Regent Investment Management LLC decreased its position in shares of Charles Schwab Co. (NYSE:SCHW) by 3.7% during the first quarter, HoldingsChannel.com reports. The firm owned 22,725 shares of the financial services provider’s stock after selling 884 shares during the period. Regent Investment Management LLC’s holdings in Charles Schwab were worth $972,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in Charles Schwab by 0.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 12,675,853 shares of the financial services provider’s stock valued at $623,016,000 after purchasing an additional 108,436 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Charles Schwab in the 3rd quarter valued at $19,527,000. Thrivent Financial for Lutherans raised its holdings in shares of Charles Schwab by 2.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 51,558 shares of the financial services provider’s stock worth $2,534,000 after acquiring an additional 1,138 shares during the period. Glenmede Trust Co. NA raised its holdings in shares of Charles Schwab by 0.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 310,703 shares of the financial services provider’s stock worth $15,270,000 after acquiring an additional 1,275 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in shares of Charles Schwab during the 3rd quarter worth $2,491,000. 80.07% of the stock is currently owned by institutional investors and hedge funds.
SCHW traded down $0.06 on Monday, hitting $45.49. The company had a trading volume of 1,386,855 shares, compared to its average volume of 7,220,348. The firm has a market cap of $60.49 billion, a P/E ratio of 18.57, a price-to-earnings-growth ratio of 1.47 and a beta of 1.32. Charles Schwab Co. has a 1 year low of $37.83 and a 1 year high of $60.22. The company has a current ratio of 1.08, a quick ratio of 0.83 and a debt-to-equity ratio of 0.38.
Charles Schwab (NYSE:SCHW) last released its earnings results on Monday, April 15th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.03. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.67 billion. Charles Schwab had a return on equity of 20.79% and a net margin of 35.27%. Charles Schwab’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 EPS. Equities research analysts forecast that Charles Schwab Co. will post 2.77 earnings per share for the current year.
Charles Schwab declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 30th that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
Several research analysts have recently commented on the company. Zacks Investment Research upgraded Charles Schwab from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Thursday, January 3rd. Credit Suisse Group lifted their price target on Charles Schwab from $50.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 17th. ValuEngine upgraded Charles Schwab from a “sell” rating to a “hold” rating in a report on Wednesday, January 16th. UBS Group lowered Charles Schwab from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $48.00 to $42.00 in a report on Wednesday, February 20th. Finally, Wells Fargo & Co reduced their price target on Charles Schwab from $48.00 to $47.00 and set a “market perform” rating on the stock in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $53.22.
In related news, CEO Marie A. Chandoha sold 45,046 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $45.48, for a total value of $2,048,692.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Charles R. Schwab sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $47.04, for a total value of $11,760,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 383,617 shares of company stock valued at $17,906,122. 10.90% of the stock is currently owned by corporate insiders.
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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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