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HL. Hargreaves Lansdown Plc

12.40 (1.72%)
18 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hargreaves Lansdown Plc LSE:HL. London Ordinary Share GB00B1VZ0M25 ORD 0.4P
  Price Change % Change Share Price Shares Traded Last Trade
  12.40 1.72% 734.20 1,017,667 16:35:22
Bid Price Offer Price High Price Low Price Open Price
733.20 734.40 743.20 725.50 729.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Security Brokers & Dealers 735.1M 323.8M 0.6833 10.75 3.48B
Last Trade Time Trade Type Trade Size Trade Price Currency
18:45:02 O 677 734.09 GBX

Hargreaves Lansdown (HL.) Latest News

Hargreaves Lansdown (HL.) Discussions and Chat

Hargreaves Lansdown Forums and Chat

Date Time Title Posts
23/2/202212:04Good Value3
24/1/202114:01Mis selling scandal of Woodford - will there be fallout /mis selling by HL.?1
03/3/201509:10H&L. Strong demand on Day One536

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Hargreaves Lansdown (HL.) Most Recent Trades

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Hargreaves Lansdown (HL.) Top Chat Posts

Top Posts
Posted at 18/4/2024 09:20 by Hargreaves Lansdown Daily Update
Hargreaves Lansdown Plc is listed in the Security Brokers & Dealers sector of the London Stock Exchange with ticker HL.. The last closing price for Hargreaves Lansdown was 721.80p.
Hargreaves Lansdown currently has 473,875,929 shares in issue. The market capitalisation of Hargreaves Lansdown is £3,480,144,823.
Hargreaves Lansdown has a price to earnings ratio (PE ratio) of 10.75.
This morning HL. shares opened at 729.60p
Posted at 21/3/2024 14:25 by giltedge1
More to HL than dealing fees on shares Pensions Funds advice etc. Would not hold 1M Sipp at a Robin Hood app etc,
wouldn't t sleep at night. Like saying BMW will loose sales to Hyundai. When I ring HL always a positive experience, consumers always willing to pay a bit more for good service. Will find out next 6 months if share price rises!
Posted at 16/3/2024 14:42 by sunshine today
Sunshine Today - 22 Feb 2022 - 08:42:30 - 1637 of 2694 HL. - HL.

I for one are extremely happy I have been proved correct

This was my experience 3 years ago.

Having read the posts on this site over the last few months here are my views on HL. Most highlight just how bad they have treated clients.

I put it to you: Warning bells should be ringing loud and clear, if a FTSE 100 company is constantly getting these exceptional poor ratings on an open review forum. 58% of clients rate HL BAD or POOR

First please read my original post in 2018.

They have since forced me to close my account . !

HL don’t care one tad about their customers, in my view.

They have over one million clients picked up over the years, through slick marketing and the fact the competition from the banks has always been so dire.

HL make massive profits off the back of clients most of which, ( but not all ) have little understanding of investment.

I see even an article written just today, by themselves, encouraging investors to buy on the dips. ( They don’t want redemptions, at all costs, as lower FUM equals lower profits.

These profits are 65P for each pound of fee income, unheard of margins within the sector.

I believe their greed and very poor customer service will be their downfall, as those that got sucked in over the last ten year bull market suddenly see, their investments can go down the pan, in a market downturn.


Investors were warned here in July 2018 when the stock traded at £20.00 plus.
Posted at 16/3/2024 12:08 by m_kerr
I can see PE taking this over, given the recurring cashflows, cost cutting opportunity and long term sector stability and indeed growth.

The free interest is masking a more serious issue, but the market isn't stupid here and sees that hence the fall in valuation / share price.
Posted at 14/3/2024 14:59 by barnes4
The share price will have a 6 in it this week
Posted at 21/2/2024 10:44 by ochs
To be honest being in the FTSE 100 doesn't seem so important at the moment. When we were in it the share price carried on drifting downwards - I think trackers hold a proportion similar to the weighting of the index, so as the HL share price fell they would all have been reducing their holdings as HL made up a smaller and smaller proportion of the FTSE 100 market cap as a whole.

From a charting point of view the recent intra-day high of 844.5p means we failed to get a daily close above the 841.75p resistance level (62% Fibonacci retracement of the 944p to 676.5p down move). Support now comes in at 780p, which is the 38% Fibonacci of the 676.5p to 844.5p up move.

