Steinberg Global Asset Management purchased a new position in shares of Charles Schwab Co. (NYSE:SCHW) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,877 shares of the financial services provider’s stock, valued at approximately $202,000.
Several other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Charles Schwab during the 4th quarter worth approximately $443,292,000. Harris Associates L P raised its holdings in Charles Schwab by 197.1% in the 4th quarter. Harris Associates L P now owns 13,940,097 shares of the financial services provider’s stock valued at $578,932,000 after acquiring an additional 9,248,471 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Charles Schwab by 1,949.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,137,303 shares of the financial services provider’s stock worth $148,000 after buying an additional 5,837,890 shares during the last quarter. APG Asset Management N.V. increased its holdings in shares of Charles Schwab by 1,183.6% during the 4th quarter. APG Asset Management N.V. now owns 3,287,200 shares of the financial services provider’s stock worth $119,422,000 after buying an additional 3,031,100 shares during the last quarter. Finally, Parnassus Investments CA increased its holdings 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 buying an additional 2,850,678 shares during the last quarter. 79.81% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently commented on SCHW shares. UBS Group downgraded Charles Schwab from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $48.00 to $42.00 in a report on Wednesday, February 20th. Raymond James upped their price objective on Charles Schwab from $51.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, January 16th. Credit Suisse Group upped their price target on shares of Charles Schwab from $50.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, January 17th. Bank of America set a $50.00 price target on shares of Charles Schwab and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Finally, ValuEngine cut shares of Charles Schwab from a “hold” rating to a “sell” rating in a research report on Friday, February 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $53.22.
NYSE:SCHW opened at $45.82 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.08 and a quick ratio of 0.83. The stock has a market capitalization of $61.69 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 1.53 and a beta of 1.33. Charles Schwab Co. has a 1-year low of $37.83 and a 1-year high of $60.22.
Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. The company had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Charles Schwab had a net margin of 35.27% and a return on equity of 20.79%. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.55 EPS. As a group, sell-side analysts expect that Charles Schwab Co. will post 2.77 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Wednesday, May 15th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.48%. Charles Schwab’s dividend payout ratio (DPR) is presently 27.76%.
Charles Schwab announced that its board has authorized a stock repurchase program on Wednesday, January 30th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 6.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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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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