Squar Milner Financial Services LLC lowered its stake in shares of Charles Schwab Co. (NYSE:SCHW) by 37.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,292 shares of the financial services provider’s stock after selling 4,311 shares during the quarter. Squar Milner Financial Services LLC’s holdings in Charles Schwab were worth $293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of SCHW. Clearbridge Investments LLC boosted its stake in Charles Schwab by 24.0% in the first quarter. Clearbridge Investments LLC now owns 14,863,818 shares of the financial services provider’s stock valued at $635,577,000 after acquiring an additional 2,880,846 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Charles Schwab in the first quarter valued at approximately $77,259,000. WCM Investment Management LLC boosted its stake in Charles Schwab by 101.9% in the first quarter. WCM Investment Management LLC now owns 3,077,744 shares of the financial services provider’s stock valued at $131,604,000 after acquiring an additional 1,553,184 shares in the last quarter. Bessemer Group Inc. boosted its stake in Charles Schwab by 816.9% in the second quarter. Bessemer Group Inc. now owns 1,139,982 shares of the financial services provider’s stock valued at $45,815,000 after acquiring an additional 1,015,649 shares in the last quarter. Finally, Douglass Winthrop Advisors LLC boosted its stake in Charles Schwab by 18,988.3% in the second quarter. Douglass Winthrop Advisors LLC now owns 997,744 shares of the financial services provider’s stock valued at $40,099,000 after acquiring an additional 992,517 shares in the last quarter. Institutional investors own 79.00% of the company’s stock.
In related news, Director Stephen T. Mclin sold 4,356 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $43.85, for a total transaction of $191,010.60. Following the completion of the transaction, the director now directly owns 7,592 shares in the company, valued at $332,909.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jonathan M. Craig sold 3,740 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.20, for a total transaction of $150,348.00. The disclosure for this sale can be found here. Insiders own 10.90% of the company’s stock.
Charles Schwab (NYSE:SCHW) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.68 billion. Charles Schwab had a net margin of 35.29% and a return on equity of 20.60%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. On average, sell-side analysts forecast that Charles Schwab Co. will post 2.68 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be given a dividend of $0.17 per share. The ex-dividend date is Thursday, August 8th. This represents a $0.68 dividend on an annualized basis and a yield of 1.75%. Charles Schwab’s dividend payout ratio is presently 27.76%.
Several equities research analysts have weighed in on SCHW shares. Citigroup lowered their target price on shares of Charles Schwab from $43.50 to $39.50 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Wells Fargo & Co upgraded shares of Charles Schwab from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Monday, July 22nd. JPMorgan Chase & Co. set a $44.00 target price on shares of Charles Schwab and gave the company a “buy” rating in a research note on Friday, June 21st. ValuEngine downgraded shares of Charles Schwab from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Finally, Argus reiterated a “buy” rating and set a $52.00 price objective (down from $57.00) on shares of Charles Schwab in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $47.80.
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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