RBC Sells 13% Stake in LPL Financial Amid Company's Revenue Surge

Royal Bank of Canada reduced its stake in LPL Financial Holdings Inc. by 12.7% during the first quarter, according to a recent SEC filing. The bank sold 22,891 shares, leaving it with 157,829 shares of LPLA stock.

The value of Royal Bank of Canada's holdings in LPL Financial is approximately $47.5 million, which represents about 0.20% of the company's outstanding shares. This reduction in stake comes as LPL Financial continues to grow its business, with a 35.2% increase in revenue and a 29% rise in adjusted EPS in Q2.

Other institutional investors have also been active in buying and selling LPL Financial stock during the quarter. M&T Bank Corp boosted its stake by 27,955.5%, while Principal Financial Group Inc. increased its holdings by 36.3%. Norges Bank purchased a new position valued at approximately $371 million.

LPL Financial has been on a strong run in recent months, with its stock price rising due to the company's positive earnings and revenue growth. The firm also resumed repurchasing shares, buying back $309 million worth of stock in Q2.