Rossmore Private Capital grew its position in shares of Charles Schwab Co. (NYSE:SCHW) by 26.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 193,000 shares of the financial services provider’s stock after purchasing an additional 40,000 shares during the quarter. Charles Schwab comprises approximately 3.4% of Rossmore Private Capital’s investment portfolio, making the stock its 4th largest position. Rossmore Private Capital’s holdings in Charles Schwab were worth $8,015,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Asset Advisors Investment Management LLC purchased a new position in Charles Schwab during the 3rd quarter worth $8,604,000. D.A. Davidson & CO. raised its stake in shares of Charles Schwab by 11.8% during the 3rd quarter. D.A. Davidson & CO. now owns 182,244 shares of the financial services provider’s stock worth $8,957,000 after purchasing an additional 19,298 shares during the period. QCI Asset Management Inc. NY raised its stake in shares of Charles Schwab by 0.7% during the 4th quarter. QCI Asset Management Inc. NY now owns 334,504 shares of the financial services provider’s stock worth $13,892,000 after purchasing an additional 2,445 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Charles Schwab by 2.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 2,733,845 shares of the financial services provider’s stock worth $134,369,000 after purchasing an additional 67,913 shares during the period. Finally, IFM Investors Pty Ltd raised its stake in shares of Charles Schwab by 17.2% during the 3rd quarter. IFM Investors Pty Ltd now owns 64,168 shares of the financial services provider’s stock worth $3,154,000 after purchasing an additional 9,395 shares during the period. Hedge funds and other institutional investors own 79.78% of the company’s stock.
SCHW opened at $45.98 on Thursday. Charles Schwab Co. has a 12-month low of $37.83 and a 12-month high of $60.22. The firm has a market capitalization of $60.45 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 1.03 and a beta of 1.37. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.32.
Charles Schwab declared that its board has approved a stock repurchase program on Thursday, October 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 1.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 28th. Investors of record on Thursday, February 14th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, February 13th. This is a boost from Charles Schwab’s previous quarterly dividend of $0.13. This represents a $0.68 annualized dividend and a dividend yield of 1.48%. Charles Schwab’s dividend payout ratio (DPR) is 21.22%.
In other Charles Schwab news, Chairman Charles R. Schwab sold 250,000 shares of the firm’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $47.04, for a total value of $11,760,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Terri R. Kallsen sold 4,913 shares of the firm’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $46.09, for a total value of $226,440.17. The disclosure for this sale can be found here. Insiders have sold 258,652 shares of company stock worth $12,149,386 over the last ninety days. 11.50% of the stock is currently owned by insiders.
A number of equities 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 target price on the stock in a research note on Thursday, January 3rd. Credit Suisse Group boosted their price objective on Charles Schwab from $50.00 to $54.00 and gave the company an “outperform” rating in a research note on Thursday, January 17th. Morgan Stanley restated an “overweight” rating on shares of Charles Schwab in a research note on Thursday, November 15th. Barclays lowered their price objective on Charles Schwab from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Monday, October 22nd. Finally, ValuEngine upgraded Charles Schwab from a “sell” rating to a “hold” rating in a research report on Wednesday, January 16th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $54.31.
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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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