Phoenix Holdings Ltd. raised its holdings in shares of Charles Schwab Co. (NYSE:SCHW) by 13.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,754 shares of the financial services provider’s stock after purchasing an additional 7,483 shares during the period. Phoenix Holdings Ltd.’s holdings in Charles Schwab were worth $2,020,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. Cascadia Advisory Services LLC bought a new stake in shares of Charles Schwab during the second quarter worth about $1,810,000. State Board of Administration of Florida Retirement System raised its position in shares of Charles Schwab by 1.8% during the second quarter. State Board of Administration of Florida Retirement System now owns 1,573,449 shares of the financial services provider’s stock worth $53,088,000 after purchasing an additional 27,972 shares during the period. Greenwood Gearhart Inc. raised its position in shares of Charles Schwab by 2.2% during the second quarter. Greenwood Gearhart Inc. now owns 242,292 shares of the financial services provider’s stock worth $8,175,000 after purchasing an additional 5,197 shares during the period. Virtu Financial LLC acquired a new position in shares of Charles Schwab during the second quarter worth approximately $1,234,000. Finally, Rafferty Asset Management LLC raised its position in shares of Charles Schwab by 441.7% during the second quarter. Rafferty Asset Management LLC now owns 238,909 shares of the financial services provider’s stock worth $8,061,000 after purchasing an additional 194,806 shares during the period. Institutional investors own 85.13% of the company’s stock.
A number of equities analysts have recently weighed in on SCHW shares. Deutsche Bank upped their target price on Charles Schwab from $37.00 to $38.00 and gave the stock a “hold” rating in a research report on Friday, July 17th. Compass Point lowered Charles Schwab from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research report on Wednesday, May 20th. Citigroup upped their target price on Charles Schwab from $38.00 to $38.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Raymond James reaffirmed a “hold” rating on shares of Charles Schwab in a research report on Thursday, August 6th. Finally, Morgan Stanley decreased their price target on Charles Schwab from $51.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $42.50.
In other news, Chairman Charles R. Schwab sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $34.11, for a total value of $6,822,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jonathan M. Craig sold 10,935 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $40.02, for a total value of $437,618.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 275,991 shares of company stock valued at $9,418,827. 10.80% of the stock is currently owned by company insiders.
Shares of SCHW stock traded down $1.19 during trading hours on Thursday, reaching $34.52. The company’s stock had a trading volume of 551,105 shares, compared to its average volume of 8,482,356. The stock has a market capitalization of $45.04 billion, a P/E ratio of 14.72 and a beta of 1.21. Charles Schwab Co. has a one year low of $28.00 and a one year high of $51.65. The firm’s fifty day simple moving average is $34.17 and its 200 day simple moving average is $36.61. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.33.
Charles Schwab (NYSE:SCHW) last released its earnings results on Thursday, July 16th. The financial services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.48 billion. Charles Schwab had a return on equity of 15.86% and a net margin of 31.48%. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 EPS. As a group, equities research analysts forecast that Charles Schwab Co. will post 2.14 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, August 6th. Charles Schwab’s payout ratio is presently 26.47%.
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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