Hennessy Advisors Inc. Has $3.49 Million Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Hennessy Advisors Inc. cut its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 6.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,700 shares of the financial services provider’s stock after selling 700 shares during the period. Hennessy Advisors Inc.’s holdings in LPL Financial were worth $3,494,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. raised its holdings in LPL Financial by 50.6% during the third quarter. Daiwa Securities Group Inc. now owns 15,841 shares of the financial services provider’s stock worth $3,685,000 after buying an additional 5,320 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of LPL Financial in the 3rd quarter worth about $2,633,000. Principal Financial Group Inc. raised its holdings in shares of LPL Financial by 15.7% in the 3rd quarter. Principal Financial Group Inc. now owns 25,418 shares of the financial services provider’s stock worth $5,913,000 after acquiring an additional 3,444 shares during the last quarter. JPMorgan Chase & Co. lifted its position in LPL Financial by 27.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,275,136 shares of the financial services provider’s stock valued at $296,635,000 after acquiring an additional 276,166 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in LPL Financial by 98.9% during the 3rd quarter. Tidal Investments LLC now owns 7,662 shares of the financial services provider’s stock valued at $1,782,000 after purchasing an additional 3,809 shares during the last quarter. 95.66% of the stock is owned by institutional investors.

LPL Financial Price Performance

Shares of NASDAQ LPLA opened at $348.93 on Friday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. The stock has a fifty day simple moving average of $327.62 and a two-hundred day simple moving average of $267.93. LPL Financial Holdings Inc. has a 1-year low of $187.19 and a 1-year high of $350.38. The firm has a market cap of $26.13 billion, a price-to-earnings ratio of 26.24, a price-to-earnings-growth ratio of 1.03 and a beta of 0.87.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share for the quarter, topping the consensus estimate of $3.69 by $0.47. LPL Financial had a return on equity of 49.47% and a net margin of 8.73%. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the prior year, the company earned $3.74 EPS. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. Analysts anticipate that LPL Financial Holdings Inc. will post 16.07 earnings per share for the current year.

LPL Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.34%. The ex-dividend date was Thursday, November 14th. LPL Financial’s dividend payout ratio (DPR) is currently 9.02%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on LPLA shares. Citigroup raised their target price on LPL Financial from $310.00 to $385.00 and gave the company a “buy” rating in a report on Friday, January 10th. Wells Fargo & Company raised their price objective on LPL Financial from $310.00 to $390.00 and gave the company an “overweight” rating in a research note on Thursday, December 12th. TD Cowen upgraded shares of LPL Financial from a “hold” rating to a “buy” rating and upped their target price for the stock from $277.00 to $413.00 in a research note on Thursday, December 19th. The Goldman Sachs Group raised their price target on shares of LPL Financial from $271.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Barclays upped their price objective on shares of LPL Financial from $378.00 to $379.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, LPL Financial has an average rating of “Moderate Buy” and a consensus price target of $351.50.

Insider Activity at LPL Financial

In other news, Director Aneri Jambusaria sold 305 shares of LPL Financial stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $331.94, for a total value of $101,241.70. Following the completion of the transaction, the director now directly owns 3,920 shares in the company, valued at approximately $1,301,204.80. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

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.