Kelly Lawrence W & Associates Inc. CA bought a new stake in shares of The Charles Schwab Corporation (NYSE:SCHW – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund bought 14,767 shares of the financial services provider’s stock, valued at approximately $1,363,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Charles Schwab by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 37,667,640 shares of the financial services provider’s stock worth $3,747,646,000 after acquiring an additional 98,242 shares during the period. Swiss Life Asset Management Ltd lifted its holdings in Charles Schwab by 4.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 407,179 shares of the financial services provider’s stock valued at $40,681,000 after purchasing an additional 16,482 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Charles Schwab during the fourth quarter worth about $35,233,000. Norges Bank bought a new position in Charles Schwab during the fourth quarter worth about $1,994,189,000. Finally, Seaview Investment Managers LLC purchased a new position in shares of Charles Schwab in the fourth quarter worth about $8,027,000. 84.38% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
SCHW has been the topic of several research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Charles Schwab in a research report on Thursday, June 18th. Raymond James Financial reaffirmed an “outperform” rating and issued a $145.00 price objective on shares of Charles Schwab in a report on Wednesday, July 22nd. Compass Point started coverage on shares of Charles Schwab in a research note on Monday, August 3rd. They issued a “buy” rating and a $135.00 price objective for the company. Argus boosted their target price on shares of Charles Schwab from $108.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, Zacks Research upgraded Charles Schwab from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.17.
Charles Schwab Stock Up 1.2%
SCHW stock opened at $113.63 on Tuesday. The stock has a 50-day simple moving average of $102.05 and a two-hundred day simple moving average of $96.16. The Charles Schwab Corporation has a twelve month low of $83.96 and a twelve month high of $114.53. The firm has a market capitalization of $196.51 billion, a PE ratio of 20.66, a PEG ratio of 0.84 and a beta of 0.76. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.52.
Charles Schwab (NYSE:SCHW – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.06. Charles Schwab had a net margin of 38.79% and a return on equity of 24.53%. The firm had revenue of $7.07 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the prior year, the firm posted $1.14 earnings per share. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, equities analysts predict that The Charles Schwab Corporation will post 6.46 EPS for the current fiscal year.
Charles Schwab Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.28 annualized dividend and a yield of 1.1%. Charles Schwab’s dividend payout ratio (DPR) is currently 23.27%.
Insider Activity
In other news, Chairman Walter W. Bettinger sold 93,408 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $104.64, for a total transaction of $9,774,213.12. Following the completion of the transaction, the chairman owned 529,346 shares of the company’s stock, valued at approximately $55,390,765.44. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paula A. Sneed sold 5,263 shares of Charles Schwab stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $107.15, for a total transaction of $563,930.45. Following the sale, the director owned 91,711 shares of the company’s stock, valued at approximately $9,826,833.65. The trade was a 5.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 398,984 shares of company stock worth $41,699,569. Company insiders own 6.30% of the company’s stock.
About Charles Schwab
Charles Schwab Corporation (NYSE: SCHW) is a diversified financial services firm that provides brokerage, banking, wealth management and advisory services to individual investors, independent investment advisors and institutional clients. Its primary offerings include retail brokerage accounts, online trading platforms, Schwab-branded mutual funds and exchange-traded funds (ETFs), retirement plan services, custodial services for independent Registered Investment Advisors (RIAs), and banking products through Charles Schwab Bank.
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