Wells Fargo & Company MN lifted its stake in Charles Schwab Co. (NYSE:SCHW) by 8.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,690,064 shares of the financial services provider’s stock after purchasing an additional 518,046 shares during the quarter. Wells Fargo & Company MN owned 0.50% of Charles Schwab worth $328,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of SCHW. FMR LLC raised its position in Charles Schwab by 13.7% in the 2nd quarter. FMR LLC now owns 65,193,384 shares of the financial services provider’s stock worth $3,331,382,000 after buying an additional 7,868,551 shares during the last quarter. Nomura Holdings Inc. raised its position in Charles Schwab by 365.3% in the 2nd quarter. Nomura Holdings Inc. now owns 1,674,691 shares of the financial services provider’s stock worth $85,576,000 after buying an additional 1,314,740 shares during the last quarter. Manning & Napier Group LLC raised its position in Charles Schwab by 44.7% in the 2nd quarter. Manning & Napier Group LLC now owns 3,101,140 shares of the financial services provider’s stock worth $158,468,000 after buying an additional 957,925 shares during the last quarter. Calamos Advisors LLC raised its position in Charles Schwab by 693.1% in the 3rd quarter. Calamos Advisors LLC now owns 984,940 shares of the financial services provider’s stock worth $48,410,000 after buying an additional 860,758 shares during the last quarter. Finally, Congress Asset Management Co. MA raised its position in Charles Schwab by 417.1% in the 2nd quarter. Congress Asset Management Co. MA now owns 1,010,376 shares of the financial services provider’s stock worth $51,630,000 after buying an additional 814,965 shares during the last quarter. 80.44% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Marie A. Chandoha sold 8,424 shares of the business’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $48.01, for a total transaction of $404,436.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher V. Dodds sold 15,718 shares of the company’s 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 completion of the transaction, the director now owns 7,592 shares of the company’s stock, valued at $388,254.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,171 shares of company stock valued at $1,921,687. 11.50% of the stock is currently owned by corporate insiders.
Charles Schwab stock opened at $48.34 on Wednesday. The stock has a market cap of $62.93 billion, a price-to-earnings ratio of 29.48, a PEG ratio of 1.16 and a beta of 1.48. 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 Co. has a 52-week low of $42.01 and a 52-week high of $60.22.
Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.65. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 EPS. On average, sell-side analysts expect that Charles Schwab Co. will post 2.45 earnings per share for the current fiscal year.
Charles Schwab declared that its board has authorized a stock buyback program on Thursday, October 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.08%. Charles Schwab’s dividend payout ratio (DPR) is presently 31.71%.
A number of equities research analysts have issued reports on the company. Citigroup cut their price target on Charles Schwab from $49.00 to $48.00 and set a “sell” rating for the company in a research note on Monday, July 23rd. Morgan Stanley set a $70.00 price target on Charles Schwab and gave the company a “buy” rating in a research note on Tuesday, September 18th. Wells Fargo & Co boosted their price target on Charles Schwab from $54.00 to $56.00 and gave the company a “$54.22” rating in a research note on Wednesday, July 18th. Raymond James upgraded Charles Schwab from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Tuesday, October 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded Charles Schwab from a “buy” rating to a “hold” rating in a research note on Wednesday, July 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $57.73.
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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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