Spectrum Asset Management Inc. NB CA cut its holdings in The Charles Schwab Co. (NYSE:SCHW) by 4.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,028 shares of the financial services provider’s stock after selling 2,804 shares during the period. The Charles Schwab accounts for 1.4% of Spectrum Asset Management Inc. NB CA’s portfolio, making the stock its 18th largest holding. Spectrum Asset Management Inc. NB CA’s holdings in The Charles Schwab were worth $4,516,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in SCHW. Artisan Partners Limited Partnership purchased a new position in shares of The Charles Schwab in the 1st quarter worth $491,462,000. BlackRock Inc. lifted its holdings in shares of The Charles Schwab by 5.2% in the 1st quarter. BlackRock Inc. now owns 107,777,235 shares of the financial services provider’s stock worth $7,024,923,000 after acquiring an additional 5,311,989 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of The Charles Schwab by 6.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 34,869,150 shares of the financial services provider’s stock worth $2,272,772,000 after acquiring an additional 2,082,363 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of The Charles Schwab by 63.0% in the 1st quarter. Bessemer Group Inc. now owns 4,922,806 shares of the financial services provider’s stock worth $320,868,000 after acquiring an additional 1,903,163 shares during the last quarter. Finally, Tesco Pension Investment Ltd bought a new stake in shares of The Charles Schwab in the 1st quarter worth about $122,625,000. Hedge funds and other institutional investors own 71.66% of the company’s stock.
NYSE:SCHW traded down $0.59 during trading hours on Tuesday, reaching $68.21. 57,364 shares of the company were exchanged, compared to its average volume of 7,307,548. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.39. The stock’s 50-day moving average is $71.10 and its 200-day moving average is $70.16. The firm has a market cap of $123.26 billion, a PE ratio of 29.03 and a beta of 1.05. The Charles Schwab Co. has a twelve month low of $33.96 and a twelve month high of $76.37.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Thursday, August 12th. The Charles Schwab’s dividend payout ratio (DPR) is 29.39%.
In other The Charles Schwab news, Chairman Charles R. Schwab sold 28,000 shares of the stock in a transaction dated Monday, June 28th. The shares were sold at an average price of $72.99, for a total transaction of $2,043,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Charles R. Schwab sold 21,691 shares of the stock in a transaction dated Monday, September 13th. The stock was sold at an average price of $71.80, for a total transaction of $1,557,413.80. The disclosure for this sale can be found here. Insiders sold 513,260 shares of company stock valued at $37,395,889 over the last quarter. Company insiders own 7.50% of the company’s stock.
SCHW has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of The Charles Schwab from $90.00 to $92.00 and gave the company a “buy” rating in a report on Friday, July 23rd. The Goldman Sachs Group downgraded shares of The Charles Schwab from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a research report on Thursday, July 8th. Citigroup cut their price objective on shares of The Charles Schwab from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, July 19th. Zacks Investment Research downgraded shares of The Charles Schwab from a “buy” rating to a “hold” rating and set a $77.00 target price on the stock. in a research report on Tuesday, June 15th. Finally, Wells Fargo & Company boosted their target price on shares of The Charles Schwab from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 2nd. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $81.41.
About The Charles Schwab
The Charles Schwab Corp. is a savings and loan holding company, which engages in the provision of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. It operates through the Investor Services and Advisor Services segments. The Investor Services segment includes retail brokerage and banking services to individual investors, and retirement plan services, as well as other corporate brokerage services, to businesses and their employees.
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