LPL Financial Completes its Accelerated Share Repurchase Plan

LPL Financial Holdings Inc. (NASDAQ: LPLA), parent of retail investment advisory firm and independent broker-dealer LPL Financial LLC, completed its previously announced accelerated share repurchase plan earlier than anticipated. Shares of LPLA stock closed at $42.49 on Friday.

“We have now completed the first step of our previously announced $500 million share repurchase program several months ahead of our expected timeline,” said Matthew Audette, chief financial officer. “We purchased 5.6 million of our shares for $250 million resulting in an average purchase price of $44.46 per share.”

The company entered into a 3-to-6 month, $250 million accelerated share repurchase plan with Goldman, Sachs & Co. at the end of November. While Goldman was buying the company’s shares for the plan, TPG Capital approached Goldman about selling a block of shares, providing an opportunity to settle the accelerated share repurchase plan more quickly.

Audette continued, “We are pleased to complete the first $250 million of our repurchase program much faster than anticipated. We look forward to deploying the second $250 million over time as we plan to maintain flexibility and remain dynamic in our thinking as the environment evolves.”

LPL Financial is a leader in the retail financial advice market and currently serves $462 billion in advisory and brokerage assets. LPL is one of the fastest growing RIA custodians and is the nation’s largest independent broker-dealer. The company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and more 700 banks and credit unions.