Weitz Investment Management Inc. boosted its position in Charles Schwab Co. (NYSE:SCHW) by 3.5% during the first quarter, Holdings Channel reports. The institutional investor owned 1,369,300 shares of the financial services provider’s stock after purchasing an additional 46,936 shares during the period. Charles Schwab accounts for approximately 2.4% of Weitz Investment Management Inc.’s portfolio, making the stock its 13th biggest position. Weitz Investment Management Inc.’s holdings in Charles Schwab were worth $58,551,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Quantamental Technologies LLC purchased a new stake in Charles Schwab in the 1st quarter worth approximately $32,000. Laurel Wealth Advisors LLC purchased a new stake in Charles Schwab in the 4th quarter worth approximately $31,000. Proficio Capital Partners LLC boosted its position in Charles Schwab by 70.2% in the 4th quarter. Proficio Capital Partners LLC now owns 1,028 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 424 shares in the last quarter. Berman Capital Advisors LLC boosted its position in Charles Schwab by 260.7% in the 1st quarter. Berman Capital Advisors LLC now owns 1,046 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 756 shares in the last quarter. Finally, Spectrum Management Group Inc. boosted its position in Charles Schwab by 44.5% in the 1st quarter. Spectrum Management Group Inc. now owns 1,071 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 330 shares in the last quarter. Hedge funds and other institutional investors own 78.96% of the company’s stock.
In related news, Director Stephen T. Mclin sold 4,000 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $45.59, for a total value of $182,360.00. Following the completion of the transaction, the director now directly owns 7,592 shares of the company’s stock, valued at approximately $346,119.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen T. Mclin sold 4,356 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $43.85, for a total value of $191,010.60. Following the completion of the transaction, the director now directly owns 7,592 shares of the company’s stock, valued at $332,909.20. The disclosure for this sale can be found here. Insiders have sold a total of 841,576 shares of company stock worth $38,416,671 in the last quarter. Insiders own 10.90% of the company’s stock.
Shares of NYSE:SCHW traded down $1.41 during midday trading on Friday, reaching $40.95. 371,485 shares of the company’s stock traded hands, compared to its average volume of 6,700,089. Charles Schwab Co. has a 1 year low of $37.83 and a 1 year high of $57.83. The firm has a market capitalization of $56.20 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 1.93 and a beta of 1.35. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.33 and a quick ratio of 0.33.
Charles Schwab (NYSE:SCHW) last announced its earnings results on Monday, April 15th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Charles Schwab had a return on equity of 20.47% and a net margin of 35.27%. The firm had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter last year, the firm posted $0.55 EPS. The business’s revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts expect that Charles Schwab Co. will post 2.77 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Wednesday, May 15th were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, May 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.66%. Charles Schwab’s dividend payout ratio (DPR) is 27.76%.
Several equities research analysts have commented on SCHW shares. UBS Group lowered Charles Schwab from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $48.00 to $42.00 in a research report on Wednesday, February 20th. ValuEngine lowered Charles Schwab from a “hold” rating to a “sell” rating in a research report on Friday, February 22nd. Zacks Investment Research upgraded Charles Schwab from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Wednesday, March 13th. Deutsche Bank lowered their price objective on Charles Schwab from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Wells Fargo & Co lowered their price objective on Charles Schwab from $48.00 to $47.00 and set a “market perform” rating on the stock in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $52.70.
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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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