BB&T Securities LLC grew its holdings in Charles Schwab Co. (NYSE:SCHW) by 50.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 93,535 shares of the financial services provider’s stock after buying an additional 31,382 shares during the quarter. BB&T Securities LLC’s holdings in Charles Schwab were worth $3,884,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC boosted its holdings in Charles Schwab by 13.7% during the second quarter. FMR LLC now owns 65,193,384 shares of the financial services provider’s stock worth $3,331,382,000 after purchasing an additional 7,868,551 shares during the last quarter. Millennium Management LLC boosted its holdings in Charles Schwab by 34.8% during the second quarter. Millennium Management LLC now owns 72,778 shares of the financial services provider’s stock worth $3,719,000 after purchasing an additional 18,806 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Charles Schwab by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 12,567,417 shares of the financial services provider’s stock worth $642,195,000 after purchasing an additional 68,160 shares during the last quarter. Atria Investments LLC boosted its holdings in Charles Schwab by 82.5% during the third quarter. Atria Investments LLC now owns 26,223 shares of the financial services provider’s stock worth $1,289,000 after purchasing an additional 11,851 shares during the last quarter. Finally, Lourd Capital LLC purchased a new position in Charles Schwab during the third quarter worth about $201,000. 79.78% of the stock is owned by institutional investors and hedge funds.
SCHW has been the topic of several analyst reports. Barclays cut their price target on shares of Charles Schwab from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Monday, October 22nd. Credit Suisse Group cut their price target on shares of Charles Schwab from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday, October 26th. Deutsche Bank upgraded shares of Charles Schwab from a “hold” rating to a “buy” rating and boosted their price target for the stock from $52.00 to $54.00 in a report on Tuesday, October 30th. Raymond James upgraded shares of Charles Schwab from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Tuesday, October 30th. They noted that the move was a valuation call. Finally, Morgan Stanley dropped their target price on shares of Charles Schwab from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, November 14th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $54.31.
Charles Schwab (NYSE:SCHW) last released its earnings results on Wednesday, January 16th. The financial services provider reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.64 billion. Charles Schwab had a net margin of 34.61% and a return on equity of 20.28%. The company’s quarterly revenue was up 19.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 earnings per share. As a group, research analysts anticipate that Charles Schwab Co. will post 2.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 28th. Shareholders of record on Thursday, February 14th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.52%. This is a boost from Charles Schwab’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, February 13th. Charles Schwab’s payout ratio is presently 21.22%.
Charles Schwab announced that its Board of Directors has approved a share buyback plan on Thursday, October 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 1.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Chairman Charles R. Schwab sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $47.04, for a total transaction of $11,760,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Walter W. Bettinger purchased 124,669 shares of the company’s stock in a transaction that occurred on Wednesday, December 26th. The shares were acquired at an average price of $38.81 per share, for a total transaction of $4,838,403.89. Following the completion of the purchase, the insider now directly owns 335,093 shares in the company, valued at approximately $13,004,959.33. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 641,652 shares of company stock worth $30,138,896. Corporate insiders own 11.50% of the company’s stock.
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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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