Johnson Investment Counsel Inc. trimmed its stake in shares of The Charles Schwab Co. (NYSE:SCHW) by 0.9% in the second quarter, Holdings Channel.com reports. The fund owned 28,771 shares of the financial services provider’s stock after selling 259 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in The Charles Schwab were worth $2,095,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the business. Academy Capital Management Inc. TX bought a new stake in shares of The Charles Schwab during the second quarter valued at approximately $212,000. Brown Brothers Harriman & Co. boosted its position in shares of The Charles Schwab by 9.2% during the second quarter. Brown Brothers Harriman & Co. now owns 20,337 shares of the financial services provider’s stock valued at $1,481,000 after buying an additional 1,711 shares during the last quarter. Lincoln National Corp boosted its position in shares of The Charles Schwab by 7.4% during the second quarter. Lincoln National Corp now owns 4,274 shares of the financial services provider’s stock valued at $311,000 after buying an additional 296 shares during the last quarter. Sigma Planning Corp purchased a new position in shares of The Charles Schwab during the second quarter valued at approximately $551,000. Finally, Jump Financial LLC purchased a new position in shares of The Charles Schwab during the second quarter valued at approximately $2,401,000. Institutional investors and hedge funds own 71.66% of the company’s stock.
In related news, EVP Nigel J. Murtagh sold 25,000 shares of the stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $74.76, for a total transaction of $1,869,000.00. Following the completion of the sale, the executive vice president now directly owns 82,484 shares in the company, valued at approximately $6,166,503.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter J. Morgan III sold 1,043 shares of the stock in a transaction dated Friday, August 27th. The shares were sold at an average price of $75.58, for a total value of $78,829.94. Following the sale, the executive vice president now owns 8,358 shares of the company’s stock, valued at $631,697.64. The disclosure for this sale can be found here. Insiders sold a total of 597,522 shares of company stock valued at $44,174,000 over the last quarter. Company insiders own 7.50% of the company’s stock.
The Charles Schwab (NYSE:SCHW) last announced its earnings results on Thursday, July 15th. The financial services provider reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.46 billion. The Charles Schwab had a return on equity of 12.89% and a net margin of 28.88%. The Charles Schwab’s revenue was up 84.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. As a group, research analysts anticipate that The Charles Schwab Co. will post 3.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date was Thursday, August 12th. The Charles Schwab’s payout ratio is currently 29.39%.
Several research firms have weighed in on SCHW. The Goldman Sachs Group cut The Charles Schwab from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a research report on Thursday, July 8th. Citigroup cut their price objective on The Charles Schwab from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, July 19th. Zacks Investment Research upgraded The Charles Schwab from a “sell” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Wednesday, September 29th. boosted their target price on The Charles Schwab from $93.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 12th. Finally, Atlantic Securities assumed coverage on The Charles Schwab in a research note on Tuesday, October 5th. They issued an “overweight” rating and a $95.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $82.94.
The Charles Schwab Company Profile
The Charles Schwab Corp. is a savings and loan holding company, which engages in the provision of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. It operates through the Investor Services and Advisor Services segments. The Investor Services segment includes retail brokerage and banking services to individual investors, and retirement plan services, as well as other corporate brokerage services, to businesses and their employees.
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