Raymond James Trust N.A. grew its stake in shares of Charles Schwab Co. (NYSE:SCHW) by 28.1% in the 1st quarter, HoldingsChannel reports. The fund owned 11,872 shares of the financial services provider’s stock after purchasing an additional 2,603 shares during the quarter. Raymond James Trust N.A.’s holdings in Charles Schwab were worth $508,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in SCHW. Sciencast Management LP bought a new position in shares of Charles Schwab in the 1st quarter worth about $1,267,000. Virtu Financial LLC bought a new position in shares of Charles Schwab in the 1st quarter worth about $828,000. Lodestar Investment Counsel LLC IL lifted its position in shares of Charles Schwab by 0.7% in the 1st quarter. Lodestar Investment Counsel LLC IL now owns 293,191 shares of the financial services provider’s stock worth $12,537,000 after buying an additional 1,950 shares during the last quarter. D.B. Root & Company LLC lifted its position in shares of Charles Schwab by 29.8% in the 1st quarter. D.B. Root & Company LLC now owns 9,083 shares of the financial services provider’s stock worth $388,000 after buying an additional 2,083 shares during the last quarter. Finally, Cobiz Wealth LLC lifted its position in shares of Charles Schwab by 2.9% in the 1st quarter. Cobiz Wealth LLC now owns 174,798 shares of the financial services provider’s stock worth $7,737,000 after buying an additional 4,901 shares during the last quarter. 80.07% of the stock is owned by institutional investors.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Charles Schwab from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Thursday, January 3rd. Credit Suisse Group lifted their price objective on shares of Charles Schwab from $50.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 17th. ValuEngine upgraded shares of Charles Schwab from a “sell” rating to a “hold” rating in a research report on Wednesday, January 16th. UBS Group downgraded shares of Charles Schwab from a “neutral” rating to a “sell” rating and cut their price objective for the company from $48.00 to $42.00 in a research report on Wednesday, February 20th. Finally, Wells Fargo & Co cut their price objective on shares of Charles Schwab from $48.00 to $47.00 and set a “market perform” rating on the stock in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. Charles Schwab presently has a consensus rating of “Buy” and an average target price of $53.22.
Shares of SCHW opened at $45.55 on Friday. The company has a market capitalization of $60.61 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 1.46 and a beta of 1.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.08. Charles Schwab Co. has a 12-month low of $37.83 and a 12-month high of $60.22.
Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.03. The company had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Charles Schwab had a net margin of 35.27% and a return on equity of 20.79%. The business’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS. As a group, research analysts forecast that Charles Schwab Co. will post 2.75 EPS for the current fiscal year.
Charles Schwab declared that its board has authorized a stock repurchase program on Wednesday, January 30th that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, CEO Marie A. Chandoha sold 45,046 shares of Charles Schwab stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $45.48, for a total value of $2,048,692.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Charles R. Schwab sold 250,000 shares of Charles Schwab stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $47.04, for a total transaction of $11,760,000.00. The disclosure for this sale can be found here. Insiders sold a total of 383,617 shares of company stock worth $17,906,122 in the last ninety days. Corporate insiders own 10.90% 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.
Featured Story: Growth and Income Funds
Want to see what other hedge funds are holding SCHW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Charles Schwab Co. (NYSE:SCHW).
Receive News & Ratings for Charles Schwab Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Charles Schwab and related companies with MarketBeat.com's FREE daily email newsletter.