Okabena Investment Services Inc. has decreased its stake in LPL Financial Holdings Inc. by 11.9% during the second quarter of the year. According to the company’s recent Form 13F filing with the Securities and Exchange Commission, Okabena now holds 1,533 shares of the financial services provider after selling 207 shares during this period. The current value of Okabena’s holdings in LPL Financial stands at approximately $575,000.
Several other institutional investors have also adjusted their positions in LPL Financial. For instance, Avantax Advisory Services Inc. increased its holdings by 17.6% in the first quarter, bringing its total to 2,340 shares, valued at $766,000. Similarly, Assetmark Inc. grew its position by an impressive 111.9%, now owning 1,227 shares worth $401,000. Other notable increases include Mackenzie Financial Corp., which raised its stake by 21.8%, and Arkadios Wealth Advisors, which increased its holdings by 16.4%.
As of now, institutional investors and hedge funds collectively own 95.66% of LPL Financial’s stock. The company’s share price opened at $356.05 on Monday, with a market capitalization of $28.50 billion. Financial metrics include a debt-to-equity ratio of 1.49, a current ratio of 2.60, and a quick ratio of 2.60. LPL Financial has experienced a one-year low of $262.83 and a high of $403.58.
Dividend Announcement and Market Performance
In addition to these changes in shareholding, LPL Financial has declared a quarterly dividend of $0.30, set to be paid on December 1, 2023. Shareholders of record as of November 13, 2023 will receive this dividend, which represents an annualized payout of $1.20 and a yield of 0.3%. The company’s dividend payout ratio is currently 11.05%.
Market analysts have weighed in on LPL Financial’s performance with varying ratings. Weiss Ratings reiterated a “hold (c)” recommendation, while Rothschild & Co Redburn downgraded the stock from “buy” to “neutral” with a price target of $390.00. JPMorgan Chase & Co. reduced their price target from $463.00 to $438.00, maintaining an “overweight” rating on the stock. Overall, one analyst has rated the stock as a Strong Buy, ten as Buy, and six as Hold, leading to a consensus rating of “Moderate Buy” with an average price target of $429.00.
Insider Trading Activity
In related news, insider trading activity has also been notable. Aneri Jambusaria, a director of LPL Financial, sold 80 shares on September 2, 2023 at an average price of $361.25, totaling $28,900. Following this transaction, Jambusaria owned 5,582 shares, valued at approximately $2,016,497.50. Another director, Greg Gates, sold 1,500 shares on November 5, 2023, for a total of $564,645. This sale decreased Gates’s ownership to 15,370 shares, valued at around $5,785,729.10.
Corporate insiders currently hold 0.70% of LPL Financial’s stock, reflecting a growing trend of insider trading activity as the company navigates market changes.
LPL Financial Holdings Inc., along with its subsidiaries, provides a comprehensive platform of brokerage and investment advisory services to independent financial advisors and enterprises across the United States. Its offerings include a range of financial products, such as annuities, mutual funds, equities, fixed income, and retirement plans.
