Eagle Ridge Investment Management trimmed its holdings in Charles Schwab Co. (NYSE:SCHW) by 2.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 417,156 shares of the financial services provider’s stock after selling 8,551 shares during the quarter. Charles Schwab comprises approximately 2.4% of Eagle Ridge Investment Management’s portfolio, making the stock its 7th biggest position. Eagle Ridge Investment Management’s holdings in Charles Schwab were worth $16,765,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in SCHW. Chemical Bank raised its position in Charles Schwab by 2.3% in the second quarter. Chemical Bank now owns 54,203 shares of the financial services provider’s stock worth $2,179,000 after acquiring an additional 1,236 shares in the last quarter. Stack Financial Management Inc raised its position in Charles Schwab by 4.4% in the first quarter. Stack Financial Management Inc now owns 411,543 shares of the financial services provider’s stock worth $17,598,000 after acquiring an additional 17,452 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Charles Schwab in the first quarter worth $375,000. Reilly Herbert Faulkner III raised its position in Charles Schwab by 2.4% in the first quarter. Reilly Herbert Faulkner III now owns 119,451 shares of the financial services provider’s stock worth $5,108,000 after acquiring an additional 2,748 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in Charles Schwab by 28.0% in the first quarter. Rockefeller Capital Management L.P. now owns 74,886 shares of the financial services provider’s stock worth $3,203,000 after acquiring an additional 16,378 shares in the last quarter. 79.36% of the stock is owned by hedge funds and other institutional investors.
Several research firms have issued reports on SCHW. JPMorgan Chase & Co. set a $44.00 price objective on Charles Schwab and gave the stock a “buy” rating in a research report on Friday, June 21st. Argus reiterated a “buy” rating and issued a $52.00 price objective (down previously from $57.00) on shares of Charles Schwab in a research report on Wednesday, July 17th. Wells Fargo & Co upgraded Charles Schwab from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Monday, July 22nd. Bank of America cut Charles Schwab from a “buy” rating to a “neutral” rating and dropped their price target for the company from $49.00 to $43.00 in a research report on Friday, July 12th. Finally, Morgan Stanley dropped their price target on Charles Schwab from $53.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, July 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. Charles Schwab presently has an average rating of “Hold” and an average price target of $47.80.
In other Charles Schwab news, EVP Jonathan M. Craig sold 3,740 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.20, for a total value of $150,348.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark A. Goldfarb purchased 2,595 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $38.68 per share, for a total transaction of $100,374.60. Following the completion of the purchase, the director now owns 3,771 shares in the company, valued at approximately $145,862.28. The disclosure for this purchase can be found here. 10.90% of the stock is owned by company insiders.
Shares of SCHW traded down $0.01 during trading hours on Thursday, reaching $36.58. 456,125 shares of the company traded hands, compared to its average volume of 11,679,654. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market cap of $47.59 billion, a PE ratio of 14.93, a PEG ratio of 2.40 and a beta of 1.25. Charles Schwab Co. has a fifty-two week low of $36.01 and a fifty-two week high of $52.70. The company’s fifty day moving average price is $40.68.
Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.68 billion. Charles Schwab had a return on equity of 20.52% and a net margin of 35.29%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.60 earnings per share. On average, equities analysts forecast that Charles Schwab Co. will post 2.68 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, August 8th. Charles Schwab’s payout ratio is currently 27.76%.
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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