Synovus Financial Corp boosted its stake in shares of Charles Schwab Corp (NYSE:SCHW) by 122.2% during the 4th quarter, HoldingsChannel reports. The firm owned 84,617 shares of the financial services provider’s stock after buying an additional 46,543 shares during the quarter. Synovus Financial Corp’s holdings in Charles Schwab were worth $4,348,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Charles Schwab by 5.2% during the fourth quarter. BlackRock Inc. now owns 79,858,312 shares of the financial services provider’s stock valued at $4,102,323,000 after purchasing an additional 3,943,376 shares in the last quarter. Edgewood Management LLC lifted its position in Charles Schwab by 8.4% during the third quarter. Edgewood Management LLC now owns 20,125,345 shares of the financial services provider’s stock valued at $880,283,000 after purchasing an additional 1,559,733 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Charles Schwab by 0.5% during the fourth quarter. Bank of New York Mellon Corp now owns 13,721,562 shares of the financial services provider’s stock valued at $704,877,000 after purchasing an additional 65,464 shares in the last quarter. Jackson Square Partners LLC lifted its position in Charles Schwab by 13.8% during the third quarter. Jackson Square Partners LLC now owns 10,807,952 shares of the financial services provider’s stock valued at $472,739,000 after purchasing an additional 1,307,627 shares in the last quarter. Finally, Ruane Cunniff & Goldfarb Inc. lifted its position in Charles Schwab by 1.6% during the third quarter. Ruane Cunniff & Goldfarb Inc. now owns 8,348,548 shares of the financial services provider’s stock valued at $365,165,000 after purchasing an additional 133,869 shares in the last quarter. Institutional investors own 80.45% of the company’s stock.
Shares of Charles Schwab Corp (NYSE:SCHW) opened at $52.24 on Tuesday. Charles Schwab Corp has a twelve month low of $37.16 and a twelve month high of $56.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.30. The stock has a market capitalization of $69,937.85, a PE ratio of 32.40, a PEG ratio of 1.29 and a beta of 1.63.
Charles Schwab (NYSE:SCHW) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Charles Schwab had a return on equity of 16.31% and a net margin of 27.32%. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the firm posted $0.36 earnings per share. The business’s revenue was up 13.7% compared to the same quarter last year. research analysts anticipate that Charles Schwab Corp will post 2.39 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.77%. This is a boost from Charles Schwab’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, February 8th. Charles Schwab’s payout ratio is 24.84%.
In other news, EVP Nigel J. Murtagh sold 10,000 shares of Charles Schwab stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $45.79, for a total value of $457,900.00. Following the sale, the executive vice president now directly owns 33,441 shares of the company’s stock, valued at $1,531,263.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bernard J. Clark sold 50,444 shares of Charles Schwab stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $50.52, for a total value of $2,548,430.88. The disclosure for this sale can be found here. Insiders sold 1,733,394 shares of company stock worth $89,462,077 over the last ninety days. Insiders own 12.00% of the company’s stock.
Several equities analysts have recently commented on the company. Credit Suisse Group restated a “positive” rating and issued a $70.00 price objective (up from $64.00) on shares of Charles Schwab in a research report on Thursday, January 18th. Nomura restated a “neutral” rating and issued a $54.00 price objective (up from $50.00) on shares of Charles Schwab in a research report on Thursday, January 18th. Argus boosted their price objective on Charles Schwab from $59.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, January 18th. Citigroup restated a “neutral” rating on shares of Charles Schwab in a research report on Friday, January 19th. Finally, Morgan Stanley boosted their price objective on Charles Schwab from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $53.88.
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About Charles Schwab
The Charles Schwab Corporation (CSC) is a savings and loan holding company. The Company, through its subsidiaries, engages in wealth management, securities brokerage, banking, money management and financial advisory services. The Company provides financial services to individuals and institutional clients through two segments: Investor Services and Advisor Services.
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