Rakuten Investment Management Inc. grew its holdings in The Charles Schwab Corporation (NYSE:SCHW – Free Report) by 9.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 294,137 shares of the financial services provider’s stock after purchasing an additional 25,176 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Charles Schwab were worth $29,149,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in SCHW. First Citizens Bank & Trust Co. lifted its position in Charles Schwab by 102.3% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 33,750 shares of the financial services provider’s stock worth $3,299,000 after buying an additional 17,068 shares in the last quarter. Financial Advisory Partners LLC acquired a new stake in Charles Schwab in the 1st quarter valued at about $3,199,000. Illinois Municipal Retirement Fund increased its position in Charles Schwab by 39.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 103,657 shares of the financial services provider’s stock valued at $9,742,000 after acquiring an additional 29,260 shares in the last quarter. Diversified Management Inc. raised its stake in shares of Charles Schwab by 404.1% in the third quarter. Diversified Management Inc. now owns 48,078 shares of the financial services provider’s stock worth $4,699,000 after acquiring an additional 38,541 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Charles Schwab by 67.6% in the third quarter. Assenagon Asset Management S.A. now owns 2,923,270 shares of the financial services provider’s stock worth $285,720,000 after acquiring an additional 1,179,312 shares during the last quarter. Institutional investors own 84.38% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on SCHW shares. JPMorgan Chase & Co. reduced their target price on shares of Charles Schwab from $150.00 to $147.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. Truist Financial set a $115.00 price objective on shares of Charles Schwab in a research report on Friday, October 16th. Rothschild & Co Redburn upped their price objective on Charles Schwab from $114.00 to $120.00 and gave the stock a “neutral” rating in a report on Monday, September 21st. The Goldman Sachs Group reiterated a “buy” rating and issued a $117.00 price objective (down from $122.00) on shares of Charles Schwab in a research report on Friday, October 16th. Finally, Deutsche Bank Aktiengesellschaft set a $125.00 target price on Charles Schwab and gave the company a “buy” rating in a research note on Friday, October 16th. Eighteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $119.91.
View Our Latest Stock Report on SCHW
Insider Buying and Selling
In related news, Director Paula A. Sneed sold 5,263 shares of Charles Schwab stock in a transaction on Friday, August 7th. The stock was sold at an average price of $107.15, for a total transaction of $563,930.45. Following the completion of the sale, the director directly owned 91,711 shares of the company’s stock, valued at $9,826,833.65. The trade was a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Dennis Howard sold 2,198 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $110.00, for a total value of $241,780.00. Following the completion of the sale, the insider owned 6,980 shares of the company’s stock, valued at $767,800. This represents a 23.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 285,734 shares of company stock worth $32,073,309 over the last 90 days. 6.30% of the stock is currently owned by corporate insiders.
Charles Schwab Stock Up 0.7%
Shares of NYSE:SCHW opened at $89.30 on Wednesday. The Charles Schwab Corporation has a one year low of $83.96 and a one year high of $114.53. The company has a 50 day moving average of $99.56 and a 200-day moving average of $97.54. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.64 and a quick ratio of 0.64. The stock has a market cap of $154.43 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 0.79 and a beta of 0.77.
Charles Schwab (NYSE:SCHW – Get Free Report) last announced its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.03. Charles Schwab had a net margin of 39.33% and a return on equity of 25.79%. The business had revenue of $7.17 billion for the quarter, compared to analyst estimates of $7.18 billion. During the same period in the prior year, the business posted $1.31 earnings per share. Charles Schwab’s revenue was up 16.9% compared to the same quarter last year. On average, sell-side analysts forecast that The Charles Schwab Corporation will post 6.41 earnings per share for the current year.
Charles Schwab Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, November 13th. This represents a $1.28 annualized dividend and a dividend yield of 1.4%. Charles Schwab’s payout ratio is presently 21.84%.
Charles Schwab Profile
The Charles Schwab Corporation (NYSE: SCHW) is a financial services company that provides investment, wealth management, banking and related services to individual investors, financial professionals and institutional clients. Through its brokerage business, Schwab offers trading and custody services for stocks, exchange-traded funds, mutual funds, options, fixed-income securities and other investments, along with retirement accounts and investment research tools.
The company also provides advisory and wealth management services, including managed portfolios, financial planning and support for registered investment advisors.
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