Cibc World Markets Corp Sells 970 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Cibc World Markets Corp reduced its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 22.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,383 shares of the financial services provider’s stock after selling 970 shares during the quarter. Cibc World Markets Corp’s holdings in LPL Financial were worth $1,105,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Corient Private Wealth LLC grew its position in LPL Financial by 3.5% in the fourth quarter. Corient Private Wealth LLC now owns 34,972 shares of the financial services provider’s stock valued at $11,418,000 after purchasing an additional 1,180 shares in the last quarter. Natixis Advisors LLC grew its holdings in shares of LPL Financial by 2.9% in the 4th quarter. Natixis Advisors LLC now owns 55,367 shares of the financial services provider’s stock valued at $18,078,000 after acquiring an additional 1,553 shares in the last quarter. Picton Mahoney Asset Management increased its position in shares of LPL Financial by 9,444.7% in the fourth quarter. Picton Mahoney Asset Management now owns 57,268 shares of the financial services provider’s stock valued at $18,698,000 after acquiring an additional 56,668 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in LPL Financial during the fourth quarter worth about $8,949,000. Finally, Atala Financial Inc acquired a new position in LPL Financial during the fourth quarter valued at approximately $59,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Matthew J. Audette sold 4,588 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $360.07, for a total value of $1,652,001.16. Following the transaction, the chief financial officer now owns 16,538 shares in the company, valued at approximately $5,954,837.66. This trade represents a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Marc Eliot Cohen sold 1,100 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total transaction of $402,435.00. Following the sale, the director now directly owns 4,075 shares of the company’s stock, valued at $1,490,838.75. This represents a 21.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,465 shares of company stock worth $12,562,070 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LPLA. StockNews.com cut LPL Financial from a “hold” rating to a “sell” rating in a research note on Monday, March 17th. Citigroup boosted their target price on shares of LPL Financial from $310.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Wells Fargo & Company increased their price target on shares of LPL Financial from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods upped their target price on shares of LPL Financial from $390.00 to $405.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, Barclays raised their target price on shares of LPL Financial from $389.00 to $414.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Two analysts have rated the stock with a sell rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $379.17.

LPL Financial Price Performance

LPL Financial stock opened at $327.90 on Friday. The company has a market capitalization of $24.49 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 0.94 and a beta of 0.82. The stock’s 50 day moving average is $351.95 and its 200-day moving average is $306.82. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $384.04.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, January 30th. The financial services provider reported $4.25 earnings per share for the quarter, topping the consensus estimate of $4.01 by $0.24. LPL Financial had a return on equity of 49.41% and a net margin of 8.55%. Equities research analysts expect that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Tuesday, March 11th. LPL Financial’s dividend payout ratio is currently 8.55%.

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.