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LPL Financial Holdings Inc.’s LPLA solid advisor productivity, recruiting efforts and inorganic expansion initiatives are expected to continue to aid the top line. However, increasing expenses are likely to hurt the company’s bottom line in the near term.
LPLA’s Key Growth Drivers
Solid Advisor Productivity: LPLA benefits from its efforts to increase its client base. The company’s advisory revenues, which constitute more than 43% of total revenues, witnessed a five-year (2018-2023) compound annual growth rate (CAGR) of 18.2%, with the uptrend continuing in the first six months of 2024.
Its recruiting efforts, strategic acquisitions and solid advisor productivity are expected to keep supporting the top line. The launch of a no-transaction-fee exchange-traded fund network should also boost the value of LPL Financial’s advisory platform.
We project advisory revenues to increase 20.8% in 2024, 15.5% in 2025 and 11.5% in 2026.
Strategic Acquisitions: Acquisitions are a core part of LPLA’s business expansion strategy. Given a strong balance sheet position, the company has accomplished several opportunistic deals over the years.
In September 2024, it entered into an agreement to acquire The Investment Center, Inc., a broker-dealer and registered investment advisor. In May, LPLA acquired the wealth management business of Crown Capital. In February, it announced an agreement to acquire Atria Wealth Solutions that should bolster its offerings in the wealth management solutions market.
In 2023, the company took a minority stake in IAA (a hybrid registered investment advisory firm), acquired FRGIS and the Private Client Group business of Boenning & Scattergood.
The above-mentioned buyouts, along with the other previous deals, have aided LPL Financial in diversifying its revenues, adding new capabilities and accelerating expansion into new markets.
Enhanced Capital Distributions: LPL Financial’s capital distribution activities are impressive. In February 2023, the company announced a 20% hike in its quarterly dividend, taking the figure to 30 cents per share.
Also, it has a share buyback program in place. As of June 30, 2024, LPL Financial had $830 million worth of shares left to be repurchased. While buybacks have been paused currently until the closure of the Atria Wealth Solutions acquisition deal, the company will begin repurchasing shares soon after that. Thus, given a solid capital position, LPLA is expected to continue to be able to sustain efficient capital distributions in the future, enhancing shareholder value.
Key Headwinds for LPL Financial
Elevated Expenses: LPLA’s operating expenses witnessed a CAGR of 14% over the past five years (2018-2023), with the uptrend continuing in the first six months of 2024. As the company continues to increase headcount, compensation and benefits costs are expected to keep rising.
This, along with strategic acquisitions and steps taken to upgrade technology to better serve clients, is expected to keep overall expenses elevated in the near term. Per our estimates, total expenses should increase 19.9%, 13.9% and 8.8% in 2024, 2025 and 2026, respectively.
Capital Markets Uncertainty: A large part of LPL Financial’s revenues comes from commissions, which constituted 26.6% of total revenues in the first half of 2024. Commission income is dependent on the overall performance of the capital markets and has been volatile for the past several years.
While commission revenues increased in 2021, they declined in 2022 and then increased again in 2023 and the first six months of 2024. These revenues are likely to be negatively impacted in the future if there is a slowdown in capital markets activities, given its cyclical nature.
LPLA’s Price Performance & Zacks Rank
Over the past six months, LPLA’s shares have lost 21.9% against the industry’s growth of 9.7%.
Currently, LPLA carries a Zacks Rank #3 (Hold).
Stocks Worth Considering
A couple of better-ranked stocks from the finance space are Janus Henderson Group plc JHG and AllianceBernstein Holding L.P. AB. Currently, JHG sports a Zacks Rank #1 (Strong Buy), while AB has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings estimates for JHG for the current year have been revised 5.2% upward over the past 60 days. The company’s share price has increased 21.7% over the past six months.
Estimates for AB’s current-year earnings have been revised 1% upward over the past 60 days. The company’s shares have risen 2.6% over the past six months.
