Provident Investment Management Inc. Sells 12,702 Shares of The Charles Schwab Co. (NYSE:SCHW)

Provident Investment Management Inc. lowered its holdings in The Charles Schwab Co. (NYSE:SCHW) by 1.9% in the second quarter, Holdings Channel.com reports. The firm owned 643,223 shares of the financial services provider’s stock after selling 12,702 shares during the period. Charles Schwab accounts for 4.3% of Provident Investment Management Inc.’s investment portfolio, making the stock its 10th largest holding. Provident Investment Management Inc.’s holdings in Charles Schwab were worth $47,399,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. LGT Fund Management Co Ltd. purchased a new position in Charles Schwab during the second quarter worth approximately $437,000. Edgemoor Investment Advisors Inc. raised its position in shares of Charles Schwab by 1.4% in the 2nd quarter. Edgemoor Investment Advisors Inc. now owns 175,192 shares of the financial services provider’s stock worth $12,910,000 after buying an additional 2,456 shares during the period. Liberty Wealth Management LLC acquired a new position in Charles Schwab in the second quarter valued at $5,116,000. Choreo LLC grew its position in Charles Schwab by 1,397.6% during the second quarter. Choreo LLC now owns 115,001 shares of the financial services provider’s stock valued at $8,444,000 after acquiring an additional 107,322 shares during the period. Finally, Prudential PLC increased its stake in Charles Schwab by 45.9% during the second quarter. Prudential PLC now owns 57,604 shares of the financial services provider’s stock worth $4,245,000 after acquiring an additional 18,112 shares during the last quarter. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Charles Schwab Stock Performance

Shares of SCHW stock opened at $63.01 on Tuesday. The stock has a market capitalization of $112.06 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.18 and a beta of 0.97. The Charles Schwab Co. has a one year low of $48.66 and a one year high of $79.49. The company’s 50-day simple moving average is $66.23 and its 200-day simple moving average is $70.13. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.42 and a current ratio of 0.42.

Charles Schwab (NYSE:SCHW) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. Charles Schwab had a return on equity of 18.14% and a net margin of 26.30%. The company had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.68 billion. During the same quarter last year, the business posted $0.75 EPS. Charles Schwab’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts anticipate that The Charles Schwab Co. will post 3.05 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.59%. The ex-dividend date was Friday, August 9th. Charles Schwab’s dividend payout ratio (DPR) is 41.84%.

Analyst Ratings Changes

SCHW has been the subject of a number of research reports. Bank of America decreased their target price on Charles Schwab from $72.00 to $66.00 and set an “underperform” rating for the company in a report on Wednesday, July 17th. Barclays cut their price objective on Charles Schwab from $77.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 17th. StockNews.com downgraded Charles Schwab from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Deutsche Bank Aktiengesellschaft raised their target price on Charles Schwab from $79.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, JMP Securities decreased their price target on Charles Schwab from $85.00 to $82.00 and set a “market outperform” rating for the company in a report on Tuesday, July 23rd. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $74.00.

Insider Buying and Selling at Charles Schwab

In other news, insider Bernard J. Clark sold 8,164 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $75.00, for a total transaction of $612,300.00. Following the completion of the transaction, the insider now directly owns 121,666 shares in the company, valued at $9,124,950. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Bernard J. Clark sold 8,164 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $75.00, for a total value of $612,300.00. Following the completion of the sale, the insider now owns 121,666 shares of the company’s stock, valued at $9,124,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $72.49, for a total transaction of $652,410.00. Following the transaction, the director now directly owns 570,657 shares in the company, valued at approximately $41,366,925.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,800 shares of company stock worth $7,145,364. 6.60% of the stock is owned by company insiders.

About Charles Schwab

The Charles Schwab Corporation, together with its subsidiaries, operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services in the United States and internationally. The company operates in two segments, Investor Services and Advisor Services.