Montag & Caldwell LLC raised its position in Charles Schwab Co. (NYSE:SCHW) by 12.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,480,436 shares of the financial services provider’s stock after purchasing an additional 167,480 shares during the period. Charles Schwab makes up about 2.8% of Montag & Caldwell LLC’s investment portfolio, making the stock its 17th biggest holding. Montag & Caldwell LLC owned about 0.11% of Charles Schwab worth $72,763,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of SCHW. LFA Lugano Financial Advisors SA bought a new stake in shares of Charles Schwab during the third quarter worth $111,000. Acropolis Investment Management LLC bought a new stake in shares of Charles Schwab during the second quarter worth $115,000. Point72 Hong Kong Ltd bought a new stake in shares of Charles Schwab during the second quarter worth $134,000. Kaizen Advisory LLC increased its position in shares of Charles Schwab by 157.6% during the second quarter. Kaizen Advisory LLC now owns 2,980 shares of the financial services provider’s stock worth $152,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Sun Life Financial INC increased its position in shares of Charles Schwab by 1,041.8% during the second quarter. Sun Life Financial INC now owns 3,254 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 2,969 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. Raymond James raised shares of Charles Schwab from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a research report on Tuesday. They noted that the move was a valuation call. Credit Suisse Group lowered their price objective on shares of Charles Schwab from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday, October 26th. Deutsche Bank raised shares of Charles Schwab from a “hold” rating to a “buy” rating and increased their price objective for the stock from $52.00 to $54.00 in a research report on Tuesday. Barclays decreased their target price on shares of Charles Schwab from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Monday, October 22nd. Finally, Citigroup decreased their target price on shares of Charles Schwab from $49.00 to $48.00 and set a “sell” rating for the company in a research report on Monday, July 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $57.73.
Charles Schwab stock opened at $46.39 on Friday. The firm has a market capitalization of $61.57 billion, a P/E ratio of 28.29, a price-to-earnings-growth ratio of 1.13 and a beta of 1.55. Charles Schwab Co. has a 1-year low of $42.01 and a 1-year high of $60.22. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.33.
Charles Schwab (NYSE:SCHW) last released its earnings results on Monday, October 15th. The financial services provider reported $0.65 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.65. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.58 billion. Charles Schwab had a net margin of 32.65% and a return on equity of 19.46%. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 earnings per share. On average, research analysts anticipate that Charles Schwab Co. will post 2.45 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Thursday, November 8th. Charles Schwab’s dividend payout ratio is currently 31.71%.
Charles Schwab announced that its Board of Directors has approved a share repurchase plan on Thursday, October 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 1.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other Charles Schwab news, EVP Jonathan M. Craig sold 2,629 shares of the stock in a transaction on Monday, October 15th. The shares were sold at an average price of $48.84, for a total value of $128,400.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher V. Dodds sold 15,718 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $51.14, for a total transaction of $803,818.52. Following the completion of the sale, the director now owns 7,592 shares of the company’s stock, valued at approximately $388,254.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,771 shares of company stock valued at $1,336,655. Corporate insiders own 11.50% 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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