The Charles Schwab Co. (NYSE:SCHW) Shares Sold by Summit Asset Management LLC

Summit Asset Management LLC lowered its position in shares of The Charles Schwab Co. (NYSE:SCHW) by 6.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,602 shares of the financial services provider’s stock after selling 912 shares during the quarter. Summit Asset Management LLC’s holdings in Charles Schwab were worth $817,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Washington Trust Advisors Inc. lifted its stake in shares of Charles Schwab by 62.6% in the third quarter. Washington Trust Advisors Inc. now owns 387 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 149 shares during the period. Capital Performance Advisors LLP purchased a new stake in Charles Schwab during the third quarter worth $25,000. Country Trust Bank acquired a new stake in Charles Schwab in the second quarter valued at $26,000. American Capital Advisory LLC purchased a new position in shares of Charles Schwab in the second quarter valued at $27,000. Finally, Fortitude Family Office LLC boosted its position in shares of Charles Schwab by 97.5% in the 2nd quarter. Fortitude Family Office LLC now owns 389 shares of the financial services provider’s stock worth $29,000 after buying an additional 192 shares in the last quarter. Institutional investors and hedge funds own 84.38% of the company’s stock.

Insider Activity at Charles Schwab

In other news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $64.05, for a total transaction of $576,450.00. Following the transaction, the director now owns 554,929 shares in the company, valued at approximately $35,543,202.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Charles R. Schwab sold 62,345 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $72.52, for a total transaction of $4,521,259.40. Following the transaction, the chairman now directly owns 60,619,371 shares of the company’s stock, valued at approximately $4,396,116,784.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $64.05, for a total value of $576,450.00. Following the transaction, the director now directly owns 554,929 shares of the company’s stock, valued at $35,543,202.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,645 shares of company stock valued at $7,440,627. 6.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Charles Schwab from $86.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. TD Cowen restated a “hold” rating and set a $71.00 price objective (down previously from $88.00) on shares of Charles Schwab in a report on Wednesday, July 17th. Jefferies Financial Group dropped their target price on Charles Schwab from $79.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, October 4th. StockNews.com raised shares of Charles Schwab from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Cowen increased their target price on Charles Schwab from $69.00 to $75.00 and gave the stock a “hold” rating in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $74.18.

Charles Schwab Stock Performance

Shares of NYSE SCHW opened at $78.27 on Thursday. The Charles Schwab Co. has a 52-week low of $54.24 and a 52-week high of $79.49. The stock has a market capitalization of $139.29 billion, a price-to-earnings ratio of 30.57, a PEG ratio of 1.79 and a beta of 0.96. The company has a quick ratio of 0.42, a current ratio of 0.47 and a debt-to-equity ratio of 0.59. The stock’s fifty day simple moving average is $67.76 and its 200 day simple moving average is $69.48.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.02. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.78 billion. Charles Schwab had a return on equity of 16.92% and a net margin of 27.47%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 EPS. As a group, sell-side analysts forecast that The Charles Schwab Co. will post 3.12 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 1.28%. Charles Schwab’s dividend payout ratio is 39.06%.

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.