Montecito Bank & Trust Purchases Shares of 16,193 The Charles Schwab Corporation $SCHW

Montecito Bank & Trust acquired a new position in The Charles Schwab Corporation (NYSE:SCHW) during the third quarter, Holdings Channel reports. The firm acquired 16,193 shares of the financial services provider’s stock, valued at approximately $1,546,000.

Several other institutional investors have also modified their holdings of SCHW. Vanguard Group Inc. grew its holdings in Charles Schwab by 1.9% during the second quarter. Vanguard Group Inc. now owns 151,182,081 shares of the financial services provider’s stock worth $13,793,853,000 after acquiring an additional 2,786,829 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Charles Schwab by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider’s stock valued at $6,422,795,000 after purchasing an additional 8,954,248 shares in the last quarter. State Street Corp boosted its position in shares of Charles Schwab by 0.7% during the 2nd quarter. State Street Corp now owns 72,464,619 shares of the financial services provider’s stock valued at $6,611,672,000 after purchasing an additional 531,329 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Charles Schwab by 2.9% in the 2nd quarter. Geode Capital Management LLC now owns 37,381,183 shares of the financial services provider’s stock worth $3,399,181,000 after purchasing an additional 1,038,376 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Charles Schwab by 2.8% in the 2nd quarter. Franklin Resources Inc. now owns 30,035,937 shares of the financial services provider’s stock worth $2,740,479,000 after purchasing an additional 815,625 shares in the last quarter. Institutional investors and hedge funds own 84.38% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. The Goldman Sachs Group restated a “buy” rating and set a $114.00 target price on shares of Charles Schwab in a report on Friday, October 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Charles Schwab in a research report on Wednesday, October 8th. Morgan Stanley raised their price objective on Charles Schwab from $130.00 to $139.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Bank of America boosted their target price on Charles Schwab from $88.00 to $91.00 and gave the stock an “underperform” rating in a research report on Wednesday, December 10th. Finally, Keefe, Bruyette & Woods upped their target price on Charles Schwab from $109.00 to $111.00 and gave the company an “outperform” rating in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Charles Schwab has an average rating of “Moderate Buy” and a consensus target price of $108.37.

Insider Transactions at Charles Schwab

In related news, insider Jonathan S. Beatty sold 3,072 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $98.00, for a total transaction of $301,056.00. Following the transaction, the insider directly owned 11,923 shares of the company’s stock, valued at approximately $1,168,454. The trade was a 20.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul V. Woolway sold 3,205 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $93.33, for a total transaction of $299,122.65. Following the completion of the transaction, the insider owned 34,778 shares in the company, valued at approximately $3,245,830.74. This represents a 8.44% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.30% of the stock is owned by corporate insiders.

Charles Schwab Price Performance

Shares of NYSE:SCHW opened at $96.55 on Thursday. The company’s fifty day moving average is $93.98 and its two-hundred day moving average is $93.61. The company has a market cap of $171.56 billion, a P/E ratio of 22.61, a price-to-earnings-growth ratio of 0.80 and a beta of 0.96. The Charles Schwab Corporation has a 12-month low of $65.88 and a 12-month high of $99.59. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.47.

Charles Schwab (NYSE:SCHW) last issued its earnings results on Thursday, October 16th. The financial services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.25 by $0.06. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $5.93 billion. Charles Schwab had a return on equity of 21.02% and a net margin of 35.93%.Charles Schwab’s revenue was up 26.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 earnings per share. Equities analysts expect that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Friday, November 14th. Charles Schwab’s payout ratio is 25.29%.

About Charles Schwab

The Charles Schwab Corporation, together with its subsidiaries, operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services in the United States and internationally. The company operates in two segments, Investor Services and Advisor Services.