Howe & Rusling Inc. grew its position in shares of Charles Schwab Co. (NYSE:SCHW) by 23.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 5,978 shares of the financial services provider’s stock after acquiring an additional 1,133 shares during the period. Howe & Rusling Inc.’s holdings in Charles Schwab were worth $256,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Kentucky Retirement Systems purchased a new stake in Charles Schwab during the 3rd quarter valued at about $2,491,000. Neuberger Berman Group LLC grew its stake in shares of Charles Schwab by 2.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,733,845 shares of the financial services provider’s stock valued at $134,369,000 after buying an additional 67,913 shares during the period. Teachers Advisors LLC grew its stake in shares of Charles Schwab by 8.2% in the 3rd quarter. Teachers Advisors LLC now owns 2,453,697 shares of the financial services provider’s stock valued at $120,599,000 after buying an additional 186,094 shares during the period. TIAA CREF Investment Management LLC grew its stake in shares of Charles Schwab by 10.6% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 2,888,483 shares of the financial services provider’s stock valued at $141,969,000 after buying an additional 278,002 shares during the period. Finally, Nordea Investment Management AB grew its stake in shares of Charles Schwab by 10.7% in the 3rd quarter. Nordea Investment Management AB now owns 381,251 shares of the financial services provider’s stock valued at $18,740,000 after buying an additional 36,777 shares during the period. Hedge funds and other institutional investors own 78.97% of the company’s stock.
In other news, Chairman Charles R. Schwab sold 56,280 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $46.27, for a total value of $2,604,075.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen T. Mclin sold 4,356 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $43.85, for a total transaction of $191,010.60. Following the completion of the sale, the director now owns 7,592 shares in the company, valued at $332,909.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 944,253 shares of company stock worth $43,146,209. 10.90% of the stock is owned by company insiders.
Several analysts have recently weighed in on the stock. UBS Group cut shares of Charles Schwab from a “neutral” rating to a “sell” rating and dropped their price target for the company from $48.00 to $42.00 in a research note on Wednesday, February 20th. ValuEngine lowered shares of Charles Schwab from a “hold” rating to a “sell” rating in a report on Friday, February 22nd. Deutsche Bank decreased their price objective on shares of Charles Schwab from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Zacks Investment Research upgraded shares of Charles Schwab from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Thursday, February 7th. Finally, Wells Fargo & Co decreased their price objective on shares of Charles Schwab from $48.00 to $47.00 and set a “market perform” rating on the stock in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $53.22.
Shares of SCHW stock traded up $0.71 during trading hours on Friday, hitting $43.25. The company had a trading volume of 4,093,654 shares, compared to its average volume of 6,233,783. The firm has a market cap of $57.29 billion, a P/E ratio of 17.65, a P/E/G ratio of 2.02 and a beta of 1.33. Charles Schwab Co. has a fifty-two week low of $37.83 and a fifty-two week high of $59.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.33 and a current ratio of 0.33.
Charles Schwab (NYSE:SCHW) last released its earnings results on Monday, April 15th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.03. The company had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.67 billion. Charles Schwab had a net margin of 35.27% and a return on equity of 20.47%. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.55 EPS. As a group, research analysts predict that Charles Schwab Co. will post 2.77 EPS for the current fiscal year.
Charles Schwab announced that its Board of Directors has authorized a share buyback plan 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 repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management 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 issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $0.68 dividend on an annualized basis and a yield of 1.57%. Charles Schwab’s dividend payout ratio (DPR) is presently 27.76%.
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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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