Wall Street brokerages expect LPL Financial Holdings Inc (NASDAQ:LPLA) to report sales of $1.30 billion for the current quarter, Zacks reports. Three analysts have made estimates for LPL Financial’s earnings, with the highest sales estimate coming in at $1.32 billion and the lowest estimate coming in at $1.29 billion. LPL Financial reported sales of $1.06 billion in the same quarter last year, which indicates a positive year over year growth rate of 22.6%. The company is scheduled to announce its next earnings results on Thursday, October 25th.
According to Zacks, analysts expect that LPL Financial will report full-year sales of $5.15 billion for the current fiscal year, with estimates ranging from $5.04 billion to $5.21 billion. For the next fiscal year, analysts expect that the company will report sales of $5.41 billion per share, with estimates ranging from $5.27 billion to $5.58 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow LPL Financial.
LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.10. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.28 billion. LPL Financial had a return on equity of 35.98% and a net margin of 7.09%. The company’s revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 EPS.
Several equities analysts have recently weighed in on the company. Morgan Stanley increased their price target on LPL Financial from $72.00 to $74.00 and gave the company an “equal weight” rating in a report on Wednesday, May 30th. Goldman Sachs Group cut LPL Financial from a “buy” rating to a “neutral” rating and set a $81.00 price target on the stock. in a report on Wednesday, May 16th. Zacks Investment Research cut LPL Financial from a “buy” rating to a “hold” rating in a report on Tuesday, August 21st. Keefe, Bruyette & Woods reissued a “buy” rating and set a $83.00 price target on shares of LPL Financial in a report on Friday, July 27th. Finally, BidaskClub cut LPL Financial from a “sell” rating to a “strong sell” rating in a report on Saturday, September 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $79.09.
In related news, CEO Dan H. Arnold sold 6,000 shares of the firm’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $66.90, for a total value of $401,400.00. Following the transaction, the chief executive officer now directly owns 239,761 shares of the company’s stock, valued at approximately $16,040,010.90. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.60% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. FMR LLC raised its holdings in LPL Financial by 34.4% in the 2nd quarter. FMR LLC now owns 1,456,514 shares of the financial services provider’s stock worth $95,460,000 after purchasing an additional 372,986 shares during the period. Bank of New York Mellon Corp raised its holdings in LPL Financial by 9.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,459,068 shares of the financial services provider’s stock worth $95,628,000 after purchasing an additional 121,656 shares during the period. Public Employees Retirement System of Ohio raised its holdings in LPL Financial by 9.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 36,291 shares of the financial services provider’s stock worth $2,379,000 after purchasing an additional 3,124 shares during the period. Bank of Nova Scotia bought a new position in LPL Financial in the 2nd quarter worth $9,307,000. Finally, Advisors Asset Management Inc. raised its holdings in LPL Financial by 158.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 10,983 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 6,726 shares during the period. 95.12% of the stock is currently owned by institutional investors.
Shares of NASDAQ LPLA traded down $0.43 during midday trading on Friday, hitting $63.88. 319,500 shares of the stock traded hands, compared to its average volume of 801,311. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 0.84 and a beta of 1.69. The company has a debt-to-equity ratio of 2.36, a current ratio of 1.44 and a quick ratio of 1.44. LPL Financial has a one year low of $46.56 and a one year high of $73.28.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 23rd. Investors of record on Thursday, August 9th were issued a $0.25 dividend. The ex-dividend date was Wednesday, August 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.57%. LPL Financial’s dividend payout ratio is currently 33.33%.
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 529 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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