Charles Schwab (NYSE:SCHW) Downgraded by Bank of America to Neutral

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Charles Schwab (NYSE:SCHW) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. They currently have a $43.00 target price on the financial services provider’s stock, down from their prior target price of $49.00. Bank of America‘s price target would indicate a potential upside of 7.15% from the company’s previous close.

Several other research firms have also commented on SCHW. Deutsche Bank reaffirmed a “buy” rating and issued a GBX 4,000 ($52.27) price target on shares of in a report on Tuesday, June 18th. Morgan Stanley lifted their price target on shares of Visa from $175.00 to $191.00 and gave the company an “overweight” rating in a report on Thursday. Compass Point set a $52.00 price target on shares of E*TRADE Financial and gave the company a “buy” rating in a report on Tuesday, July 2nd. Citigroup lowered shares of Apergy from a “buy” rating to a “neutral” rating and decreased their price target for the company from $41.00 to $34.00 in a report on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods raised shares of Focus Financial Partners from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $35.00 to $35.50 in a report on Friday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $48.53.

Shares of SCHW stock opened at $40.13 on Friday. The firm has a market cap of $54.01 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 1.89 and a beta of 1.23. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.33 and a current ratio of 0.33. Charles Schwab has a 1-year low of $37.83 and a 1-year high of $54.26. The business’s fifty day moving average is $41.43.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.03. The company had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.67 billion. Charles Schwab had a net margin of 35.27% and a return on equity of 20.47%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the business earned $0.55 EPS. Equities research analysts predict that Charles Schwab will post 2.72 earnings per share for the current fiscal year.

In other Charles Schwab news, Chairman Charles R. Schwab sold 250,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $45.29, for a total transaction of $11,322,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles A. Ruffel purchased 2,500 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were bought at an average price of $46.10 per share, for a total transaction of $115,250.00. Following the completion of the transaction, the director now directly owns 788 shares in the company, valued at approximately $36,326.80. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 841,576 shares of company stock worth $38,416,671. 10.90% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in SCHW. Kaizen Advisory LLC raised its holdings in shares of Charles Schwab by 8.0% in the 4th quarter. Kaizen Advisory LLC now owns 3,217 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 237 shares in the last quarter. ETF Managers Group LLC increased its position in shares of Charles Schwab by 10.3% in the first quarter. ETF Managers Group LLC now owns 2,753 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 258 shares in the last quarter. Rehmann Capital Advisory Group increased its position in shares of Charles Schwab by 3.6% in the first quarter. Rehmann Capital Advisory Group now owns 7,400 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 260 shares in the last quarter. Gs Investments Inc. increased its position in shares of Charles Schwab by 0.5% in the first quarter. Gs Investments Inc. now owns 50,650 shares of the financial services provider’s stock worth $2,166,000 after acquiring an additional 265 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its position in shares of Charles Schwab by 3.3% in the fourth quarter. Belpointe Asset Management LLC now owns 9,406 shares of the financial services provider’s stock worth $391,000 after acquiring an additional 298 shares in the last quarter. Institutional investors own 78.92% 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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