Charles Schwab Co. (SCHW) Shares Sold by Jackson Square Partners LLC
Jackson Square Partners LLC decreased its stake in shares of Charles Schwab Co. (NYSE:SCHW) by 7.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,680,272 shares of the financial services provider’s stock after selling 655,095 shares during the period. Charles Schwab accounts for 1.9% of Jackson Square Partners LLC’s portfolio, making the stock its 21st largest position. Jackson Square Partners LLC’s holdings in Charles Schwab were worth $377,485,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of the stock. IFG Advisory LLC boosted its stake in shares of Charles Schwab by 11.3% in the second quarter. IFG Advisory LLC now owns 10,087 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 1,026 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management boosted its stake in shares of Charles Schwab by 11.0% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 10,806 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 1,068 shares during the period. HCR Wealth Advisors boosted its stake in shares of Charles Schwab by 2.9% in the third quarter. HCR Wealth Advisors now owns 38,224 shares of the financial services provider’s stock valued at $1,730,000 after purchasing an additional 1,081 shares during the period. Gs Investments Inc. boosted its stake in shares of Charles Schwab by 2.2% in the third quarter. Gs Investments Inc. now owns 50,805 shares of the financial services provider’s stock valued at $2,497,000 after purchasing an additional 1,090 shares during the period. Finally, Bbva Compass Bancshares Inc. boosted its stake in Charles Schwab by 8.1% during the 2nd quarter. Bbva Compass Bancshares Inc. now owns 14,972 shares of the financial services provider’s stock valued at $765,000 after acquiring an additional 1,121 shares during the last quarter. 80.32% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Charles R. Schwab sold 383,000 shares of the stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $46.97, for a total value of $17,989,510.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marie A. Chandoha sold 8,424 shares of the stock in a transaction that occurred on Tuesday, October 16th. The shares were sold at an average price of $48.01, for a total value of $404,436.24. The disclosure for this sale can be found here. In the last three months, insiders sold 406,453 shares of company stock valued at $19,107,379. 11.50% of the stock is currently owned by insiders.
Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.65 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.65. Charles Schwab had a return on equity of 19.02% and a net margin of 32.65%. The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the firm posted $0.42 EPS. The business’s revenue was up 19.1% on a year-over-year basis. On average, sell-side analysts forecast that Charles Schwab Co. will post 2.44 earnings per share for the current fiscal year.
Charles Schwab announced that its board has authorized a share repurchase plan on Thursday, October 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 1.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Friday, November 9th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Thursday, November 8th. Charles Schwab’s payout ratio is presently 31.71%.
A number of research firms have commented on SCHW. UBS Group downgraded shares of Charles Schwab from a “buy” rating to a “neutral” rating in a research note on Monday. Morgan Stanley reiterated an “overweight” rating on shares of Charles Schwab in a research note on Thursday, November 15th. Raymond James upgraded shares of Charles Schwab from a “market perform” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Tuesday, October 30th. They noted that the move was a valuation call. Deutsche Bank upgraded shares of Charles Schwab from a “hold” rating to a “buy” rating and increased their price objective for the company from $52.00 to $54.00 in a research note on Tuesday, October 30th. Finally, Credit Suisse Group reduced their price objective on shares of Charles Schwab from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. Charles Schwab has an average rating of “Hold” and an average price target of $57.33.
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Charles Schwab Company 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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