Oregon Public Employees Retirement Fund lifted its position in Charles Schwab Co. (NYSE:SCHW) by 0.6% during the third quarter, Holdings Channel reports. The institutional investor owned 299,413 shares of the financial services provider’s stock after purchasing an additional 1,697 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Charles Schwab were worth $14,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA purchased a new position in Charles Schwab during the third quarter valued at $111,000. Acropolis Investment Management LLC purchased a new position in Charles Schwab during the second quarter valued at $115,000. Point72 Hong Kong Ltd purchased a new position in Charles Schwab during the second quarter valued at $134,000. Kaizen Advisory LLC lifted its position in Charles Schwab by 157.6% during the second quarter. Kaizen Advisory LLC now owns 2,980 shares of the financial services provider’s stock valued at $152,000 after purchasing an additional 1,823 shares in the last quarter. Finally, Sun Life Financial INC lifted its position in Charles Schwab by 1,041.8% during the second quarter. Sun Life Financial INC now owns 3,254 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 2,969 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.
In other news, insider Marie A. Chandoha sold 8,424 shares of Charles Schwab stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $48.01, for a total value of $404,436.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Christopher V. Dodds sold 15,718 shares of Charles Schwab stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $51.14, for a total value of $803,818.52. Following the completion of the sale, the director now directly owns 7,592 shares in the company, valued at $388,254.88. The disclosure for this sale can be found here. Insiders sold 26,771 shares of company stock worth $1,336,655 over the last 90 days. Company insiders own 11.50% of the company’s stock.
Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.65 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.65. Charles Schwab had a return on equity of 19.46% and a net margin of 32.65%. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the previous year, the business earned $0.42 earnings per share. The business’s revenue was up 19.1% on a year-over-year basis. On average, equities research analysts anticipate that Charles Schwab Co. will post 2.45 EPS for the current fiscal year.
Charles Schwab announced that its Board of Directors has initiated a stock buyback program on Thursday, October 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 1.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Friday, November 9th will be given a $0.13 dividend. The ex-dividend date is Thursday, November 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.14%. Charles Schwab’s payout ratio is 31.71%.
Several equities analysts recently weighed in on SCHW shares. Citigroup lowered their target price on Charles Schwab from $49.00 to $48.00 and set a “sell” rating on the stock in a research report on Monday, July 23rd. Morgan Stanley set a $70.00 target price on Charles Schwab and gave the company a “buy” rating in a research report on Tuesday, September 18th. Wells Fargo & Co lifted their target price on Charles Schwab from $54.00 to $56.00 and gave the company a “$54.22” rating in a research report on Wednesday, July 18th. Raymond James upgraded Charles Schwab from a “market perform” rating to an “outperform” rating and set a $54.00 target price on the stock in a research report on Tuesday. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded Charles Schwab from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. Charles Schwab presently has a consensus rating of “Hold” and a consensus target price of $57.73.
Charles Schwab Company 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.
Further Reading: Hedge Funds – Risk or Reward?
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