LPL Financial (LPLA) Given New $66.00 Price Target at Morgan Stanley

LPL Financial (NASDAQ:LPLA) had its price target hoisted by Morgan Stanley from $62.00 to $66.00 in a research note published on Wednesday. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities research analysts also recently issued reports on LPLA. BidaskClub upgraded LPL Financial from a hold rating to a buy rating in a report on Monday, February 5th. Credit Suisse Group lifted their price objective on LPL Financial from $77.00 to $85.00 and gave the stock an outperform rating in a report on Monday, February 5th. Nomura lifted their price objective on LPL Financial from $80.00 to $84.00 and gave the stock a buy rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods restated a buy rating and set a $73.00 price objective on shares of LPL Financial in a report on Friday, February 2nd. Finally, SunTrust Banks restated a buy rating and set a $75.00 price objective on shares of LPL Financial in a report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $66.00.

Shares of LPL Financial (NASDAQ:LPLA) opened at $62.23 on Wednesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.54. LPL Financial has a twelve month low of $37.38 and a twelve month high of $64.71. The stock has a market capitalization of $5,437.56, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 1.06 and a beta of 1.74.

LPL Financial announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 5th that permits the company to repurchase $359.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

In other news, CEO Dan H. Arnold sold 3,742 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total value of $181,636.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William P. Jr. Morrissey sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $62.74, for a total value of $1,254,800.00. Following the completion of the sale, the director now owns 37,541 shares of the company’s stock, valued at $2,355,322.34. The disclosure for this sale can be found here. Insiders sold a total of 33,742 shares of company stock valued at $2,062,537 over the last quarter. Company insiders own 4.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. American International Group Inc. bought a new stake in shares of LPL Financial in the 4th quarter valued at approximately $119,000. The Manufacturers Life Insurance Company increased its holdings in shares of LPL Financial by 8.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 211 shares during the last quarter. Cerebellum GP LLC bought a new stake in shares of LPL Financial in the 4th quarter valued at approximately $122,000. Comerica Bank bought a new stake in shares of LPL Financial in the 3rd quarter valued at approximately $200,000. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of LPL Financial in the 3rd quarter valued at approximately $227,000. Institutional investors and hedge funds own 90.32% of the company’s stock.

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LPL Financial Company Profile

LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.

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