LPL Financial (NASDAQ:LPLA) Upgraded by JPMorgan Chase & Co. to Overweight Rating

JPMorgan Chase & Co. upgraded shares of LPL Financial (NASDAQ:LPLA) from a neutral rating to an overweight rating in a research report sent to investors on Tuesday, MarketBeat.com reports. The brokerage currently has $397.00 price target on the financial services provider’s stock, up from their prior price target of $288.00.

A number of other brokerages have also weighed in on LPLA. Barclays increased their target price on shares of LPL Financial from $311.00 to $378.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Citigroup raised their price objective on shares of LPL Financial from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Morgan Stanley boosted their target price on shares of LPL Financial from $303.00 to $309.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. UBS Group upgraded LPL Financial from a “neutral” rating to a “buy” rating and set a $390.00 target price on the stock in a research report on Monday. Finally, Keefe, Bruyette & Woods lifted their price target on LPL Financial from $325.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $345.17.

LPL Financial Price Performance

Shares of NASDAQ:LPLA opened at $333.42 on Tuesday. The company has a market capitalization of $24.97 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 1.60 and a beta of 0.87. The company’s 50-day moving average is $321.20 and its 200 day moving average is $264.96. The company has a debt-to-equity ratio of 1.60, a quick ratio of 2.16 and a current ratio of 2.16. LPL Financial has a fifty-two week low of $187.19 and a fifty-two week high of $344.86.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $4.16 EPS for the quarter, beating 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 business had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the prior year, the business earned $3.74 earnings per share. LPL Financial’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, equities research analysts forecast that LPL Financial will post 16.1 earnings per share for the current year.

LPL Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Thursday, November 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date was Thursday, November 14th. LPL Financial’s dividend payout ratio is currently 9.02%.

Insiders Place Their Bets

In other LPL Financial news, Director Aneri Jambusaria sold 305 shares of LPL Financial stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $331.94, for a total transaction of $101,241.70. Following the completion of the sale, the director now owns 3,920 shares of the company’s stock, valued at $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 SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of LPL Financial

A number of hedge funds have recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC bought a new position in LPL Financial during the second quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of LPL Financial in the 3rd quarter valued at $31,000. Paladin Wealth LLC bought a new position in shares of LPL Financial during the 3rd quarter valued at $34,000. Brooklyn Investment Group purchased a new position in LPL Financial in the 3rd quarter worth $43,000. Finally, Quarry LP lifted its stake in LPL Financial by 45.3% in the second quarter. Quarry LP now owns 327 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 102 shares during the last quarter. Institutional investors own 95.66% of the company’s stock.

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 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.