State of Michigan Retirement System boosted its stake in Charles Schwab Co. (NYSE:SCHW) by 11.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 292,640 shares of the financial services provider’s stock after acquiring an additional 30,503 shares during the period. State of Michigan Retirement System’s holdings in Charles Schwab were worth $9,874,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV increased its holdings in Charles Schwab by 33.5% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 31,693 shares of the financial services provider’s stock worth $1,066,000 after acquiring an additional 7,961 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Charles Schwab by 12.2% in the first quarter. Franklin Resources Inc. now owns 7,639,370 shares of the financial services provider’s stock valued at $256,845,000 after purchasing an additional 829,748 shares during the period. Two Sigma Advisers LP bought a new stake in shares of Charles Schwab in the first quarter valued at approximately $19,241,000. Transform Wealth LLC lifted its stake in shares of Charles Schwab by 9.9% during the 1st quarter. Transform Wealth LLC now owns 15,297 shares of the financial services provider’s stock valued at $514,000 after buying an additional 1,379 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in Charles Schwab by 7.6% in the 1st quarter. Treasurer of the State of North Carolina now owns 569,416 shares of the financial services provider’s stock worth $19,144,000 after buying an additional 39,980 shares during the period. Hedge funds and other institutional investors own 85.13% of the company’s stock.
SCHW has been the topic of a number of analyst reports. Deutsche Bank boosted their target price on shares of Charles Schwab from $37.00 to $38.00 and gave the company a “hold” rating in a report on Friday, July 17th. TheStreet lowered Charles Schwab from a “b-” rating to a “c” rating in a research note on Monday, July 27th. Bank of America cut their target price on 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 raised Charles Schwab from an “underperform” rating to a “peer perform” rating and set a $36.00 target price for the company in a report on Thursday, July 9th. Finally, Wells Fargo & Co increased their price target on shares of Charles Schwab from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Charles Schwab presently has an average rating of “Hold” and an average price target of $42.50.
SCHW stock opened at $33.15 on Friday. The firm has a 50 day simple moving average of $34.61 and a two-hundred day simple moving average of $37.89. 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 stock has a market cap of $42.68 billion, a PE ratio of 13.21 and a beta of 1.25. Charles Schwab Co. has a one year low of $28.00 and a one year high of $51.65.
Charles Schwab (NYSE:SCHW) last announced its earnings results on Thursday, July 16th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Charles Schwab had a net margin of 31.48% and a return on equity of 16.88%. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.48 billion. During the same period in the previous year, the business earned $0.66 earnings per share. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. On average, research analysts expect that Charles Schwab Co. will post 2.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.17%. Charles Schwab’s dividend payout ratio is 26.47%.
In related news, Chairman Charles R. Schwab sold 65,056 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $33.19, for a total transaction of $2,159,208.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jonathan M. Craig sold 10,935 shares of Charles Schwab stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $40.02, for a total transaction of $437,618.70. The disclosure for this sale can be found here. Company insiders own 10.80% of the company’s stock.
About Charles Schwab
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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