Mark Asset Management LP increased its stake in shares of Charles Schwab Co. (NYSE:SCHW) by 41.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 389,242 shares of the financial services provider’s stock after purchasing an additional 114,883 shares during the period. Charles Schwab makes up 2.5% of Mark Asset Management LP’s portfolio, making the stock its 12th largest holding. Mark Asset Management LP’s holdings in Charles Schwab were worth $13,133,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of SCHW. Lee Financial Group Hawaii Inc. raised its position in Charles Schwab by 1.7% in the second quarter. Lee Financial Group Hawaii Inc. now owns 17,358 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 293 shares in the last quarter. Checchi Capital Advisers LLC raised its position in Charles Schwab by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 9,936 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 297 shares in the last quarter. Integrated Advisors Network LLC raised its position in Charles Schwab by 4.9% in the first quarter. Integrated Advisors Network LLC now owns 6,354 shares of the financial services provider’s stock worth $214,000 after acquiring an additional 298 shares in the last quarter. Birmingham Capital Management Co. Inc. AL raised its position in Charles Schwab by 1.0% in the second quarter. Birmingham Capital Management Co. Inc. AL now owns 30,385 shares of the financial services provider’s stock worth $1,025,000 after acquiring an additional 300 shares in the last quarter. Finally, Flagship Harbor Advisors LLC raised its position in Charles Schwab by 37.4% in the first quarter. Flagship Harbor Advisors LLC now owns 1,105 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 301 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.
Charles Schwab stock traded up $0.81 during midday trading on Friday, reaching $36.20. 11,448,291 shares of the company were exchanged, compared to its average volume of 7,797,739. The company has a market capitalization of $46.65 billion, a price-to-earnings ratio of 15.21 and a beta of 1.17. The firm’s 50-day simple moving average is $34.62 and its 200-day simple moving average is $35.69. Charles Schwab Co. has a 1 year low of $28.00 and a 1 year high of $51.65. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.30 and a current ratio of 0.30.
Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm 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 quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 EPS. On average, analysts forecast that Charles Schwab Co. will post 2.13 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, August 6th. Charles Schwab’s dividend payout ratio is presently 26.47%.
In other Charles Schwab news, Chairman Charles R. Schwab sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $34.11, for a total value of $6,822,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles A. Ruffel purchased 2,854 shares of the firm’s stock in a transaction on Wednesday, July 22nd. The stock was acquired at an average cost of $34.91 per share, for a total transaction of $99,633.14. Following the completion of the purchase, the director now owns 7,751 shares in the company, valued at approximately $270,587.41. The disclosure for this purchase can be found here. Company insiders own 10.80% of the company’s stock.
Several research firms have issued reports on SCHW. Bank of America cut their price objective on Charles Schwab from $38.00 to $37.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Morgan Stanley cut their price objective on Charles Schwab from $51.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Wells Fargo & Co raised their price target on Charles Schwab from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, July 10th. Compass Point cut Charles Schwab from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Wednesday, May 20th. Finally, Deutsche Bank raised their price target on Charles Schwab from $37.00 to $38.00 and gave the company a “hold” rating in a research report on Friday, July 17th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $42.50.
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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