First Trust Advisors LP trimmed its position in shares of The Charles Schwab Co. (NYSE:SCHW) by 9.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 202,820 shares of the financial services provider’s stock after selling 20,750 shares during the quarter. First Trust Advisors LP’s holdings in The Charles Schwab were worth $7,348,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of SCHW. Slow Capital Inc. acquired a new position in shares of The Charles Schwab during the third quarter worth approximately $36,000. Edge Wealth Management LLC raised its position in shares of The Charles Schwab by 500.0% during the second quarter. Edge Wealth Management LLC now owns 1,200 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 1,000 shares during the period. Shine Investment Advisory Services Inc. raised its position in shares of The Charles Schwab by 51.2% during the third quarter. Shine Investment Advisory Services Inc. now owns 1,113 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 377 shares during the period. CX Institutional raised its position in shares of The Charles Schwab by 64.0% during the second quarter. CX Institutional now owns 1,222 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 477 shares during the period. Finally, Creative Financial Designs Inc. ADV bought a new stake in The Charles Schwab during the second quarter worth $42,000. 85.31% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on SCHW shares. TheStreet upgraded The Charles Schwab from a “c” rating to a “b-” rating in a report on Thursday, October 8th. Raymond James reiterated a “hold” rating on shares of The Charles Schwab in a report on Thursday, August 6th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded The Charles Schwab from a “neutral” rating to a “buy” rating and upped their price target for the stock from $44.00 to $54.00 in a report on Tuesday, November 17th. Deutsche Bank Aktiengesellschaft upgraded The Charles Schwab from a “hold” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a report on Wednesday, November 11th. Finally, Bank of America upped their price target on The Charles Schwab from $40.00 to $42.00 and gave the stock a “neutral” rating in a report on Friday, October 16th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $46.75.
The Charles Schwab (NYSE:SCHW) last posted its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.01. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.43 billion. The Charles Schwab had a return on equity of 14.02% and a net margin of 29.80%. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 EPS. Equities analysts predict that The Charles Schwab Co. will post 2.17 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, November 12th. This represents a $0.72 annualized dividend and a dividend yield of 1.54%. The Charles Schwab’s payout ratio is 26.47%.
In related news, EVP Peter J. Morgan III sold 3,521 shares of the stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $41.38, for a total transaction of $145,698.98. Following the sale, the executive vice president now owns 8,358 shares of the company’s stock, valued at approximately $345,854.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Charles R. Schwab sold 98,870 shares of the stock in a transaction dated Thursday, November 19th. The stock was sold at an average price of $46.87, for a total value of $4,634,036.90. Insiders have sold a total of 799,560 shares of company stock valued at $36,762,640 in the last quarter. 10.80% of the stock is owned by corporate insiders.
The Charles Schwab 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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