’s stock after selling 71,105 shares during the period. Russell Investments Group Ltd. owned approximately 0.11% of LPL Financial worth $12,300,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. CIBC World Markets Inc. lifted its holdings in shares of LPL Financial by 1.0% in the fourth quarter. CIBC World Markets Inc. now owns 12,733 shares of the financial services provider’s stock valued at $1,327,000 after purchasing an additional 130 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of LPL Financial by 0.6% in the first quarter. Arizona State Retirement System now owns 23,081 shares of the financial services provider’s stock valued at $3,281,000 after purchasing an additional 145 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in shares of LPL Financial by 90.3% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 371 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 176 shares in the last quarter. Better Money Decisions LLC bought a new stake in shares of LPL Financial in the first quarter valued at about $25,000. Finally, KWB Wealth raised its holdings in LPL Financial by 0.7% during the first quarter. KWB Wealth now owns 27,389 shares of the financial services provider’s stock worth $3,894,000 after acquiring an additional 197 shares in the last quarter. Institutional investors own 96.15% of the company’s stock.

Several research firms recently issued reports on LPLA. UBS Group upped their target price on LPL Financial from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, April 30th. Barclays upped their target price on LPL Financial from $61.00 to $66.00 and gave the stock an “equal weight” rating in a report on Monday, April 12th. They noted that the move was a valuation call. Credit Suisse Group reiterated a “neutral” rating and set a $166.00 target price on shares of LPL Financial in a report on Thursday, May 27th. Finally, Morgan Stanley upped their target price on LPL Financial from $166.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, May 3rd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $145.72.

In other news, CFO Matthew J. Audette sold 50,905 shares of the company’s stock in a transaction that occurred on Monday, May 10th. The stock was sold at an average price of $154.39, for a total value of $7,859,222.95. Following the transaction, the chief financial officer now owns 29,998 shares of the company’s stock, valued at $4,631,391.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dan H. Arnold sold 15,594 shares of the company’s stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $154.41, for a total value of $2,407,869.54. Following the completion of the transaction, the chief executive officer now directly owns 219,609 shares in the company, valued at approximately $33,909,825.69. The disclosure for this sale can be found here. Insiders sold 117,107 shares of company stock worth $17,684,201 in the last ninety days. 1.90% of the stock is owned by company insiders.

NASDAQ:LPLA opened at $137.49 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.70. The company has a 50 day simple moving average of $147.47. The company has a market capitalization of $10.99 billion, a price-to-earnings ratio of 24.86 and a beta of 1.28. LPL Financial Holdings Inc. has a 12-month low of $72.27 and a 12-month high of $159.74.

LPL Financial (NASDAQ:LPLA) last posted its earnings results on Thursday, April 29th. The financial services provider reported $1.77 EPS for the quarter, beating the consensus estimate of $1.64 by $0.13. LPL Financial had a return on equity of 39.31% and a net margin of 7.30%. The company had revenue of $1.71 billion for the quarter. On average, equities research analysts forecast that LPL Financial Holdings Inc. will post 7.33 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, June 7th. Stockholders of record on Monday, May 24th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend was Friday, May 21st. LPL Financial’s payout ratio is 15.48%.

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 financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.

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Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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