Charles Schwab Co. (SCHW) Shares Bought by American Money Management LLC
American Money Management LLC grew its stake in Charles Schwab Co. (NYSE:SCHW) by 16.1% in the first quarter, Holdings Channel reports. The institutional investor owned 75,955 shares of the financial services provider’s stock after buying an additional 10,508 shares during the period. Charles Schwab makes up 1.8% of American Money Management LLC’s investment portfolio, making the stock its 27th largest position. American Money Management LLC’s holdings in Charles Schwab were worth $3,248,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quantamental Technologies LLC purchased a new position in shares of Charles Schwab in the first quarter worth $32,000. Laurel Wealth Advisors LLC purchased a new position in shares of Charles Schwab in the fourth quarter worth $31,000. First Personal Financial Services raised its holdings in shares of Charles Schwab by 51.9% in the fourth quarter. First Personal Financial Services now owns 825 shares of the financial services provider’s stock worth $34,000 after buying an additional 282 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Charles Schwab by 70.2% during the fourth quarter. Proficio Capital Partners LLC now owns 1,028 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 424 shares during the last quarter. Finally, Spectrum Management Group Inc. raised its holdings in shares of Charles Schwab by 44.5% during the first quarter. Spectrum Management Group Inc. now owns 1,071 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 330 shares during the last quarter. 79.73% of the stock is owned by institutional investors and hedge funds.
In other Charles Schwab news, EVP Terri R. Kallsen sold 16,346 shares of Charles Schwab stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $45.93, for a total value of $750,771.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Terri R. Kallsen sold 41,285 shares of Charles Schwab stock in a transaction on Monday, March 4th. The shares were sold at an average price of $46.75, for a total transaction of $1,930,073.75. The disclosure for this sale can be found here. Insiders sold 944,253 shares of company stock valued at $43,146,209 in the last ninety days. 10.90% of the stock is owned by corporate insiders.
Charles Schwab (NYSE:SCHW) last released 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. Charles Schwab had a net margin of 35.27% and a return on equity of 20.47%. The company had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the company earned $0.55 earnings per share. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, equities analysts anticipate that Charles Schwab Co. will post 2.77 earnings per share for the current fiscal year.
Charles Schwab declared that its board has authorized a share repurchase plan on Wednesday, January 30th that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Wednesday, May 15th will be issued 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 yield of 1.56%. Charles Schwab’s payout ratio is 27.76%.
SCHW has been the subject of several recent research reports. UBS Group cut shares of Charles Schwab from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $48.00 to $42.00 in a report on Wednesday, February 20th. Bank of America set a $50.00 target price on shares of Charles Schwab and gave the stock a “buy” rating in a report on Tuesday, April 9th. ValuEngine cut shares of Charles Schwab from a “hold” rating to a “sell” rating in a report on Friday, February 22nd. Deutsche Bank reduced their target price on shares of Charles Schwab from $54.00 to $53.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, Zacks Investment Research cut shares of Charles Schwab from a “buy” rating to a “hold” rating in a report on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $53.22.
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Charles Schwab 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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