Laffer Investments Reduces Stake in Charles Schwab Corp (SCHW)
Laffer Investments reduced its position in Charles Schwab Corp (NYSE:SCHW) by 6.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,550 shares of the financial services provider’s stock after selling 3,580 shares during the period. Laffer Investments’ holdings in Charles Schwab were worth $2,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in SCHW. Shine Investment Advisory Services Inc. bought a new stake in Charles Schwab during the second quarter valued at about $145,000. Fiduciary Trust Co. bought a new stake in Charles Schwab during the second quarter valued at about $163,000. Zions Bancorporation raised its holdings in Charles Schwab by 1,545.3% during the third quarter. Zions Bancorporation now owns 3,817 shares of the financial services provider’s stock valued at $167,000 after acquiring an additional 3,585 shares during the period. Quadrant Capital Group LLC raised its holdings in Charles Schwab by 31.4% during the second quarter. Quadrant Capital Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 1,082 shares during the period. Finally, Paradigm Asset Management Co. LLC raised its holdings in Charles Schwab by 4.7% during the second quarter. Paradigm Asset Management Co. LLC now owns 4,450 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 200 shares during the period. Hedge funds and other institutional investors own 79.84% of the company’s stock.
In other Charles Schwab news, insider Walter W. Bettinger bought 72,510 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was acquired at an average price of $27.21 per share, for a total transaction of $1,972,997.10. Following the completion of the transaction, the insider now directly owns 41,330 shares of the company’s stock, valued at $1,124,589.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Terri R. Kallsen sold 1,982 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $50.55, for a total value of $100,190.10. Following the transaction, the executive vice president now owns 1,706 shares of the company’s stock, valued at approximately $86,238.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,778,324 shares of company stock valued at $82,710,964. 12.00% of the stock is currently owned by company insiders.
SCHW has been the topic of a number of recent analyst reports. BidaskClub cut Charles Schwab from a “sell” rating to a “strong sell” rating in a report on Friday, September 8th. Morgan Stanley raised their price target on Charles Schwab from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday, October 5th. Barclays raised their price target on Charles Schwab from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Tuesday, October 10th. Deutsche Bank raised their price target on Charles Schwab from $46.00 to $47.00 and gave the company a “hold” rating in a report on Wednesday, October 25th. Finally, Credit Suisse Group initiated coverage on Charles Schwab in a report on Thursday, November 30th. They set an “outperform” rating and a $55.00 price target on the stock. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $47.56.
Shares of Charles Schwab Corp (NYSE SCHW) traded down $1.23 during mid-day trading on Thursday, hitting $50.33. The stock had a trading volume of 8,193,300 shares, compared to its average volume of 7,076,719. Charles Schwab Corp has a 1 year low of $37.16 and a 1 year high of $51.98. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $67,400.00, a PE ratio of 33.05, a price-to-earnings-growth ratio of 2.19 and a beta of 1.74.
Charles Schwab (NYSE:SCHW) last released its quarterly earnings results 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. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.18 billion. Charles Schwab had a return on equity of 15.77% and a net margin of 27.30%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. research analysts forecast that Charles Schwab Corp will post 1.62 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 24th. Investors of record on Friday, November 10th were given a $0.08 dividend. The ex-dividend date was Thursday, November 9th. This represents a $0.32 annualized dividend and a yield of 0.64%. Charles Schwab’s dividend payout ratio is currently 20.51%.
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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