Zacks Investment Research
BIT
18/09/2024 08:30 MKTUPDTE NOT PRICE SENSITIVE REL: 0830 HRS The Bankers Investment Trust Plc
MKTUPDTE: BIT: BIT - Transactions in Own Shares
ANUS HENDERSON FUND MANAGEMENT UK LIMITED THE BANKERS INVESTMENT TRUST PLC LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69 17 September 2024 THE BANKERS INVESTMENT TRUST PLC ("the Company") Market purchase by the Company of its own shares Notification is given that pursuant to the authority granted at the Annual General Meeting of the Company held on 22 February 2024 to make market purchases of the Company's own shares of 2.5p, a market purchase of 250,080 ordinary shares in the capital of the Company was made today at a price of 111.9997p per share to be held in treasury. The issued share capital of the Company following this purchase will continue to be 1,315,102,830 ordinary shares of 2.5p each of which 157,720,901 (12%) are held in treasury and have no voting rights. For calculations of interests in the Company's voting rights, on a poll, members have one vote per share. Therefore, the total number of voting rights in The Bankers Investment Trust PLC is 1,157,381,929. For further information, please call: Alex Crooke The Bankers Investment Trust PLC Telephone: 020 7818 4447 Wendy King For and on behalf of Janus Henderson Secretarial Services UK Limited Corporate Secretary to The Bankers Investment Trust PLC Telephone: 020 7818 4233 Harriet Hall PR Director, Investment Trusts Janus Henderson Investors Telephone: 020 7818 2919 End CA:00438208 For:BIT Type:MKTUPDTE Time:2024-09-18 08:30:18
Janus Henderson Group plc (JHG) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
Therefore, the Zacks rating upgrade for Janus Henderson Group basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Janus Henderson Group, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Estimate Revisions for Janus Henderson Group
This company is expected to earn $3.23 per share for the fiscal year ending December 2024, which represents a year-over-year change of 22.8%.
Analysts have been steadily raising their estimates for Janus Henderson Group. Over the past three months, the Zacks Consensus Estimate for the company has increased 8.5%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of Janus Henderson Group to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Zacks Investment Research
BlackRock’s BLK robust assets under management (AUM) balance and its efforts to restructure the equity business will likely keep aiding revenue growth. However, persistently rising expenses (mainly due to higher administration costs) are expected to hurt the company’s bottom line to an extent.
BlackRock’s Key Growth Drivers
Strategic Buyouts: Given a solid balance sheet and liquidity position, BlackRock has been engaging in acquisitions — both domestic and overseas. In June 2024, the company agreed to acquire Preqin for $3.2 billion, which marks a milestone in its strategy to enhance its private markets capabilities by integrating investments, technology and data across the entire portfolio.
In May, BlackRock completed the deal to acquire the remaining 75% stake in SpiderRock, which will enhance its separately managed accounts offerings. In January, it agreed to acquire Global Infrastructure Partners.
Likewise, in 2023, the company acquired London-based Kreos Capital and agreed to form a joint venture with Jio Financial Services Limited, named Jio BlackRock.
While the acquisition of Barclays Global Investors in 2009 remains the biggest deal by far, the above-mentioned buyouts, along with the past ones, will help the company expand its footprint and market share.
Robust AUM Balance: A steadily improving AUM balance has been supporting BlackRock’s revenue growth. Over the five years ended 2023, the company’s AUM witnessed a compound annual growth rate (CAGR) of 10.9%. Driven by the rise in AUM, revenues (GAAP basis) witnessed a CAGR of 4.7% over the same period.
Given the company’s efforts to strengthen iShares and ETF operations, and its increased focus on the active equity business, BlackRock’s top line is expected to improve.
We project total revenues to grow 10.2%, 12.4% and 17.5% in 2024, 2025 and 2026, respectively. Our estimate for total AUM indicates witnessing a CAGR of 5.5% in the three years ended 2026.
Sustainable Capital Distributions: BlackRock hikes dividends annually. In January 2024, it announced a 2% hike in quarterly dividend. Also, the company has an efficient share buyback policy in place.
In January 2023, its board of directors authorized the repurchase of an additional 7 million shares under its existing share repurchase program. As of June 30, 2024, 4.6 million shares were left to be repurchased under the current program. In 2024, BLK targets to repurchase shares worth $1.5 billion.
Given its earnings strength and solid liquidity position, the company is expected to sustain efficient capital distributions in the future and keep enhancing shareholder value.
Key Headwinds for BlackRock
Elevated Expenses: BlackRock has been witnessing a persistent rise in operating expenses for the past several years. Over the last five years (2018-2023), total expenses increased seeing a CAGR of 5.8% due to a rise in general and administration (G&A) costs. The uptrend in expenses continued in the first six months of 2024.
