Franklin Resources Inc. Boosts Position in Charles Schwab Co. (SCHW)
Franklin Resources Inc. increased its position in shares of Charles Schwab Co. (NYSE:SCHW) by 4.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 10,118,214 shares of the financial services provider’s stock after buying an additional 434,219 shares during the period. Franklin Resources Inc.’s holdings in Charles Schwab were worth $528,378,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Smithfield Trust Co. grew its stake in Charles Schwab by 130.9% in the first quarter. Smithfield Trust Co. now owns 4,180 shares of the financial services provider’s stock valued at $218,000 after purchasing an additional 2,370 shares in the last quarter. Hanson & Doremus Investment Management grew its stake in Charles Schwab by 3.0% in the first quarter. Hanson & Doremus Investment Management now owns 124,974 shares of the financial services provider’s stock valued at $6,526,000 after purchasing an additional 3,691 shares in the last quarter. SVA Plumb Wealth Management LLC grew its stake in Charles Schwab by 1.8% in the first quarter. SVA Plumb Wealth Management LLC now owns 104,017 shares of the financial services provider’s stock valued at $4,550,000 after purchasing an additional 1,841 shares in the last quarter. Peapack Gladstone Financial Corp grew its stake in Charles Schwab by 1.4% in the first quarter. Peapack Gladstone Financial Corp now owns 383,988 shares of the financial services provider’s stock valued at $20,052,000 after purchasing an additional 5,275 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in Charles Schwab by 25.9% in the first quarter. Toronto Dominion Bank now owns 651,214 shares of the financial services provider’s stock valued at $33,999,000 after purchasing an additional 133,885 shares in the last quarter. Institutional investors and hedge funds own 80.16% of the company’s stock.
SCHW has been the subject of a number of analyst reports. Citigroup downgraded Charles Schwab from a “neutral” rating to a “sell” rating and set a $49.00 price target for the company. in a research note on Wednesday, February 7th. Credit Suisse Group reduced their target price on Charles Schwab from $70.00 to $69.00 and set an “outperform” rating for the company in a research note on Wednesday, February 7th. Morgan Stanley lifted their target price on Charles Schwab from $61.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 30th. Deutsche Bank reduced their target price on Charles Schwab from $55.00 to $54.00 and set a “hold” rating for the company in a research note on Friday, April 6th. Finally, SunTrust Banks reiterated a “buy” rating on shares of Charles Schwab in a research note on Wednesday, February 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $55.53.
Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Charles Schwab had a return on equity of 16.84% and a net margin of 28.80%. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the firm posted $0.39 EPS. equities research analysts forecast that Charles Schwab Co. will post 2.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 25th. Investors of record on Friday, May 11th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, May 10th. This represents a $0.40 annualized dividend and a yield of 0.70%. Charles Schwab’s payout ratio is currently 24.39%.
In related news, Chairman Charles R. Schwab sold 250,000 shares of Charles Schwab stock in a transaction that occurred on Monday, April 23rd. The stock was sold at an average price of $54.99, for a total transaction of $13,747,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Walter W. Bettinger sold 113,832 shares of Charles Schwab stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $59.72, for a total value of $6,798,047.04. Following the sale, the insider now directly owns 355,835 shares of the company’s stock, valued at $21,250,466.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,283,053 shares of company stock valued at $129,331,230. 11.50% of the stock is currently owned by insiders.
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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