Clearly tomorrow's half-year results RNS will have a huge impact as to whether we head back up and test 841.75p again or move down towards 780p and lower...
Posted at 05/2/2024 10:44 by ochs
Hello @evianone, I would still be a little bit cautious at this stage - I've been bitten by the HL share price too many times already over the past few years! On the charts 778.5p is a crucial resistance level (38% Fib) and an end of day close above 778.5p would be positive.

There is a risk that new business could have been weaker than expected in the 1st half - 1 July to 31 Dec, but most important will be forward guidance for the tax year end period.

HL currently make a good margin on cash, but that is coming under pressure from FCA and next move in UK rates could be down. Additionally they may reduce dealing fees at some point which could affect margins (at least in short term).

Final thing to be aware of is that US and Germany markets are currently at all time highs meaning should these begin to fall back the HL share price could suffer. Unlike the markets the HL share price is far from all time highs - but that won't stop it falling if there's a market correction.
Posted at 20/10/2023 16:09 by ochs
Thanks @lomax99, a good write up from Peel Hunt, and a 'Buy' rating with a price target of 1,220p.

"Hargreaves Lansdown’s share price continues to reflect challenging market conditions, rather than the significantly higher level of profitability being delivered through interest income – which we believe is higher quality than the share price suggests,’ he said.

The business does have strong long-term prospects, which we do not believe are being fully reflected in the share price."
Posted at 19/10/2023 16:03 by lomax99
FT a couple of days ago. The banks are the real shockers!

Investment platforms under scrutiny over interest paid on customers’ cash
FCA to focus on the issue under new consumer duty requirement to provide fair value

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Investment platforms are facing scrutiny from the financial regulator over the amount of interest they pay on customers’ cash deposits as they reap rewards from soaring rates.

DIY trading platforms including Hargreaves Lansdown and AJ Bell have reported bumper profits in recent weeks despite clients making fewer trades and holding smaller asset portfolios, with the windfall largely driven by interest paid by banks where they deposit customers’ money.

The Financial Conduct Authority last month wrote to platforms’ chief executives to notify them of its “immediate focus” on their retention of money made from interest payments as part of its new consumer duty policy that requires financial services businesses to provide “fair value” to customers.

The move follows an investigation into high street banks in July over accusations they were “profiteering” from customers by failing to pass on rate rises to savers while rapidly ramping up the amount charged to borrowers.

Retail investment platforms have struggled to attract new business this year as the cost of living crisis leaves investors with less money to play with. They are also being hit by a long-term shift from actively managed assets to passive index funds and competition from cheaper upstart platforms and “robo advisers”, which provide automated financial guidance.

However, the so-called fund supermarkets have still benefited from money generated on clients’ deposits.

Platforms lend client deposits to banks at the sterling overnight index average rate and pay out a lower interest rate to clients, keeping the difference between the two.

For example, an investor who holds £20,000 of uninvested cash in an ISA wrapper on AJ Bell can expect an annualised interest payment of 2.2 per cent (£440), while the platform could earn £1,040 interest on the money at the current rate of 5.2 per cent.

AJ Bell said it managed cash “over the long term using a range of terms and interest rates . . . some of [which] would have been locked in when interest rates were much lower”.

Hargreaves Lansdown last month beat analysts’ expectations with a bumper set of results after its net interest income for the previous 12 months hit £270mn, up from £50mn the year earlier. The average amount of cash across the year in its investment accounts was £14bn, only slightly up from £13.6bn the year before.

Holly Mackay, founder of consumer financial website Boring Money, said that by extrapolating from Hargreaves’ figures it was not “unreasonable to estimate” that the investment platform sector made roughly £690mn over the 12-month period from interest paid by banks on its customers’ cash.

AJ Bell said its “recurring ad valorem revenue” — its interest margin plus a 0.25 per cent custody fee on customer assets — was £75mn in the six months to March 31, up 78 per cent on a year earlier.

Interactive Investor, which is owned by Abrdn, recorded a £66mn interest rate margin in the first half of 2023, almost half of the group’s operating profit for the period.

The industry has defended its actions, highlighting that customers only hold money on its platforms for short periods and that companies typically pass on most of the benefits of rate rises while keeping customer cash immediately available.

