Coronation Fund Managers Ltd. Buys 88,196 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Coronation Fund Managers Ltd. raised its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 68.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 217,451 shares of the financial services provider’s stock after buying an additional 88,196 shares during the quarter. LPL Financial accounts for about 2.8% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 9th largest position. Coronation Fund Managers Ltd. owned approximately 0.29% of LPL Financial worth $50,586,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in LPLA. Boston Partners lifted its stake in LPL Financial by 71.9% in the first quarter. Boston Partners now owns 1,765,230 shares of the financial services provider’s stock valued at $466,434,000 after buying an additional 738,509 shares during the period. TD Asset Management Inc increased its holdings in shares of LPL Financial by 33.2% in the first quarter. TD Asset Management Inc now owns 1,103,655 shares of the financial services provider’s stock worth $291,586,000 after acquiring an additional 275,286 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of LPL Financial by 9.9% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,589,793 shares of the financial services provider’s stock worth $723,329,000 after acquiring an additional 233,242 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of LPL Financial by 31.1% in the second quarter. The Manufacturers Life Insurance Company now owns 774,175 shares of the financial services provider’s stock worth $216,227,000 after acquiring an additional 183,755 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of LPL Financial by 52.6% in the second quarter. American Century Companies Inc. now owns 477,211 shares of the financial services provider’s stock worth $133,285,000 after acquiring an additional 164,586 shares in the last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LPLA. Barclays increased their price target on LPL Financial from $273.00 to $311.00 and gave the stock an “overweight” rating in a report on Thursday. Keefe, Bruyette & Woods lowered their price target on LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Citigroup increased their price target on LPL Financial from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday. The Goldman Sachs Group increased their price target on LPL Financial from $271.00 to $305.00 and gave the stock a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, LPL Financial presently has a consensus rating of “Moderate Buy” and an average price target of $286.92.

LPL Financial Stock Performance

Shares of NASDAQ LPLA opened at $280.81 on Friday. The stock has a 50 day moving average price of $235.38 and a 200 day moving average price of $248.52. LPL Financial Holdings Inc. has a 52 week low of $187.19 and a 52 week high of $291.67. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.16 and a current ratio of 2.16. The stock has a market capitalization of $20.99 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 1.52 and a beta of 0.85.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results 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 52.08% and a net margin of 8.73%. The firm had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the firm posted $3.74 earnings per share. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. Analysts predict that LPL Financial Holdings Inc. will post 15.77 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th will be given a $0.30 dividend. The ex-dividend date is Thursday, November 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.43%. LPL Financial’s payout ratio is 9.02%.

LPL Financial 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.