Legal & General Group Plc grew its stake in Charles Schwab Co. (NYSE:SCHW) by 2.5% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 7,143,734 shares of the financial services provider’s stock after buying an additional 176,393 shares during the period. Legal & General Group Plc’s holdings in Charles Schwab were worth $240,715,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Charles Schwab by 5.7% during the first quarter. BlackRock Inc. now owns 91,681,742 shares of the financial services provider’s stock worth $3,082,342,000 after buying an additional 4,903,256 shares during the period. JPMorgan Chase & Co. boosted its position in Charles Schwab by 22.5% during the first quarter. JPMorgan Chase & Co. now owns 30,345,188 shares of the financial services provider’s stock valued at $1,020,205,000 after acquiring an additional 5,568,071 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Charles Schwab by 18.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 16,995,456 shares of the financial services provider’s stock valued at $571,386,000 after acquiring an additional 2,646,859 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Charles Schwab by 11.9% during the 1st quarter. Alliancebernstein L.P. now owns 16,439,037 shares of the financial services provider’s stock worth $552,680,000 after acquiring an additional 1,750,629 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Charles Schwab by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 15,433,355 shares of the financial services provider’s stock worth $732,454,000 after acquiring an additional 256,753 shares in the last quarter. Institutional investors own 85.15% of the company’s stock.
Several research firms recently commented on SCHW. Deutsche Bank decreased their target price on Charles Schwab from $38.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, May 15th. Morgan Stanley raised their price objective on shares of Charles Schwab from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Citigroup downgraded shares of Charles Schwab from a “buy” rating to a “neutral” rating and set a $37.50 target price on the stock. in a research report on Wednesday, April 15th. Argus cut their target price on shares of Charles Schwab from $54.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. Finally, Keefe, Bruyette & Woods downgraded shares of Charles Schwab from an “outperform” rating to a “market perform” rating in a research note on Sunday, April 19th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. Charles Schwab presently has an average rating of “Hold” and a consensus target price of $42.19.
NYSE SCHW traded down $0.99 during trading hours on Thursday, hitting $37.13. The company’s stock had a trading volume of 470,109 shares, compared to its average volume of 12,718,361. The company has a market capitalization of $49.08 billion, a PE ratio of 14.57 and a beta of 1.24. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.36. Charles Schwab Co. has a 52 week low of $28.00 and a 52 week high of $51.65. The company’s 50-day simple moving average is $36.11 and its two-hundred day simple moving average is $41.46.
Charles Schwab (NYSE:SCHW) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.05). The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.61 billion. Charles Schwab had a net margin of 33.30% and a return on equity of 18.25%. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. Research analysts anticipate that Charles Schwab Co. will post 2.09 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Thursday, May 7th. Charles Schwab’s dividend payout ratio (DPR) is presently 26.47%.
In other news, Director Charles A. Ruffel acquired 2,460 shares of Charles Schwab stock in a transaction on Monday, April 27th. The stock was acquired at an average cost of $37.08 per share, with a total value of $91,216.80. Following the transaction, the director now owns 4,355 shares of the company’s stock, valued at approximately $161,483.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan M. Craig sold 10,935 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $40.02, for a total transaction of $437,618.70. The disclosure for this sale can be found here. 10.80% of the stock is owned by insiders.
Charles Schwab Company Profile
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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