Covington Capital Management lifted its holdings in Charles Schwab Corp (NYSE:SCHW) by 1.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 390,688 shares of the financial services provider’s stock after purchasing an additional 5,526 shares during the period. Charles Schwab comprises approximately 1.2% of Covington Capital Management’s holdings, making the stock its 16th biggest position. Covington Capital Management’s holdings in Charles Schwab were worth $20,070,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of SCHW. Bogart Wealth LLC increased its holdings in Charles Schwab by 1,100.0% in the 4th quarter. Bogart Wealth LLC now owns 2,040 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 1,870 shares in the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new stake in Charles Schwab in the 4th quarter worth approximately $118,000. Zions Bancorporation increased its holdings in Charles Schwab by 1,545.3% in the 3rd quarter. Zions Bancorporation now owns 3,817 shares of the financial services provider’s stock worth $167,000 after acquiring an additional 3,585 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Charles Schwab in the 4th quarter worth approximately $187,000. Finally, Lourd Capital LLC purchased a new stake in Charles Schwab in the 4th quarter worth approximately $208,000. Hedge funds and other institutional investors own 80.60% of the company’s stock.
In related news, EVP Terri R. Kallsen sold 2,026 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $51.30, for a total value of $103,933.80. Following the completion of the transaction, the executive vice president now directly owns 1,706 shares of the company’s stock, valued at $87,517.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Jonathan M. Craig sold 5,000 shares of the firm’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $58.01, for a total transaction of $290,050.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 922,251 shares of company stock valued at $50,343,908. Insiders own 12.00% of the company’s stock.
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. Charles Schwab had a net margin of 27.32% and a return on equity of 16.03%. The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the firm posted $0.36 EPS. The company’s revenue was up 13.7% on a year-over-year basis. equities research analysts expect that Charles Schwab Corp will post 2.4 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were issued a dividend of $0.10 per share. This is a positive change from Charles Schwab’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, February 8th. Charles Schwab’s dividend payout ratio (DPR) is 24.24%.
Several equities research analysts recently issued reports on the stock. Credit Suisse Group reissued a “positive” rating and issued a $70.00 target price (up from $64.00) on shares of Charles Schwab in a report on Thursday, January 18th. Nomura reissued a “neutral” rating and issued a $54.00 target price (up from $50.00) on shares of Charles Schwab in a report on Thursday, January 18th. Argus increased their target price on shares of Charles Schwab from $59.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, January 18th. Citigroup reissued a “neutral” rating on shares of Charles Schwab in a report on Friday, January 19th. Finally, Zacks Investment Research lowered shares of Charles Schwab from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $54.64.
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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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