American Money Management LLC raised its position in shares of Charles Schwab Co. (NYSE:SCHW) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 80,362 shares of the financial services provider’s stock after acquiring an additional 4,407 shares during the quarter. Charles Schwab makes up approximately 1.7% of American Money Management LLC’s holdings, making the stock its 25th largest position. American Money Management LLC’s holdings in Charles Schwab were worth $3,230,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in SCHW. Comerica Securities Inc. boosted its holdings in Charles Schwab by 5.4% in the 4th quarter. Comerica Securities Inc. now owns 40,063 shares of the financial services provider’s stock worth $1,664,000 after buying an additional 2,065 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Charles Schwab by 2.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,723,959 shares of the financial services provider’s stock valued at $113,124,000 after buying an additional 76,982 shares in the last quarter. Geode Capital Management LLC raised its position in shares of 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 buying an additional 758,069 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in Charles Schwab by 167.8% in the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 29,489 shares of the financial services provider’s stock worth $1,261,000 after purchasing an additional 18,479 shares during the period. Finally, Quantamental Technologies LLC purchased a new stake in Charles Schwab in the 1st quarter worth about $32,000. Hedge funds and other institutional investors own 79.93% of the company’s stock.
Charles Schwab stock traded up $0.83 during mid-day trading on Friday, reaching $43.90. The company’s stock had a trading volume of 65,780 shares, compared to its average volume of 7,395,745. The firm has a market cap of $54.84 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 2.76 and a beta of 1.29. The business has a 50 day moving average price of $39.16 and a 200-day moving average price of $42.36. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40. Charles Schwab Co. has a twelve month low of $35.85 and a twelve month high of $52.70.
Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.68 billion. Charles Schwab had a net margin of 35.29% and a return on equity of 20.52%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. On average, equities analysts expect that Charles Schwab Co. will post 2.67 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Thursday, August 8th. Charles Schwab’s dividend payout ratio is presently 27.76%.
In other news, EVP Jonathan M. Craig sold 3,740 shares of Charles Schwab stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $40.20, for a total transaction of $150,348.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Charles R. Schwab sold 105,422 shares of Charles Schwab stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $42.03, for a total value of $4,430,886.66. The disclosure for this sale can be found here. In the last three months, insiders sold 219,677 shares of company stock worth $8,997,842. 10.90% of the stock is owned by insiders.
A number of equities analysts have commented on the stock. Bank of America downgraded shares of Charles Schwab from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $49.00 to $43.00 in a research note on Friday, July 12th. Compass Point set a $45.00 price target on shares of Charles Schwab and gave the company a “hold” rating in a research note on Tuesday, July 2nd. Wolfe Research upgraded shares of Charles Schwab from a “peer perform” rating to an “outperform” rating and boosted their price target for the stock from $42.00 to $46.00 in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods cut shares of Charles Schwab from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $43.50 in a research note on Friday, July 12th. Finally, Argus restated a “buy” rating and set a $52.00 price objective (down previously from $57.00) on shares of Charles Schwab in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. Charles Schwab currently has an average rating of “Buy” and a consensus target price of $47.25.
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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