Charles Schwab Co. (SCHW) Position Lessened by Torray LLC

Torray LLC trimmed its holdings in shares of Charles Schwab Co. (NYSE:SCHW) by 2.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 424,003 shares of the financial services provider’s stock after selling 9,505 shares during the quarter. Charles Schwab accounts for approximately 2.1% of Torray LLC’s portfolio, making the stock its 19th biggest position. Torray LLC’s holdings in Charles Schwab were worth $20,840,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of SCHW. Millennium Management LLC grew its position in Charles Schwab by 130.5% in the 1st quarter. Millennium Management LLC now owns 53,972 shares of the financial services provider’s stock valued at $2,818,000 after acquiring an additional 230,970 shares in the last quarter. IFM Investors Pty Ltd grew its position in Charles Schwab by 44.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 54,773 shares of the financial services provider’s stock valued at $2,799,000 after acquiring an additional 16,947 shares in the last quarter. CENTRAL TRUST Co grew its position in Charles Schwab by 1.7% in the 2nd quarter. CENTRAL TRUST Co now owns 74,907 shares of the financial services provider’s stock valued at $3,828,000 after acquiring an additional 1,236 shares in the last quarter. Cullinan Associates Inc. grew its position in Charles Schwab by 11.4% in the 2nd quarter. Cullinan Associates Inc. now owns 109,050 shares of the financial services provider’s stock valued at $5,572,000 after acquiring an additional 11,150 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its position in Charles Schwab by 17.5% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 21,513 shares of the financial services provider’s stock valued at $1,099,000 after acquiring an additional 3,200 shares in the last quarter. 80.44% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on SCHW. Raymond James upgraded Charles Schwab from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Tuesday, October 30th. They noted that the move was a valuation call. Deutsche Bank upgraded Charles Schwab from a “hold” rating to a “buy” rating and lifted their price objective for the company from $52.00 to $54.00 in a research note on Tuesday, October 30th. Credit Suisse Group decreased their price objective on Charles Schwab from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Friday, October 26th. Barclays decreased their price objective on Charles Schwab from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Monday, October 22nd. Finally, Morgan Stanley lifted their price objective on Charles Schwab from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, October 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $57.73.

In other Charles Schwab news, EVP Jonathan M. Craig sold 2,629 shares of Charles Schwab stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $48.84, for a total transaction of $128,400.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christopher V. Dodds sold 15,718 shares of Charles Schwab stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $51.14, for a total value of $803,818.52. Following the transaction, the director now directly owns 7,592 shares in the company, valued at approximately $388,254.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,771 shares of company stock valued at $1,336,655. 11.50% of the stock is owned by company insiders.

SCHW stock opened at $46.63 on Monday. The company has a market cap of $62.93 billion, a P/E ratio of 28.43, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48. Charles Schwab Co. has a fifty-two week low of $42.01 and a fifty-two week high of $60.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27.

Charles Schwab (NYSE:SCHW) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.65 earnings per share for the quarter, hitting the consensus estimate of $0.65. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Charles Schwab had a return on equity of 19.46% and a net margin of 32.65%. The firm’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, sell-side analysts anticipate that Charles Schwab Co. will post 2.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Friday, November 9th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Thursday, November 8th. Charles Schwab’s payout ratio is 31.71%.

Charles Schwab declared that its board has approved a stock repurchase program on Thursday, October 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 1.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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

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