Inscription Capital LLC acquired a new position in shares of The Charles Schwab Co. (NYSE:SCHW) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,540 shares of the financial services provider’s stock, valued at approximately $403,000.
Several other hedge funds have also recently modified their holdings of SCHW. Meridian Wealth Partners LLC purchased a new position in shares of The Charles Schwab during the first quarter worth about $25,000. Holloway Wealth Management LLC purchased a new position in shares of The Charles Schwab during the second quarter worth about $25,000. Red Door Wealth Management LLC purchased a new position in shares of The Charles Schwab during the second quarter worth about $26,000. Baron Financial Group LLC grew its holdings in shares of The Charles Schwab by 117.5% during the first quarter. Baron Financial Group LLC now owns 435 shares of the financial services provider’s stock worth $28,000 after buying an additional 235 shares during the last quarter. Finally, Exchange Traded Concepts LLC purchased a new position in shares of The Charles Schwab during the second quarter worth about $31,000. 71.66% of the stock is currently owned by institutional investors.
In other news, Chairman Charles R. Schwab sold 2,600 shares of the business’s stock in a transaction on Wednesday, July 21st. The shares were sold at an average price of $70.00, for a total transaction of $182,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Charles R. Schwab sold 28,000 shares of the company’s stock in a transaction on Monday, October 11th. The stock was sold at an average price of $78.50, for a total transaction of $2,198,000.00. The disclosure for this sale can be found here. Insiders sold a total of 597,522 shares of company stock valued at $44,174,000 over the last ninety days. 7.50% of the stock is owned by corporate insiders.
The Charles Schwab (NYSE:SCHW) last issued its quarterly earnings data on Thursday, July 15th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by ($0.01). The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.46 billion. The Charles Schwab had a return on equity of 12.89% and a net margin of 28.88%. The company’s revenue for the quarter was up 84.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share. As a group, research analysts expect that The Charles Schwab Co. will post 3.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were paid a $0.18 dividend. The ex-dividend date was Thursday, August 12th. This represents a $0.72 annualized dividend and a yield of 0.94%. The Charles Schwab’s payout ratio is currently 29.39%.
A number of brokerages have weighed in on SCHW. Citigroup lowered their price objective on The Charles Schwab from $94.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, July 19th. The Goldman Sachs Group lowered The Charles Schwab from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a report on Thursday, July 8th. Atlantic Securities began coverage on The Charles Schwab in a report on Tuesday, October 5th. They issued an “overweight” rating and a $95.00 price objective on the stock. lifted their price objective on The Charles Schwab from $93.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 12th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on The Charles Schwab from $90.00 to $92.00 and gave the company a “buy” rating in a report on Friday, July 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $82.94.
The Charles Schwab Profile
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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