QCI Asset Management Inc. NY Increases Stake in Charles Schwab Co. (SCHW)

QCI Asset Management Inc. NY lifted its stake in shares of Charles Schwab Co. (NYSE:SCHW) by 0.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 332,059 shares of the financial services provider’s stock after purchasing an additional 2,387 shares during the period. QCI Asset Management Inc. NY’s holdings in Charles Schwab were worth $16,321,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SCHW. LFA Lugano Financial Advisors SA acquired a new position in Charles Schwab in the third quarter valued at approximately $111,000. Acropolis Investment Management LLC acquired a new position in Charles Schwab in the second quarter valued at approximately $115,000. Point72 Hong Kong Ltd acquired a new position in Charles Schwab in the second quarter valued at approximately $134,000. Zions Bancorporation acquired a new position in Charles Schwab in the third quarter valued at approximately $136,000. Finally, Kaizen Advisory LLC lifted its holdings in Charles Schwab by 157.6% in the second quarter. Kaizen Advisory LLC now owns 2,980 shares of the financial services provider’s stock valued at $152,000 after buying an additional 1,823 shares during the period. Institutional investors own 80.44% of the company’s stock.

SCHW opened at $47.64 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $65.63 billion, a price-to-earnings ratio of 29.05, a PEG ratio of 1.21 and a beta of 1.48. Charles Schwab Co. has a twelve month low of $42.01 and a twelve month high of $60.22.

Charles Schwab (NYSE:SCHW) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.65 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.65. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.58 billion. Charles Schwab had a net margin of 32.65% and a return on equity of 19.46%. The business’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. Research analysts predict that Charles Schwab Co. will post 2.45 earnings per share for the current year.

Charles Schwab announced that its Board of Directors has initiated a stock buyback program on Thursday, October 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 1.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.52 annualized dividend and a yield of 1.09%. Charles Schwab’s dividend payout ratio (DPR) is presently 31.71%.

In other news, Director Christopher V. Dodds sold 15,718 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $51.14, for a total transaction of $803,818.52. Following the completion of the sale, 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 can be accessed through this hyperlink. Also, insider Marie A. Chandoha sold 12,400 shares of the stock in a transaction on Monday, November 5th. The stock was sold at an average price of $47.18, for a total transaction of $585,032.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,171 shares of company stock worth $1,921,687. Company insiders own 11.50% of the company’s stock.

Several brokerages recently weighed in on SCHW. Wells Fargo & Co increased their price objective on shares of Charles Schwab from $54.00 to $56.00 and gave the company a “$54.22” rating in a report on Wednesday, July 18th. Morgan Stanley increased their price objective on shares of Charles Schwab from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, July 25th. Citigroup cut their price objective on shares of Charles Schwab from $49.00 to $48.00 and set a “sell” rating on the stock in a report on Monday, July 23rd. Wolfe Research began coverage on shares of Charles Schwab in a report on Tuesday, September 25th. They issued an “underperform” rating on the stock. Finally, Jefferies Financial Group restated a “buy” rating and issued a $66.00 price objective on shares of Charles Schwab in a report on Monday, July 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $57.73.

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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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Institutional Ownership by Quarter for Charles Schwab (NYSE:SCHW)

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