Palisade Asset Management LLC grew its stake in Charles Schwab Co. (NYSE:SCHW) by 233.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,569 shares of the financial services provider’s stock after acquiring an additional 16,500 shares during the quarter. Palisade Asset Management LLC’s holdings in Charles Schwab were worth $1,008,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in SCHW. Laurel Wealth Advisors LLC purchased a new position in Charles Schwab during the 4th quarter worth $31,000. First Personal Financial Services grew its stake in Charles Schwab by 51.9% during the 4th quarter. First Personal Financial Services now owns 825 shares of the financial services provider’s stock worth $34,000 after buying an additional 282 shares during the last quarter. Proficio Capital Partners LLC grew its stake in Charles Schwab by 70.2% during the 4th quarter. Proficio Capital Partners LLC now owns 1,028 shares of the financial services provider’s stock worth $43,000 after buying an additional 424 shares during the last quarter. Clearbridge LLC grew its stake in Charles Schwab by 75.1% during the 4th quarter. Clearbridge LLC now owns 1,096 shares of the financial services provider’s stock worth $46,000 after buying an additional 470 shares during the last quarter. Finally, Semmax Financial Advisors Inc. purchased a new position in Charles Schwab during the 4th quarter worth $47,000. Institutional investors and hedge funds own 80.06% of the company’s stock.
Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Charles Schwab from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Thursday, January 3rd. Credit Suisse Group boosted their target price on Charles Schwab from $50.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 17th. ValuEngine upgraded Charles Schwab from a “sell” rating to a “hold” rating in a research note on Wednesday, January 16th. UBS Group downgraded Charles Schwab from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $48.00 to $42.00 in a research note on Wednesday, February 20th. Finally, Wells Fargo & Co lowered their price target on Charles Schwab from $48.00 to $47.00 and set a “market perform” rating for the company in a research report on Friday, April 5th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $53.22.
SCHW traded down $0.32 on Monday, reaching $45.03. 7,443,640 shares of the stock were exchanged, compared to its average volume of 6,736,862. Charles Schwab Co. has a fifty-two week low of $37.83 and a fifty-two week high of $60.22. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.08. The stock has a market cap of $60.51 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.42 and a beta of 1.32.
Charles Schwab (NYSE:SCHW) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.03. Charles Schwab had a return on equity of 20.11% and a net margin of 34.61%. The company had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the firm posted $0.55 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. Analysts predict that Charles Schwab Co. will post 2.77 EPS for the current fiscal year.
Charles Schwab declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 30th that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, EVP Terri R. Kallsen sold 41,285 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $46.75, for a total value of $1,930,073.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Charles R. Schwab sold 250,000 shares of the business’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $47.04, for a total value of $11,760,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 360,156 shares of company stock valued at $16,826,468. 10.90% of the stock is currently owned by insiders.
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About Charles Schwab
The Charles Schwab Corporation, through its subsidiaries, provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. The company operates through two segments, Investor Services and Advisor Services. The Investor Services segment provides retail brokerage and banking services, retirement plan services, and other corporate brokerage services; equity compensation plan sponsors full-service recordkeeping for stock plans, stock options, restricted stock, performance shares, and stock appreciation rights; and retail investor, retirement plan, and mutual fund clearing services.
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