Daiwa Securities Group Inc. Increases Stock Holdings in Charles Schwab Co. (NYSE:SCHW)
Daiwa Securities Group Inc. increased its holdings in Charles Schwab Co. (NYSE:SCHW) by 7.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 88,904 shares of the financial services provider’s stock after acquiring an additional 6,102 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Charles Schwab were worth $3,719,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Venturi Wealth Management LLC bought a new position in Charles Schwab in the third quarter worth $26,000. FNY Investment Advisers LLC raised its holdings in Charles Schwab by 133.3% in the second quarter. FNY Investment Advisers LLC now owns 700 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 400 shares in the last quarter. Flagship Harbor Advisors LLC raised its holdings in Charles Schwab by 303.0% in the third quarter. Flagship Harbor Advisors LLC now owns 802 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 603 shares in the last quarter. Gradient Investments LLC raised its holdings in Charles Schwab by 526.2% in the third quarter. Gradient Investments LLC now owns 814 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 684 shares in the last quarter. Finally, Glassman Wealth Services raised its holdings in Charles Schwab by 51.0% in the second quarter. Glassman Wealth Services now owns 1,098 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 371 shares in the last quarter. 79.10% of the stock is owned by institutional investors.
A number of equities analysts have issued reports on SCHW shares. Argus reiterated a “buy” rating and issued a $52.00 price objective (down previously from $57.00) on shares of Charles Schwab in a report on Wednesday, July 17th. Wells Fargo & Co restated a “hold” rating on shares of Charles Schwab in a report on Tuesday, October 15th. UBS Group raised their price target on Charles Schwab from $33.00 to $35.00 and gave the company a “sell” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods downgraded Charles Schwab from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $43.50 in a report on Friday, July 12th. Finally, Wolfe Research upgraded Charles Schwab from a “peer perform” rating to an “outperform” rating and raised their price target for the company from $42.00 to $46.00 in a report on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Charles Schwab currently has a consensus rating of “Hold” and a consensus price target of $44.38.
Charles Schwab (NYSE:SCHW) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.65 by $0.05. Charles Schwab had a return on equity of 20.85% and a net margin of 35.12%. The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period last year, the company earned $0.65 EPS. Charles Schwab’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities analysts predict that Charles Schwab Co. will post 2.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be issued a $0.17 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.68 annualized dividend and a yield of 1.56%. Charles Schwab’s payout ratio is 27.76%.
In related news, Chairman Charles R. Schwab sold 105,422 shares of Charles Schwab stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $40.08, for a total value of $4,225,313.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen T. Mclin sold 5,093 shares of Charles Schwab stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $37.56, for a total value of $191,293.08. Following the completion of the sale, the director now owns 7,297 shares of the company’s stock, valued at $274,075.32. The disclosure for this sale can be found here. Insiders sold a total of 219,677 shares of company stock valued at $8,993,241 over the last quarter. 10.90% of the stock is owned by corporate insiders.
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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