“Over 85 per cent of the benefit of base rate rises during the past 12 months has been passed on to clients,” said Hargreaves Lansdown, adding that customers who use its “active savings” products were able to access the top rates offered by high street banks.

Interactive Investor said its cash rates were “highly visible” on its website, noting it “continually assesses treatment of interest on cash”.

“There can be plenty of circumstances where customers may maintain higher cash balances in the short term,” it added. “We think it is thought-provoking, given we are fundamentally an investment platform, that our rates do not compare unfavourably with many instant-access bank savings accounts.”

Analysts from investment bank RBC noted in September that although earnings had been meaningfully higher at the publicly listed investment platforms, their share price slide had continued.

“We have concerns that bloated revenues from this source might make profit growth more challenging as/when interest rates do eventually taper,” they wrote, noting there was also risk from regulation as the issue garners wider attention.

Hargreaves Lansdown’s share price is down 12 per cent this year while AJ Bell’s has fallen 28 per cent. Abrdn, of which Interactive Investor is just one business segment, is 13 per cent lower.

Frederic Malherbe, director of UCL’s Centre for Finance who has previously called for banks to be compelled to pass on the benefits of interest rate rises to savers, welcomed the FCA’s attention on the matter. 

“Together with some pressure to make transfer of funds in and out the platforms easier, this can only increase the competitiveness of the deposit market in the UK,” he said. “The lack thereof has cost enough to savers in the past 12 months.”

The consumer duty, a standard by the FCA, came into force on July 31 this year and requires asset managers, banks and other companies to prove that they have acted fairly and transparently and delivered “good outcomes” for customers.
Posted at 19/10/2023 08:49 by stoopid
I get that and I have been trading HL on the peaks and troughs since I first bought in last November at 775. So even at the current share price, because I have been trading it a little I'm still slightly up even at the current share price. But I must admit that the current decline in share price has caught me out.
Posted at 19/9/2023 13:28 by lomax99
IC today:

Hargreaves Lansdown enjoys its most profitable year

A changing mix of earnings is vital for Hargreaves Lansdown as the business goes through transition

Times seemingly couldn’t be better for Hargreaves Lansdown (HL.) as the funds and share dealing platform enjoyed its most profitable year ever on the back of rising interest rates. However, the results raised more questions than answers as the company grapples with changing its direction of travel under its new chief executive, Dan Olley, who took over formally just ahead of these results.

Firstly, investors will need to assess whether the regulation around personalised advice is starting to move in Hargreaves’s direction, if the government is serious about addressing the “advice gap” that is an unintended consequence of “rigid rules” associated with EU regulation. This would allow HL to offer more personalised financial advice to its traditionally sticky client base – retention rates were again above 92 per cent this year.

Operationally, there was little to fault. Rising interest rates meant that Hargreaves was able to earn a considerable margin on clients’ uninvested cash; interest income during the year leapt from £50mn to £269mn, with the happy consequence that pre-tax profits rose by 50 per cent as a result. The number of active clients increased by 67,000 to top 1.8mn, with a £4.8bn inflow of new business added, which meant total assets under administration was 8 per cent higher at £134bn. Rising interest rates also meant that the active cash savings product proved popular with investors, and it attracted new business of £3.2bn. Meanwhile, underlying costs came in at £314mn, compared with £285mn last time.

Management was restrained in its outlook for the year ahead, with clients expected to subscribe to active savings, instead of generating net new investment flows because of the uncertain economic environment. Strategic spending in support of its personalised advice plan is also expected to rise, according to the chief financial officer. In these results, strategic spending was £51.5mn, with £15mn of this capitalised through the balance sheet.

Numis analysts said in a note that HL must counterbalance the lower yield it earns on active savings with the much higher margin available from personal financial advice – it is targeting 25 per cent of inflows to be generated by this segment.

The share price has been on a long losing streak and is not far from multi-year lows, although there were signs of share price recovery in the aftermath of these results. With Numis forecasting a forward price/earnings ratio of 10 for 2024, value is available if management can up the quality of earnings. Speculative buy.

Unusual for IC to, almost, get of the fence.....
Hargreaves Lansdown share price data is direct from the London Stock Exchange

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