Charles Schwab Co. (SCHW) Position Trimmed by Private Ocean LLC
Private Ocean LLC trimmed its position in shares of Charles Schwab Co. (NYSE:SCHW) by 18.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,567 shares of the financial services provider’s stock after selling 1,737 shares during the period. Private Ocean LLC’s holdings in Charles Schwab were worth $372,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in Charles Schwab by 13.7% during the 2nd quarter. FMR LLC now owns 65,193,384 shares of the financial services provider’s stock worth $3,331,382,000 after acquiring an additional 7,868,551 shares in the last quarter. Edgewood Management LLC grew its holdings in Charles Schwab by 0.8% during the 2nd quarter. Edgewood Management LLC now owns 21,617,841 shares of the financial services provider’s stock worth $1,104,672,000 after acquiring an additional 169,689 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Charles Schwab by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,675,853 shares of the financial services provider’s stock worth $623,016,000 after acquiring an additional 108,436 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Charles Schwab by 2.7% during the 3rd quarter. Janus Henderson Group PLC now owns 8,193,774 shares of the financial services provider’s stock worth $402,728,000 after acquiring an additional 218,464 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Charles Schwab by 8.4% during the 3rd quarter. Wells Fargo & Company MN now owns 6,690,064 shares of the financial services provider’s stock worth $328,815,000 after acquiring an additional 518,046 shares in the last quarter. 80.32% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on SCHW. Morgan Stanley reissued an “overweight” rating on shares of Charles Schwab in a report on Thursday, November 15th. Barclays decreased their price objective on shares of Charles Schwab from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Monday, October 22nd. Zacks Investment Research raised shares of Charles Schwab from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, October 3rd. Wolfe Research began coverage on shares of Charles Schwab in a report on Tuesday, September 25th. They set an “underperform” rating for the company. Finally, Deutsche Bank raised shares of Charles Schwab from a “hold” rating to a “buy” rating and raised their price objective for the stock from $52.00 to $54.00 in a report on Tuesday, October 30th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. Charles Schwab has an average rating of “Hold” and an average price target of $57.33.
Charles Schwab stock opened at $45.97 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.29 and a current ratio of 0.29. Charles Schwab Co. has a 1 year low of $42.01 and a 1 year high of $60.22. The stock has a market capitalization of $63.42 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 1.17 and a beta of 1.48.
Charles Schwab (NYSE:SCHW) last posted its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.65. Charles Schwab had a net margin of 32.65% and a return on equity of 19.02%. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period last year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. On average, research analysts expect that Charles Schwab Co. will post 2.44 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Friday, November 9th will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.13%. Charles Schwab’s payout ratio is currently 31.71%.
Charles Schwab announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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