First Republic Investment Management Inc. lifted its position in shares of Charles Schwab Co. (NYSE:SCHW) by 1.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 451,781 shares of the financial services provider’s stock after purchasing an additional 8,054 shares during the quarter. First Republic Investment Management Inc.’s holdings in Charles Schwab were worth $22,205,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC raised its holdings in shares of Charles Schwab by 13.7% during the 2nd quarter. FMR LLC now owns 65,193,384 shares of the financial services provider’s stock worth $3,331,382,000 after acquiring an additional 7,868,551 shares during the period. BlackRock Inc. raised its holdings in Charles Schwab by 2.6% in the 3rd quarter. BlackRock Inc. now owns 86,976,839 shares of the financial services provider’s stock valued at $4,274,909,000 after buying an additional 2,179,682 shares during the period. Nomura Holdings Inc. raised its holdings in Charles Schwab by 365.3% in the 2nd quarter. Nomura Holdings Inc. now owns 1,674,691 shares of the financial services provider’s stock valued at $85,576,000 after buying an additional 1,314,740 shares during the period. Calamos Advisors LLC raised its holdings in Charles Schwab by 693.1% in the 3rd quarter. Calamos Advisors LLC now owns 984,940 shares of the financial services provider’s stock valued at $48,410,000 after buying an additional 860,758 shares during the period. Finally, Bank of Montreal Can raised its holdings in Charles Schwab by 69.1% in the 3rd quarter. Bank of Montreal Can now owns 1,777,473 shares of the financial services provider’s stock valued at $87,363,000 after buying an additional 726,546 shares during the period. 79.51% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Jonathan M. Craig sold 2,629 shares of the company’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 value of $128,400.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Charles R. Schwab sold 383,000 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $46.97, for a total value of $17,989,510.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 411,366 shares of company stock valued at $19,333,819. 11.50% of the stock is currently owned by corporate insiders.
NYSE SCHW opened at $41.47 on Friday. The stock has a market capitalization of $57.53 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 1.06 and a beta of 1.45. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.29 and a quick ratio of 0.29. Charles Schwab Co. has a 1-year low of $41.13 and a 1-year high of $60.22.
Charles Schwab (NYSE:SCHW) last released its earnings results on Monday, October 15th. The financial services provider reported $0.65 earnings per share for the quarter, meeting the consensus estimate 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 return on equity of 19.02% and a net margin of 32.65%. Charles Schwab’s revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 EPS. On average, sell-side analysts forecast that Charles Schwab Co. will post 2.44 earnings per share for the current fiscal year.
Charles Schwab announced that its board has approved 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 reacquire up to 1.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, November 23rd. Shareholders of record on Friday, November 9th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Thursday, November 8th. Charles Schwab’s dividend payout ratio is currently 31.71%.
Several brokerages recently issued reports on SCHW. Zacks Investment Research lowered shares of Charles Schwab from a “buy” rating to a “hold” rating in a report on Tuesday. Citigroup upgraded shares of Charles Schwab from a “sell” rating to a “neutral” rating and set a $44.08 price objective on the stock in a report on Sunday, December 2nd. Goldman Sachs Group began coverage on shares of Charles Schwab in a report on Friday, November 30th. They issued a “buy” rating and a $55.00 price objective on the stock. UBS Group lowered shares of Charles Schwab from a “buy” rating to a “neutral” rating in a report on Monday, November 19th. Finally, Morgan Stanley restated an “overweight” rating on shares of Charles Schwab in a report on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $56.94.
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Charles Schwab Company Profile
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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