RiverPark Advisors LLC cut its holdings in Charles Schwab Corp (NYSE:SCHW) by 26.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 439,085 shares of the financial services provider’s stock after selling 155,529 shares during the quarter. Charles Schwab accounts for 3.2% of RiverPark Advisors LLC’s investment portfolio, making the stock its 15th largest holding. RiverPark Advisors LLC’s holdings in Charles Schwab were worth $22,556,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Bogart Wealth LLC raised its position in shares of Charles Schwab by 1,100.0% during the fourth quarter. Bogart Wealth LLC now owns 2,040 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 1,870 shares during the period. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Charles Schwab during the fourth quarter worth approximately $118,000. Acadian Asset Management LLC acquired a new position in shares of Charles Schwab during the fourth quarter worth approximately $187,000. Zions Bancorporation raised its position in shares of Charles Schwab by 1,545.3% during the third quarter. Zions Bancorporation now owns 3,817 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 3,585 shares during the period. Finally, Fiduciary Trust Co. acquired a new position in shares of Charles Schwab during the fourth quarter worth approximately $208,000. 80.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on the company. Credit Suisse Group assumed coverage on Charles Schwab in a research report on Thursday, November 30th. They set an “outperform” rating and a $55.00 target price on the stock. Wells Fargo & Co reaffirmed a “market perform” rating and set a $55.00 target price (up from $47.00) on shares of Charles Schwab in a research report on Thursday, January 4th. Zacks Investment Research raised Charles Schwab from a “hold” rating to a “strong-buy” rating and set a $60.00 target price on the stock in a research report on Friday, January 5th. Morgan Stanley upped their target price on Charles Schwab from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 30th. Finally, Argus upped their target price on Charles Schwab from $59.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, January 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.33.
Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.24 billion. Charles Schwab had a return on equity of 16.03% and a net margin of 27.32%. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. equities analysts anticipate that Charles Schwab Corp will post 2.4 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date was Thursday, February 8th. This is an increase from Charles Schwab’s previous quarterly dividend of $0.08. Charles Schwab’s dividend payout ratio is 24.84%.
In other Charles Schwab news, Chairman Charles R. Schwab sold 300,000 shares of the company’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $55.31, for a total value of $16,593,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jonathan M. Craig sold 8,046 shares of the company’s stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $54.31, for a total value of $436,978.26. The disclosure for this sale can be found here. Insiders sold a total of 917,251 shares of company stock valued at $50,053,858 in the last 90 days. Corporate insiders own 12.00% of the company’s stock.
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About Charles Schwab
The Charles Schwab Corporation (CSC) is a savings and loan holding company. The Company, through its subsidiaries, engages in wealth management, securities brokerage, banking, money management and financial advisory services. The Company provides financial services to individuals and institutional clients through two segments: Investor Services and Advisor Services.
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