Charles Schwab Co. (NYSE:SCHW) Short Interest Update
Charles Schwab Co. (NYSE:SCHW) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 17,762,900 shares, an increase of 20.3% from the July 31st total of 14,768,900 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average daily trading volume, of 9,570,000 shares, the short-interest ratio is currently 1.9 days.
In related news, EVP Jonathan M. Craig sold 3,740 shares of Charles Schwab stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.20, for a total value of $150,348.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephen T. Mclin sold 5,093 shares of Charles Schwab stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $37.56, for a total transaction of $191,293.08. Following the completion of the transaction, the director now owns 7,297 shares in the company, valued at $274,075.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 219,677 shares of company stock worth $8,997,842. 10.90% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. River & Mercantile Asset Management LLP acquired a new position in shares of Charles Schwab during the 2nd quarter worth $1,547,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Charles Schwab by 42.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 481,932 shares of the financial services provider’s stock worth $19,369,000 after buying an additional 142,544 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in shares of Charles Schwab during the 2nd quarter worth $1,020,000. EP Wealth Advisors LLC raised its stake in shares of Charles Schwab by 28.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 327,605 shares of the financial services provider’s stock worth $13,166,000 after buying an additional 73,039 shares during the last quarter. Finally, Boston Partners raised its stake in shares of Charles Schwab by 287.1% during the 2nd quarter. Boston Partners now owns 3,792,595 shares of the financial services provider’s stock worth $152,428,000 after buying an additional 2,812,729 shares during the last quarter. 79.93% of the stock is owned by institutional investors and hedge funds.
Charles Schwab (NYSE:SCHW) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. Charles Schwab had a return on equity of 20.52% and a net margin of 35.29%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.68 billion. During the same quarter last year, the company earned $0.60 earnings per share. Charles Schwab’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities analysts predict that Charles Schwab will post 2.67 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, August 8th. Charles Schwab’s dividend payout ratio (DPR) is presently 27.76%.
A number of equities analysts recently weighed in on SCHW shares. Bank of America lowered shares of Charles Schwab from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $49.00 to $43.00 in a research report on Friday, July 12th. Morgan Stanley lowered their price objective on shares of Charles Schwab from $53.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Argus reiterated a “buy” rating and issued a $52.00 price objective (down from $57.00) on shares of Charles Schwab in a research report on Wednesday, July 17th. Wells Fargo & Co raised Charles Schwab from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a report on Monday, July 22nd. Finally, Wolfe Research raised Charles Schwab from a “peer perform” rating to an “outperform” rating and raised their target price for the company from $42.00 to $46.00 in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the stock. Charles Schwab currently has a consensus rating of “Buy” and an average target price of $47.25.
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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