Ithaka Group LLC Acquires New Stake in The Charles Schwab Corporation (SCHW)

Ithaka Group LLC acquired a new position in shares of The Charles Schwab Corporation (NYSE:SCHW) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 258,460 shares of the financial services provider’s stock, valued at approximately $10,548,000. The Charles Schwab Corporation accounts for about 2.0% of Ithaka Group LLC’s portfolio, making the stock its 20th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SCHW. Dodge & Cox bought a new stake in The Charles Schwab Corporation during the fourth quarter worth approximately $3,813,732,000. State Street Corp boosted its stake in The Charles Schwab Corporation by 7.3% in the fourth quarter. State Street Corp now owns 61,155,943 shares of the financial services provider’s stock worth $2,413,822,000 after buying an additional 4,153,309 shares in the last quarter. FMR LLC boosted its stake in The Charles Schwab Corporation by 2.5% in the fourth quarter. FMR LLC now owns 23,378,291 shares of the financial services provider’s stock worth $922,741,000 after buying an additional 571,876 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in The Charles Schwab Corporation by 191.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 16,620,867 shares of the financial services provider’s stock worth $524,721,000 after buying an additional 10,912,905 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in The Charles Schwab Corporation by 15.9% in the first quarter. Ameriprise Financial Inc. now owns 13,120,429 shares of the financial services provider’s stock worth $535,281,000 after buying an additional 1,802,922 shares in the last quarter. 79.39% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for The Charles Schwab Corporation (NYSE:SCHW)

Shares of The Charles Schwab Corporation (NYSE SCHW) traded down 0.64% during midday trading on Tuesday, hitting $42.19. 2,063,583 shares of the company’s stock were exchanged. The Charles Schwab Corporation has a 1-year low of $23.83 and a 1-year high of $43.65. The stock has a market cap of $56.41 billion, a PE ratio of 29.92 and a beta of 1.63. The stock’s 50 day moving average is $39.97 and its 200-day moving average is $40.37.

The Charles Schwab Corporation (NYSE:SCHW) last announced its earnings results on Tuesday, April 18th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.06 billion. The Charles Schwab Corporation had a return on equity of 15.04% and a net margin of 26.18%. The company’s revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 earnings per share. Analysts predict that The Charles Schwab Corporation will post $1.63 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 26th. Shareholders of record on Friday, May 12th were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 10th. This represents a $0.32 dividend on an annualized basis and a yield of 0.75%. The Charles Schwab Corporation’s payout ratio is currently 22.86%.

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Several brokerages recently issued reports on SCHW. BidaskClub raised shares of The Charles Schwab Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Instinet reaffirmed a “conviction-buy” rating and set a $46.00 price objective (up previously from $44.00) on shares of The Charles Schwab Corporation in a research note on Friday, April 14th. Jefferies Group LLC reaffirmed a “buy” rating and set a $48.00 price objective on shares of The Charles Schwab Corporation in a research note on Wednesday, May 31st. William Blair reiterated an “outperform” rating on shares of The Charles Schwab Corporation in a report on Friday. Finally, SunTrust Banks, Inc. decreased their target price on shares of The Charles Schwab Corporation from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, April 19th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The Charles Schwab Corporation has an average rating of “Buy” and an average target price of $42.00.

In other news, Director Mark A. Goldfarb bought 1,850 shares of The Charles Schwab Corporation stock in a transaction that occurred on Thursday, April 27th. The stock was purchased at an average cost of $26.97 per share, with a total value of $49,894.50. Following the completion of the transaction, the director now directly owns 1,850 shares in the company, valued at $49,894.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Terri R. Kallsen sold 27,122 shares of the firm’s stock in a transaction on Wednesday, April 19th. The stock was sold at an average price of $38.36, for a total value of $1,040,399.92. Following the completion of the transaction, the executive vice president now directly owns 5,212 shares of the company’s stock, valued at $199,932.32. The disclosure for this sale can be found here. Insiders have sold 357,824 shares of company stock valued at $14,318,351 in the last ninety days. Company insiders own 12.00% of the company’s stock.

The Charles Schwab Corporation Company Profile

The Charles Schwab Corporation (CSC) is a savings and loan holding company. The Company, through its subsidiaries, engages in wealth management, securities brokerage, banking, money management and financial advisory services. The Company provides financial services to individuals and institutional clients through two segments: Investor Services and Advisor Services.

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