LPL Financial dips after $1.5 billion share sale to fund Commonwealth Financial acquisition

Wealth management firm LPL Financial's LPLA.O shares fall 1.5% to $322.36 in premarket trading after follow-on offering priced

LPLA late Monday sold ~4.69 million shares at $320 apiece in its stock offering to raise $1.5 billion

Offering priced at a 2.2% discount to stock's last close

LPLA stock closed down 2.9% at $327.14 on Monday after the firm unveiled the stock offering

Morgan Stanley was the sole active book-running manager for the offering

LPLA will use proceeds to fund a portion of its $2.7 billion acquisition of rival Commonwealth Financial Network announced on Monday

15 of 17 brokerages rate the stock "buy" or higher, 1"hold" and 1 "sell"; median PT $415.50 - data compiled by LSEG

As of last close, LPLA stock flat YTD