Recently, LPL Financial Holdings Inc. (LPLA - Free Report) completed the acquisition of Lakeland, FL-based Allen & Company of Florida. The financial terms of the deal, announced in May 2019, remain undisclosed.
As part of the deal, all 33 advisors of Allen & Company have joined LPL Financial. Further, by the end of this year, nearly $3 billion worth of client assets will be transferred to LPL Financial’s platform.
Notably, Allen & Company, a registered investment advisor and a broker dealer, will continue to use its brand name.
The company expects its post-synergy EBITDA to be seven times compared with that before the acquisition.
Dan Arnold, LPL financial president and CEO noted, “We also look forward to collaborating as we innovate on our new model that preserves the principles of independence and wraps them in employee services.”
Also, Ralph Allen, chairman of Allen & Company stated, “And the firm’s ability to invest in technology, resources and business solutions is an advantage we experience every day, allowing us to be more efficient and have capabilities that enhance our value with clients. We look forward to the opportunities ahead as part of the LPL team.”
We anticipate that the acquisition will help build synergies, leading to positive results for LPL Financial. Moreover, Allen & Company’s client base, which will be transferred to LPL Financial’s platform, will further stoke growth.
Shares of this Zacks Rank #3 (Hold) company have rallied 30% year to date, outperforming the industry’s rise of 10.7%.
OneMain Holdings, Inc. (OMF - Free Report) has been witnessing 5.8% upward earnings estimate revisions over the past 30 days, with the company’s shares jumping 68.8%, year to date. The stock sports a Zacks Rank of 1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings estimates for Evercore Inc (EVR - Free Report) moved 4.5% north, over the past 30 days. Further, the company’s shares have rallied 12.6% so far this year. It currently carries a Zacks Rank of 2 (Buy).
Tradeweb Markets Inc.’s (TW - Free Report) earnings estimates remained unchanged over the past 30 days. The company’s shares have appreciated 29.9% in the year-to-date period. Currently, it carries a Zacks Rank #2.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>