LPL Financial (LPLA)
Runs brokerage, advisory, custody, and technology infrastructure for independent financial professionals.
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Provides U.S. financial advisors and institutions with brokerage, advisory, custody, clearing, technology, compliance, and practice-management infrastructure. Supports multiple affiliation models and expands through advisor recruiting, network migrations, and acquisitions, while its independent structure creates substantial supervisory and regulatory obligations.
Provides an integrated wealth-management platform for independent financial advisors and financial institutions in the United States. The offering combines brokerage and investment advisory services with custody, clearing, technology, compliance, practice management, and investment solutions.
Supports multiple affiliation structures, allowing advisors and institutions to choose how much independence and centralized support they use. Large advisor-network migrations and acquisitions have repeatedly extended the shared platform, with Atria integrated and Commonwealth awaiting conversion.
The model depends on reliable custody, technology, clearing, and compliance systems across a wide independent network. Advisor flexibility also raises supervisory complexity because independent practices can use broader product choices, outside activities, office technologies, and operating models.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | Truist Financial | Initiate | Rating: —Target: — | Target: $389 |
| Aug 12, 2026 | Wolfe Research | Reiterate | Rating: —Target: $478 | Target: $454 |
| Aug 3, 2026 | BMO Capital | Reiterate | Rating: —Target: — | Target: $390 |
| Jul 31, 2026 | Barclays | Reiterate | Rating: —Target: $394 | Target: $401 |
| Jul 10, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $374 | Target: $387 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.70B · Total debt $7.46B · Total assets $19.79B · Shareholders' equity $5.76B
- Revenue
- $5.19B
- Operating income
- $798.0M
- Net income
- $379.3M
HistoryDividendAnnual yield
| Institutions | ≈ 104.35% | 82.16M shares | |
|---|---|---|---|
| 793 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.53% | 419.7K shares | |
| 21 holders · as of Sep 14, 2026 | |||
| Strategic holders | 9.24% | 7.27M shares | |
| 2 holders · as of Aug 13, 2026 | |||
| Adds to | 114.12% | ||
78.74M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 114.12%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 6.01% | 4.73M | as of Jun 30, 2026 |
Dodge & CoxInstitution | 5.81% | 4.58M | as of Jun 30, 2026 |
Boston PartnersInstitution | 5.40% | 4.25M | as of Jun 30, 2026 |
JANUS HENDERSON GROUP Ltd.Strategic | 5.33% | 4.20M | filed Aug 13, 2026 |
Jupiter Topco LLCInstitution | 5.33% | 4.20M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 11, 2026 | Katharine Reeping | officer: Principal Accounting Officer | −440 | $347.88 |
| Aug 27, 2026 | Aneri Jambusaria | officer: Group Managing Director | −308 | $357.36 |
| Aug 20, 2026 | Greg Gates | officer: Group Managing Director | −4,119 | $355.38 |
| Jul 31, 2026 | Matthew Enyedi | officer: Group Managing Director | −1,000 | $352.72 |
| Jun 17, 2026 | Aneri Jambusaria | officer: Group Managing Director | −308 | $306.00 |
- Raymond James Financial
Closest public rival in independent-advisor affiliation and wealth support
- Ameriprise Financial
Large advisor franchise contesting recruiting and retail wealth relationships
- Charles Schwab
Scale leader in RIA custody, trading, and advisor support services
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| LPL Financial | $307.50 | −0.03% | $26.58B | 26.5 | 11.4 | 1.4 | +35.2% |
| Raymond James Financial | $159.39 | −0.13% | $31.73B | 14.4 | 11.5 | 1.9 | +3.8% |
| Ameriprise Financial | $512.37 | +0.05% | $48.16B | 12.9 | 10.5 | 2.4 | +14.6% |
| Charles Schwab | $100.65 | +0.30% | $185.88B | 19.4 | 13.9 | 6.2 | +20.9% |
| Median | 14.4 | 11.5 | 2.4 | +14.6% |