Prime Capital Investment Advisors LLC lessened its holdings in shares of Charles Schwab Co. (NYSE:SCHW) by 49.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,124 shares of the financial services provider’s stock after selling 5,109 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Charles Schwab were worth $213,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Vanguard Group Inc boosted its position in shares of Charles Schwab by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 88,586,138 shares of the financial services provider’s stock worth $4,354,008,000 after acquiring an additional 820,257 shares in the last quarter. BlackRock Inc. boosted its position in shares of Charles Schwab by 2.6% during the 3rd quarter. BlackRock Inc. now owns 86,976,839 shares of the financial services provider’s stock worth $4,274,909,000 after acquiring an additional 2,179,682 shares in the last quarter. Edgewood Management LLC boosted its position in shares of Charles Schwab by 1.6% during the 3rd quarter. Edgewood Management LLC now owns 21,966,947 shares of the financial services provider’s stock worth $1,079,675,000 after acquiring an additional 349,106 shares in the last quarter. Parnassus Investments CA boosted its position in shares of Charles Schwab by 22.3% during the 4th quarter. Parnassus Investments CA now owns 15,623,778 shares of the financial services provider’s stock worth $648,856,000 after acquiring an additional 2,850,678 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Charles Schwab by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,675,853 shares of the financial services provider’s stock worth $623,016,000 after acquiring an additional 108,436 shares in the last quarter. Hedge funds and other institutional investors own 78.12% of the company’s stock.
In related news, EVP Jonathan M. Craig sold 3,739 shares of Charles Schwab stock in a transaction on Tuesday, January 15th. The shares were sold at an average price of $43.58, for a total transaction of $162,945.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Charles R. Schwab sold 250,000 shares of Charles Schwab stock in a transaction 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 have sold 258,652 shares of company stock valued at $12,149,386 in the last ninety days. Insiders own 11.50% of the company’s stock.
Several equities analysts recently commented on the stock. UBS Group downgraded shares of Charles Schwab from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $48.00 to $42.00 in a research note on Wednesday, February 20th. Morgan Stanley dropped their price objective on shares of Charles Schwab from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, November 14th. Raymond James increased their price objective on shares of Charles Schwab from $51.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, January 16th. ValuEngine raised shares of Charles Schwab from a “sell” rating to a “hold” rating in a research note on Wednesday, January 16th. Finally, Credit Suisse Group increased their price objective on shares of Charles Schwab from $50.00 to $54.00 and gave the company an “outperform” rating in a research note on Thursday, January 17th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $53.43.
Shares of SCHW stock traded up $0.91 during trading hours on Friday, hitting $46.92. 718,088 shares of the company’s stock traded hands, compared to its average volume of 6,677,228. The company has a market capitalization of $62.35 billion, a P/E ratio of 19.15, a PEG ratio of 1.07 and a beta of 1.37. Charles Schwab Co. has a 12 month low of $37.83 and a 12 month high of $60.22. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.29 and a current ratio of 0.29.
Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.01. The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.64 billion. Charles Schwab had a net margin of 34.61% and a return on equity of 20.28%. The company’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.44 earnings per share. As a group, sell-side analysts forecast that Charles Schwab Co. will post 2.81 earnings per share for the current fiscal year.
Charles Schwab declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 30th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 6.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 28th. Stockholders of record on Thursday, February 14th were paid a dividend of $0.17 per share. The ex-dividend date was Wednesday, February 13th. This represents a $0.68 annualized dividend and a dividend yield of 1.45%. This is an increase from Charles Schwab’s previous quarterly dividend of $0.13. Charles Schwab’s dividend payout ratio (DPR) is presently 27.76%.
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Charles Schwab Company 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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