Argent Trust Co lifted its holdings in shares of Charles Schwab Co. (NYSE:SCHW) by 23.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 37,193 shares of the financial services provider’s stock after purchasing an additional 7,132 shares during the period. Argent Trust Co’s holdings in Charles Schwab were worth $1,545,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc grew its holdings in shares of Charles Schwab by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 88,586,138 shares of the financial services provider’s stock valued at $4,354,008,000 after purchasing an additional 820,257 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Charles Schwab by 2.6% during the 3rd quarter. BlackRock Inc. now owns 86,976,839 shares of the financial services provider’s stock valued at $4,274,909,000 after purchasing an additional 2,179,682 shares during the last quarter. FMR LLC grew its holdings in shares of Charles Schwab by 13.7% during the 2nd quarter. FMR LLC now owns 65,193,384 shares of the financial services provider’s stock valued at $3,331,382,000 after purchasing an additional 7,868,551 shares during the last quarter. Edgewood Management LLC grew its holdings in shares of Charles Schwab by 1.6% during the 3rd quarter. Edgewood Management LLC now owns 21,966,947 shares of the financial services provider’s stock valued at $1,079,675,000 after purchasing an additional 349,106 shares during the last quarter. Finally, Parnassus Investments CA grew its holdings in Charles Schwab by 22.3% in the 4th quarter. Parnassus Investments CA now owns 15,623,778 shares of the financial services provider’s stock worth $648,856,000 after acquiring an additional 2,850,678 shares during the last quarter. 79.78% of the stock is currently owned by institutional investors.
In other news, Chairman Charles R. Schwab sold 250,000 shares of the firm’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $47.04, for a total value of $11,760,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Terri R. Kallsen sold 4,913 shares of the firm’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $46.09, for a total transaction of $226,440.17. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 258,652 shares of company stock valued at $12,149,386. Corporate insiders own 11.50% of the company’s stock.
Shares of Charles Schwab stock opened at $45.98 on Thursday. Charles Schwab Co. has a 12-month low of $37.83 and a 12-month high of $60.22. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market capitalization of $60.45 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 1.03 and a beta of 1.37.
Charles Schwab (NYSE:SCHW) last posted its earnings results on Wednesday, January 16th. The financial services provider reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. Charles Schwab had a net margin of 34.61% and a return on equity of 20.28%. The firm had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period last year, the company posted $0.44 EPS. The company’s quarterly revenue was up 19.0% compared to the same quarter last year. Research analysts expect that Charles Schwab Co. will post 2.81 earnings per share for the current fiscal year.
Charles Schwab announced that its board has approved a stock buyback program on Thursday, October 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 1.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 28th. Stockholders of record on Thursday, February 14th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.48%. This is a boost from Charles Schwab’s previous quarterly dividend of $0.13. The ex-dividend date is Wednesday, February 13th. Charles Schwab’s dividend payout ratio (DPR) is currently 21.22%.
A number of equities research analysts have issued reports on the stock. Morgan Stanley cut their price target on shares of Charles Schwab from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. UBS Group lowered shares of Charles Schwab from a “buy” rating to a “neutral” rating in a report on Monday, November 19th. Raymond James raised their price target on shares of Charles Schwab from $51.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, January 16th. ValuEngine raised shares of Charles Schwab from a “sell” rating to a “hold” rating in a report on Wednesday, January 16th. Finally, Credit Suisse Group raised their price target on shares of Charles Schwab from $50.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 17th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Charles Schwab has a consensus rating of “Buy” and a consensus price target of $54.31.
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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