CSat Investment Advisory L.P. lifted its holdings in shares of Charles Schwab Co. (NYSE:SCHW) by 30.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,681 shares of the financial services provider’s stock after buying an additional 8,685 shares during the period. CSat Investment Advisory L.P.’s holdings in Charles Schwab were worth $1,515,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its stake in Charles Schwab by 3.7% during the 2nd quarter. BlackRock Inc. now owns 87,080,690 shares of the financial services provider’s stock valued at $3,499,773,000 after purchasing an additional 3,140,824 shares during the period. Clearbridge Investments LLC raised its position in Charles Schwab by 24.0% in the first quarter. Clearbridge Investments LLC now owns 14,863,818 shares of the financial services provider’s stock worth $635,577,000 after purchasing an additional 2,880,846 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in Charles Schwab by 132.2% in the second quarter. CIBC Private Wealth Group LLC now owns 3,490,027 shares of the financial services provider’s stock worth $140,265,000 after purchasing an additional 1,987,302 shares in the last quarter. Eminence Capital LP raised its position in Charles Schwab by 61.0% in the second quarter. Eminence Capital LP now owns 5,219,005 shares of the financial services provider’s stock worth $209,752,000 after purchasing an additional 1,977,025 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. acquired a new position in Charles Schwab in the first quarter worth about $77,259,000. Institutional investors and hedge funds own 79.03% of the company’s stock.
SCHW traded down $0.14 during mid-day trading on Friday, hitting $42.78. The stock had a trading volume of 6,208,154 shares, compared to its average volume of 7,248,371. The stock’s fifty day simple moving average is $39.08 and its 200-day simple moving average is $42.23. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $56.51 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 2.84 and a beta of 1.29. Charles Schwab Co. has a 1-year low of $35.85 and a 1-year high of $52.47.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were paid a $0.17 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.68 annualized dividend and a yield of 1.59%. Charles Schwab’s payout ratio is currently 27.76%.
In other Charles Schwab news, Chairman Charles R. Schwab sold 105,422 shares of Charles Schwab stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.08, for a total value of $4,225,313.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jonathan M. Craig sold 3,740 shares of Charles Schwab stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.20, for a total transaction of $150,348.00. The disclosure for this sale can be found here. Insiders sold a total of 219,677 shares of company stock worth $8,997,842 over the last quarter. Company insiders own 10.90% of the company’s stock.
Several brokerages have weighed in on SCHW. Wells Fargo & Co raised shares of Charles Schwab from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Monday, July 22nd. Morgan Stanley decreased their price target on shares of Charles Schwab from $53.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Citigroup raised their price objective on shares of Charles Schwab from $43.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday. Deutsche Bank reduced their price objective on shares of Charles Schwab from $37.00 to $36.00 and set a “hold” rating on the stock in a research note on Wednesday, August 21st. Finally, Wolfe Research raised shares of Charles Schwab from a “peer perform” rating to an “outperform” rating and raised their price objective for the company from $42.00 to $46.00 in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $47.53.
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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