State of Michigan Retirement System Raises Position in Charles Schwab Co. (NYSE:SCHW)

State of Michigan Retirement System lifted its stake in Charles Schwab Co. (NYSE:SCHW) by 11.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,640 shares of the financial services provider’s stock after purchasing an additional 30,503 shares during the period. State of Michigan Retirement System’s holdings in Charles Schwab were worth $9,874,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. CX Institutional raised its position in shares of Charles Schwab by 109.9% during the 1st quarter. CX Institutional now owns 745 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 390 shares during the period. Ameritas Investment Company LLC purchased a new stake in Charles Schwab in the 1st quarter worth $29,000. Mine & Arao Wealth Creation & Management LLC. bought a new stake in Charles Schwab during the first quarter valued at about $32,000. Ballast Advisors LLC purchased a new position in shares of Charles Schwab in the first quarter valued at about $33,000. Finally, AGF Investments LLC purchased a new stake in shares of Charles Schwab during the first quarter worth about $33,000. 85.13% of the stock is currently owned by institutional investors.

Shares of NYSE SCHW opened at $33.15 on Friday. Charles Schwab Co. has a 1-year low of $28.00 and a 1-year high of $51.65. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.42 and a quick ratio of 0.42. The business’s 50 day moving average is $34.61 and its two-hundred day moving average is $37.89. The stock has a market capitalization of $42.68 billion, a P/E ratio of 13.21 and a beta of 1.25.

Charles Schwab (NYSE:SCHW) last announced its earnings results on Thursday, July 16th. The financial services provider reported $0.54 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. Charles Schwab had a return on equity of 16.88% and a net margin of 31.48%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.48 billion. During the same quarter in the previous year, the business earned $0.66 EPS. The company’s quarterly revenue was down 8.6% on a year-over-year basis. As a group, equities research analysts anticipate that Charles Schwab Co. will post 2.14 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Thursday, August 6th. Charles Schwab’s dividend payout ratio (DPR) is 26.47%.

In other Charles Schwab news, Director Charles A. Ruffel purchased 2,854 shares of Charles Schwab stock in a transaction dated Wednesday, July 22nd. The shares were purchased at an average cost of $34.91 per share, for a total transaction of $99,633.14. Following the completion of the acquisition, the director now owns 7,751 shares in the company, valued at approximately $270,587.41. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jonathan M. Craig sold 10,935 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $40.02, for a total value of $437,618.70. The disclosure for this sale can be found here. Insiders own 10.80% of the company’s stock.

SCHW has been the topic of a number of research analyst reports. Deutsche Bank boosted their price target on Charles Schwab from $37.00 to $38.00 and gave the stock a “hold” rating in a report on Friday, July 17th. Wells Fargo & Co upped their target price on shares of Charles Schwab from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, July 10th. Bank of America cut their target price on shares of Charles Schwab from $38.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, July 10th. Wolfe Research upgraded shares of Charles Schwab from an “underperform” rating to a “peer perform” rating and set a $36.00 price target on the stock in a research note on Thursday, July 9th. Finally, TheStreet lowered Charles Schwab from a “b-” rating to a “c” rating in a research report on Monday, July 27th. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Charles Schwab currently has a consensus rating of “Hold” and a consensus target price of $42.50.

Charles Schwab 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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Institutional Ownership by Quarter for Charles Schwab (NYSE:SCHW)

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