Activist investor Marcato Capital has a new 6.3% stake in LPL Financial Holdings (NASDAQ: LPLA). Mick Mcguire and his Marcato hedge fund believe the brokerage firm is undervalued.
On a pro forma basis, the six million share stake puts LPL as Marcato's fifth largest holding - about 10% of its portfolio.
Marcato may look for an audience at LPL when it comes to talking about business strategies, capital structure, M&A, etc.
Shares of LPL are down 8.5% year-to-date after facing various regulatory issues due to surveillance of trading in customer accounts. It paid a $11.7 million fee to FINRA in May related to this.
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