Overall costs are expected to be elevated in the near term. Excluding the impacts of GIP, Preqin and related transaction costs, management expects core G&A expenses in 2024 to increase in the low to mid-single-digit percentage range. We project total expenses to increase 9%, 15.6% and 14.7% in 2024, 2025 and 2026, respectively.
Thus, higher costs will likely continue to hurt BlackRock’s bottom-line growth to an extent in the near term.
Overseas Revenue Dependence: BlackRock is a geographically diversified company with a presence in almost all major markets of the world. Its dependence on overseas revenues has been gradually increasing over the past few years, with almost 40% of total AUM managed for clients domiciled outside the United States.
Despite generating just about one-third of its revenues from overseas markets, a number of risks stemming from regulatory and political environments, foreign exchange fluctuations and the performance of the regional economy could affect its top-line growth.
BlackRock’s Price Performance & Zacks Rank
Over the past six months, BLK shares have gained 11.9% compared with the industry’s 8.4% growth.
Currently, BlackRock carries a Zacks Rank #3 (Hold).
Stocks Worth Considering
A couple of better-ranked stocks from the same space are Janus Henderson Group plc JHG and KKR & Co. Inc. KKR. Currently, JHG sports a Zacks Rank #1 (Strong Buy) and KKR has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings estimates for JHG for the current year have been revised 5.2% upward over the past 60 days. The company’s share price has increased 18.2% over the past six months.
Estimates for KKR’s current-year earnings have been revised 1.5% upward over the past 60 days. The company’s shares have gained 33% over the past six months.
Zacks Investment Research
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
AllianceBernstein (AB) is a stock many investors are watching right now. AB is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 10.30. This compares to its industry's average Forward P/E of 15.28. Over the past 52 weeks, AB's Forward P/E has been as high as 12.15 and as low as 9.62, with a median of 10.65.
Investors will also notice that AB has a PEG ratio of 0.65. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. AB's industry has an average PEG of 0.86 right now. Over the past 52 weeks, AB's PEG has been as high as 4.42 and as low as 0.60, with a median of 0.77.
Investors should also recognize that AB has a P/B ratio of 1.89. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 3.23. Within the past 52 weeks, AB's P/B has been as high as 1.95 and as low as 1.48, with a median of 1.84.
Finally, we should also recognize that AB has a P/CF ratio of 12.04. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 25.97. AB's P/CF has been as high as 37.57 and as low as 11.21, with a median of 14.13, all within the past year.
These are just a handful of the figures considered in AllianceBernstein's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that AB is an impressive value stock right now.
Zacks Investment Research
AllianceBernstein Holding L.P. AB has announced assets under management (AUM) for August 2024. The company’s preliminary month-end AUM of $791 billion reflects a 1.8% increase from the end of July 2024.
The rise was primarily driven by market appreciation. This was partly offset by net outflows in the Institutions channel.
At the end of August, AllianceBernstein’s Equity AUM rose 1.5% sequentially to $336 billion. Alternatives/Multi-Asset Solutions AUM (including certain multi-asset services and solutions) was up 1.2% to $163 billion. Fixed Income AUM of $292 billion grew 2.5% from the end of July.
In terms of channel, July month-end Institutions AUM of $329 billion increased roughly 1% from the previous month. Retail AUM was $328 billion, up 2.8% from the prior month’s end. Private Wealth AUM of $134 billion increased 1.5% from the July 2024 level.
AllianceBernstein’s global reach and solid AUM balance are likely to boost top-line growth. However, rising operating costs and a challenging operating backdrop are near-term concerns. In the past six months, shares of AB have gained 3.2% compared with the industry's rise of 8.4%.
Currently, AB carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of AB’s Peers
Invesco IVZ announced preliminary AUM for August 2024. The company’s month-end AUM of $1.75 trillion represented a 1.1% increase from the previous month.
Invesco’s AUM was favorably impacted by solid market returns, which boosted its AUM by $16 billion. Further, FX boosted the AUM balance by $7.3 billion.
Lazard, Inc. LAZ reported a preliminary AUM balance of $244.3 billion for August 2024. This reflected a marginal decrease from $246.1 billion as of July 31, 2024.
The fall in LAZ’s AUM balance was due to net outflows of $7.5 billion. This was partially offset by the market appreciation and a foreign exchange appreciation of $2.8 billion and $3 billion, respectively.
Zacks Investment Research
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