Private Ocean LLC lifted its position in Charles Schwab Co. (NYSE:SCHW) by 3.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,146 shares of the financial services provider’s stock after acquiring an additional 344 shares during the quarter. Private Ocean LLC’s holdings in Charles Schwab were worth $434,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc grew its position in shares of Charles Schwab by 0.9% in the 3rd quarter. Vanguard Group Inc now owns 88,586,138 shares of the financial services provider’s stock worth $4,354,008,000 after acquiring an additional 820,257 shares in the last quarter. Northern Trust Corp boosted its position in Charles Schwab by 2.1% during the 4th quarter. Northern Trust Corp now owns 16,655,792 shares of the financial services provider’s stock valued at $691,715,000 after purchasing an additional 336,557 shares during the period. Parnassus Investments CA boosted its position in Charles Schwab by 22.3% during the 4th quarter. Parnassus Investments CA now owns 15,623,778 shares of the financial services provider’s stock valued at $648,856,000 after purchasing an additional 2,850,678 shares during the period. Harris Associates L P boosted its position in Charles Schwab by 197.1% during the 4th quarter. Harris Associates L P now owns 13,940,097 shares of the financial services provider’s stock valued at $578,932,000 after purchasing an additional 9,248,471 shares during the period. Finally, Geode Capital Management LLC boosted its position in Charles Schwab by 5.9% during the 4th quarter. Geode Capital Management LLC now owns 13,627,245 shares of the financial services provider’s stock valued at $564,801,000 after purchasing an additional 758,069 shares during the period. Institutional investors own 79.81% of the company’s stock.
In other Charles Schwab news, EVP Terri R. Kallsen sold 41,285 shares of Charles Schwab stock in a transaction on Monday, March 4th. The stock was sold at an average price of $46.75, for a total transaction of $1,930,073.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Marie A. Chandoha sold 45,046 shares of Charles Schwab stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $45.48, for a total value of $2,048,692.08. The disclosure for this sale can be found here. Insiders have sold a total of 939,897 shares of company stock worth $42,955,198 in the last ninety days. 10.90% of the stock is owned by company insiders.
Charles Schwab (NYSE:SCHW) last announced its earnings results on Monday, April 15th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.03. The firm had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.67 billion. Charles Schwab had a return on equity of 20.47% and a net margin of 35.27%. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.55 EPS. On average, research analysts forecast that Charles Schwab Co. will post 2.77 EPS for the current fiscal year.
Charles Schwab announced that its board has approved a share buyback program on Wednesday, January 30th that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.55%. The ex-dividend date is Tuesday, May 14th. Charles Schwab’s payout ratio is currently 27.76%.
A number of research analysts recently issued reports on SCHW shares. Zacks Investment Research lowered Charles Schwab from a “hold” rating to a “sell” rating in a research report on Monday, January 14th. UBS Group lowered Charles Schwab from a “neutral” rating to a “sell” rating and reduced their price objective for the company 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. Deutsche Bank reduced their price objective on Charles Schwab from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, Credit Suisse Group boosted their price objective on Charles Schwab from $50.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. Charles Schwab currently has a consensus rating of “Buy” and an average target price of $53.22.
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Charles Schwab Company Profile
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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