IFP Advisors Inc raised its holdings in shares of Charles Schwab Co. (NYSE:SCHW) by 18.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,237 shares of the financial services provider’s stock after buying an additional 1,281 shares during the period. IFP Advisors Inc’s holdings in Charles Schwab were worth $405,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the business. Pittenger & Anderson Inc. raised its stake in shares of Charles Schwab by 1.2% during the second quarter. Pittenger & Anderson Inc. now owns 164,316 shares of the financial services provider’s stock valued at $8,397,000 after acquiring an additional 1,995 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Charles Schwab during the second quarter valued at approximately $134,000. Argent Trust Co raised its stake in shares of Charles Schwab by 55.8% during the second quarter. Argent Trust Co now owns 26,167 shares of the financial services provider’s stock valued at $1,337,000 after acquiring an additional 9,377 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Charles Schwab by 132.2% during the second quarter. Canada Pension Plan Investment Board now owns 388,910 shares of the financial services provider’s stock valued at $19,873,000 after acquiring an additional 221,400 shares in the last quarter. Finally, Keybank National Association OH raised its stake in shares of Charles Schwab by 11.7% during the second quarter. Keybank National Association OH now owns 26,074 shares of the financial services provider’s stock valued at $1,332,000 after acquiring an additional 2,733 shares in the last quarter. Institutional investors and hedge funds own 80.44% of the company’s stock.
SCHW has been the subject of several research analyst reports. Morgan Stanley set a $70.00 price target on shares of Charles Schwab and gave the company a “buy” rating in a research note on Tuesday, September 18th. Zacks Investment Research raised shares of Charles Schwab from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Wednesday, October 3rd. Wolfe Research initiated coverage on shares of Charles Schwab in a research note on Tuesday, September 25th. They set an “underperform” rating for the company. JPMorgan Chase & Co. set a $59.00 price target on shares of Charles Schwab and gave the company a “buy” rating in a research note on Monday, July 16th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 price target on shares of Charles Schwab in a research note on Monday, July 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $57.73.
In related news, Director Christopher V. Dodds sold 15,718 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jonathan M. Craig sold 2,629 shares of the business’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $48.84, for a total transaction of $128,400.36. The disclosure for this sale can be found here. Insiders sold 26,771 shares of company stock valued at $1,336,655 in the last three months. 11.50% of the stock is currently owned by insiders.
Shares of NYSE:SCHW opened at $47.28 on Tuesday. The company has a market capitalization of $62.93 billion, a P/E ratio of 28.83, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48. Charles Schwab Co. has a 52 week low of $42.01 and a 52 week high of $60.22. 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 (NYSE:SCHW) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.65 EPS for the quarter, hitting analysts’ consensus estimates 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 net margin of 32.65% and a return on equity of 19.46%. Charles Schwab’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. On average, sell-side analysts predict that Charles Schwab Co. will post 2.45 EPS for the current fiscal year.
The firm 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 $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Thursday, November 8th. Charles Schwab’s dividend payout ratio (DPR) is 31.71%.
Charles Schwab declared that its Board of Directors has approved a share repurchase 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 reacquire up to 1.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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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