abrdn plc lessened its stake in shares of The Charles Schwab Co. (NYSE:SCHW) by 16.2% during the second quarter, Holdings Channel.com reports. The fund owned 3,931,934 shares of the financial services provider’s stock after selling 762,538 shares during the period. abrdn plc’s holdings in The Charles Schwab were worth $286,283,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. Holloway Wealth Management LLC acquired a new stake in shares of The Charles Schwab in the 2nd quarter valued at $25,000. Red Door Wealth Management LLC acquired a new stake in shares of The Charles Schwab in the 2nd quarter valued at $26,000. Meridian Wealth Partners LLC acquired a new stake in shares of The Charles Schwab in the 1st quarter valued at $25,000. Exchange Traded Concepts LLC acquired a new stake in shares of The Charles Schwab in the 2nd quarter valued at $31,000. Finally, Baron Financial Group LLC boosted its holdings in shares of The Charles Schwab by 117.5% during the 1st quarter. Baron Financial Group LLC now owns 435 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 71.66% of the company’s stock.
Several equities research analysts recently weighed in on SCHW shares. The Goldman Sachs Group downgraded The Charles Schwab from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a report on Thursday, July 8th. raised their target price on The Charles Schwab from $93.00 to $94.00 and gave the stock a “buy” rating in a research report on Monday, July 12th. Wells Fargo & Company raised their target price on The Charles Schwab from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 2nd. JMP Securities raised their target price on The Charles Schwab from $83.00 to $85.00 and gave the stock a “market outperform” rating in a research report on Friday, July 23rd. Finally, Zacks Investment Research lowered The Charles Schwab from a “buy” rating to a “hold” rating and set a $77.00 target price for the company. in a research report on Tuesday, June 15th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $81.41.
The Charles Schwab (NYSE:SCHW) last issued its earnings results on Thursday, July 15th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.46 billion. The Charles Schwab had a return on equity of 12.89% and a net margin of 28.88%. The Charles Schwab’s revenue for the quarter was up 84.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. Equities analysts predict that The Charles Schwab Co. will post 3.14 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Thursday, August 12th. The Charles Schwab’s payout ratio is presently 29.39%.
In related news, Chairman Charles R. Schwab sold 81,400 shares of the stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $71.21, for a total transaction of $5,796,494.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Charles R. Schwab sold 21,691 shares of the firm’s stock in a transaction on Monday, September 13th. The shares were sold at an average price of $71.80, for a total value of $1,557,413.80. The disclosure for this sale can be found here. Insiders sold a total of 541,260 shares of company stock worth $39,392,289 in the last 90 days. 7.50% of the stock is currently owned by company insiders.
The Charles Schwab Profile
The Charles Schwab Corp. is a savings and loan holding company, which engages in the provision of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. It operates through the Investor Services and Advisor Services segments. The Investor Services segment includes retail brokerage and banking services to individual investors, and retirement plan services, as well as other corporate brokerage services, to businesses and their employees.
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