CIBC Private Wealth Group LLC Reduces Position in The Charles Schwab Co. (NYSE:SCHW)

CIBC Private Wealth Group LLC lessened its position in shares of The Charles Schwab Co. (NYSE:SCHW) by 14.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 6,352,804 shares of the financial services provider’s stock after selling 1,103,607 shares during the quarter. The Charles Schwab accounts for about 1.0% of CIBC Private Wealth Group LLC’s holdings, making the stock its 18th biggest position. CIBC Private Wealth Group LLC’s holdings in The Charles Schwab were worth $414,074,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Cypress Wealth Services LLC grew its stake in The Charles Schwab by 3.6% during the 1st quarter. Cypress Wealth Services LLC now owns 4,433 shares of the financial services provider’s stock worth $289,000 after buying an additional 154 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of The Charles Schwab by 8.0% in the 1st quarter. Lindbrook Capital LLC now owns 2,091 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 155 shares during the last quarter. D Orazio & Associates Inc. grew its stake in shares of The Charles Schwab by 50.0% in the 1st quarter. D Orazio & Associates Inc. now owns 486 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 162 shares during the last quarter. Joel Isaacson & Co. LLC grew its stake in shares of The Charles Schwab by 3.9% in the 1st quarter. Joel Isaacson & Co. LLC now owns 4,409 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 164 shares during the last quarter. Finally, Pointe Capital Management LLC grew its stake in shares of The Charles Schwab by 3.2% in the 1st quarter. Pointe Capital Management LLC now owns 5,583 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 172 shares during the last quarter. Hedge funds and other institutional investors own 71.39% of the company’s stock.

In other news, Chairman Charles R. Schwab sold 300,000 shares of The Charles Schwab stock in a transaction on Thursday, April 22nd. The stock was sold at an average price of $65.59, for a total value of $19,677,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Charles R. Schwab sold 28,000 shares of The Charles Schwab stock in a transaction on Monday, June 7th. The shares were sold at an average price of $75.43, for a total value of $2,112,040.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,401,147 shares of company stock valued at $98,406,001. Insiders own 7.50% of the company’s stock.

SCHW stock traded up $0.92 during midday trading on Friday, hitting $73.54. 107,087 shares of the stock were exchanged, compared to its average volume of 8,004,678. The Charles Schwab Co. has a fifty-two week low of $31.63 and a fifty-two week high of $76.37. The stock has a market capitalization of $132.89 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 1.62 and a beta of 1.09. The stock’s 50-day moving average is $70.25. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.39 and a current ratio of 0.39.

The Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Wednesday, April 14th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.02. The Charles Schwab had a return on equity of 12.80% and a net margin of 28.92%. The company had revenue of $4.72 billion during the quarter, compared to analysts’ expectations of $4.35 billion. During the same period in the previous year, the firm posted $0.62 earnings per share. The business’s revenue for the quarter was up 80.2% compared to the same quarter last year. Analysts predict that The Charles Schwab Co. will post 3.18 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 28th. Stockholders of record on Friday, May 14th were issued a $0.18 dividend. The ex-dividend date was Thursday, May 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.98%. The Charles Schwab’s dividend payout ratio (DPR) is 29.39%.

Several brokerages have weighed in on SCHW. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on The Charles Schwab from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, April 23rd. Zacks Investment Research upgraded The Charles Schwab from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Tuesday, April 6th. Credit Suisse Group raised The Charles Schwab from a “neutral” rating to an “outperform” rating and raised their price target for the company from $74.00 to $86.00 in a report on Tuesday, April 27th. Citigroup raised their price target on The Charles Schwab from $88.00 to $93.00 in a report on Friday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft raised their price target on The Charles Schwab from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, April 9th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The Charles Schwab has a consensus rating of “Buy” and a consensus target price of $79.44.

The 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 in 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.

Read More: Asset Allocation

Want to see what other hedge funds are holding SCHW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Charles Schwab Co. (NYSE:SCHW).

Institutional Ownership by Quarter for The Charles Schwab (NYSE:SCHW)

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