LPL Financial Holdings Inc. (NASDAQ:) has reached an impressive milestone, with its stock price soaring to an all-time high of $322.65. This peak reflects a significant surge in the company’s market valuation, underlining a period of robust performance and investor confidence. Over the past year, LPLA has witnessed a remarkable 42.18% increase in its stock value, a testament to the firm’s strategic initiatives and strong financial results that have resonated well with the market. Investors are closely monitoring the company’s trajectory, as it continues to outperform expectations and set new records in the financial services sector.
In other recent news, LPL Financial has reported strong growth in its Q3 2024 earnings with a 7% annualized growth rate, accumulating total assets of $1.6 trillion and organic net new assets of $27 billion. The adjusted earnings per share (EPS) stood at $4.16 for the quarter. The company’s recruitment strategy has also been successful, with $26 billion in assets brought in during Q3 and a record $87 billion over the past 12 months.
LPL Financial is set to strengthen its position with the anticipated onboarding of Prudential Financial (NYSE:) and Wintrust Financial (NASDAQ:)’s wealth management businesses by early 2025, contributing an estimated $76 billion in assets. The recent acquisition of Atria Wealth Solutions has added 2,200 advisors to the company’s roster, with an 80% expected retention rate.
Furthermore, the company’s gross profit in Q3 increased to $1.128 billion, with client cash balances growing to $46 billion. Looking ahead, core G&A expenses for 2024 are projected to be between $1.510 billion and $1.525 billion. Lastly, the company plans to acquire The Investment Center in the first half of 2025, marking another significant development in their recent activities.
InvestingPro Insights
LPL Financial Holdings Inc.’s (LPLA) recent stock performance aligns with several key metrics and insights from InvestingPro. The company’s market capitalization stands at an impressive $24.09 billion, reflecting its significant presence in the financial services sector. LPLA’s strong momentum is evident in its recent price movements, with a 23.8% return over the last month and a substantial 42.28% return over the past three months, mirroring the 42.18% annual increase mentioned in the article.
InvestingPro Tips highlight that LPLA is trading near its 52-week high, which is consistent with the all-time high price noted in…
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