First Quadrant L P CA Invests $362,000 in Charles Schwab Co. (NYSE:SCHW)
First Quadrant L P CA bought a new stake in shares of Charles Schwab Co. (NYSE:SCHW) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 10,742 shares of the financial services provider’s stock, valued at approximately $362,000.
Other large investors also recently added to or reduced their stakes in the company. First Trust Advisors LP bought a new position in shares of Charles Schwab in the 1st quarter valued at about $1,805,000. Macquarie Group Ltd. grew its stake in shares of Charles Schwab by 10.9% in the fourth quarter. Macquarie Group Ltd. now owns 3,684,361 shares of the financial services provider’s stock valued at $175,228,000 after buying an additional 361,099 shares in the last quarter. Fulton Bank N.A. grew its stake in shares of Charles Schwab by 16.9% in the first quarter. Fulton Bank N.A. now owns 6,306 shares of the financial services provider’s stock valued at $212,000 after buying an additional 911 shares in the last quarter. Bangor Savings Bank boosted its position in Charles Schwab by 3.1% during the first quarter. Bangor Savings Bank now owns 21,826 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 665 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Charles Schwab by 4.8% during the first quarter. State of Alaska Department of Revenue now owns 196,831 shares of the financial services provider’s stock worth $6,617,000 after buying an additional 8,941 shares in the last quarter. Hedge funds and other institutional investors own 85.13% of the company’s stock.
Several brokerages have commented on SCHW. TheStreet downgraded Charles Schwab from a “b-” rating to a “c” rating in a research note on Monday, July 27th. Cfra reduced their target price on Charles Schwab from $55.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Argus reduced their target price on Charles Schwab from $54.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, April 16th. Keefe, Bruyette & Woods cut Charles Schwab from an “outperform” rating to a “market perform” rating in a report on Sunday, April 19th. Finally, Wolfe Research upgraded Charles Schwab from an “underperform” rating to a “peer perform” rating and set a $36.00 price target on the stock in a report on Thursday, July 9th. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Charles Schwab currently has a consensus rating of “Hold” and an average price target of $42.50.
Charles Schwab (NYSE:SCHW) last issued its earnings results on Thursday, July 16th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.48 billion. Charles Schwab had a return on equity of 16.88% and a net margin of 31.48%. Charles Schwab’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 earnings per share. Equities research analysts anticipate that Charles Schwab Co. will post 2.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Thursday, August 6th. Charles Schwab’s payout ratio is currently 26.47%.
In related news, EVP Jonathan M. Craig sold 10,935 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $40.02, for a total value of $437,618.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles A. Ruffel purchased 2,854 shares of the stock in a transaction that occurred on Wednesday, July 22nd. The stock was bought at an average cost of $34.91 per share, with a total value of $99,633.14. Following the completion of the transaction, the director now directly owns 7,751 shares in the company, valued at approximately $270,587.41. The disclosure for this purchase can be found here. Corporate insiders own 10.80% of the company’s stock.
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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