Charles Schwab Corp to Post FY2017 Earnings of $1.60 Per Share, Jefferies Group Forecasts (SCHW)
Charles Schwab Corp (NYSE:SCHW) – Jefferies Group cut their FY2017 earnings per share estimates for Charles Schwab in a report issued on Monday. Jefferies Group analyst D. Fannon now anticipates that the financial services provider will earn $1.60 per share for the year, down from their previous forecast of $1.62. Jefferies Group currently has a “Buy” rating and a $49.00 price objective on the stock. Jefferies Group also issued estimates for Charles Schwab’s Q4 2017 earnings at $0.40 EPS, Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.62 EPS and Q4 2018 earnings at $0.64 EPS.
Several other analysts have also commented on the stock. Citigroup raised their price objective on shares of Charles Schwab from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Charles Schwab from a “hold” rating to a “strong-buy” rating and set a $60.00 target price for the company in a report on Friday, January 5th. Wells Fargo & Co reiterated a “market perform” rating and set a $55.00 target price (up from $47.00) on shares of Charles Schwab in a report on Thursday, January 4th. JMP Securities lowered shares of Charles Schwab from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 3rd. Finally, SunTrust Banks reiterated a “buy” rating and set a $63.00 target price (up from $56.00) on shares of Charles Schwab in a report on Tuesday, December 26th. Six investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $51.25.
Charles Schwab (NYSE:SCHW) last issued its quarterly earnings data on Wednesday, October 18th. The financial services provider reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.01. Charles Schwab had a net margin of 27.30% and a return on equity of 15.77%. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period last year, the business posted $0.35 earnings per share. Charles Schwab’s quarterly revenue was up 13.1% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fruth Investment Management purchased a new stake in shares of Charles Schwab during the 4th quarter valued at about $226,000. Progressive Investment Management Corp grew its holdings in Charles Schwab by 1.9% during the 4th quarter. Progressive Investment Management Corp now owns 95,184 shares of the financial services provider’s stock valued at $4,890,000 after purchasing an additional 1,751 shares during the last quarter. Private Asset Management Inc. grew its holdings in Charles Schwab by 15.4% during the 4th quarter. Private Asset Management Inc. now owns 75,922 shares of the financial services provider’s stock valued at $3,900,000 after purchasing an additional 10,125 shares during the last quarter. Atlantic Trust Group LLC grew its holdings in Charles Schwab by 851.8% during the 3rd quarter. Atlantic Trust Group LLC now owns 1,492,315 shares of the financial services provider’s stock valued at $65,274,000 after purchasing an additional 1,335,522 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in Charles Schwab during the 3rd quarter valued at about $805,000. Hedge funds and other institutional investors own 79.54% of the company’s stock.
In other Charles Schwab news, EVP Terri R. Kallsen sold 815 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $43.97, for a total value of $35,835.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Walter W. Bettinger purchased 72,510 shares of the firm’s stock in a transaction on Tuesday, November 7th. The stock was bought at an average price of $27.21 per share, for a total transaction of $1,972,997.10. Following the purchase, the insider now owns 41,330 shares in the company, valued at $1,124,589.30. The disclosure for this purchase can be found here. In the last three months, insiders have sold 1,658,531 shares of company stock valued at $77,397,901. Insiders own 12.00% of the company’s stock.
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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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