Pinkerton Retirement Specialists LLC increased its holdings in shares of Charles Schwab Co. (NYSE:SCHW) by 7.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 33,982 shares of the financial services provider’s stock after acquiring an additional 2,350 shares during the quarter. Pinkerton Retirement Specialists LLC’s holdings in Charles Schwab were worth $1,366,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of SCHW. Chemical Bank raised its stake in shares of Charles Schwab by 2.3% in the 2nd quarter. Chemical Bank now owns 54,203 shares of the financial services provider’s stock valued at $2,179,000 after purchasing an additional 1,236 shares during the period. Stack Financial Management Inc raised its stake in shares of Charles Schwab by 4.4% in the 1st quarter. Stack Financial Management Inc now owns 411,543 shares of the financial services provider’s stock valued at $17,598,000 after purchasing an additional 17,452 shares during the period. Reilly Herbert Faulkner III raised its stake in shares of Charles Schwab by 2.4% in the 1st quarter. Reilly Herbert Faulkner III now owns 119,451 shares of the financial services provider’s stock valued at $5,108,000 after purchasing an additional 2,748 shares during the period. Rockefeller Capital Management L.P. raised its stake in shares of Charles Schwab by 28.0% in the 1st quarter. Rockefeller Capital Management L.P. now owns 74,886 shares of the financial services provider’s stock valued at $3,203,000 after purchasing an additional 16,378 shares during the period. Finally, W.G. Shaheen & Associates DBA Whitney & Co raised its stake in shares of Charles Schwab by 13.4% in the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 95,411 shares of the financial services provider’s stock valued at $4,368,000 after purchasing an additional 11,291 shares during the period. 80.30% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Jonathan M. Craig sold 3,740 shares of Charles Schwab stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.20, for a total transaction of $150,348.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen T. Mclin sold 5,093 shares of Charles Schwab stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $37.56, for a total value of $191,293.08. Following the transaction, the director now owns 7,297 shares of the company’s stock, valued at approximately $274,075.32. The disclosure for this sale can be found here. Company insiders own 10.90% of the company’s stock.
Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.68 billion. Charles Schwab had a return on equity of 20.52% and a net margin of 35.29%. Charles Schwab’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.60 EPS. Sell-side analysts expect that Charles Schwab Co. will post 2.67 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Thursday, August 8th. Charles Schwab’s payout ratio is currently 27.76%.
Several research firms have issued reports on SCHW. JPMorgan Chase & Co. set a $44.00 price target on Charles Schwab and gave the company a “buy” rating in a research note on Friday, June 21st. Citigroup dropped their price target on Charles Schwab from $43.50 to $39.50 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. ValuEngine downgraded Charles Schwab from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Bank of America cut Charles Schwab from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $49.00 to $43.00 in a report on Friday, July 12th. Finally, Keefe, Bruyette & Woods cut Charles Schwab from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $43.50 in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $47.33.
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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