State Treasurer State of Michigan Decreases Stock Holdings in Charles Schwab Co. (NYSE:SCHW)

State Treasurer State of Michigan reduced its stake in shares of Charles Schwab Co. (NYSE:SCHW) by 16.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 284,437 shares of the financial services provider’s stock after selling 57,400 shares during the quarter. State Treasurer State of Michigan’s holdings in Charles Schwab were worth $11,432,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Comerica Securities Inc. lifted its holdings in Charles Schwab by 5.4% during the fourth quarter. Comerica Securities Inc. now owns 40,063 shares of the financial services provider’s stock valued at $1,664,000 after purchasing an additional 2,065 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Charles Schwab by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,723,959 shares of the financial services provider’s stock worth $113,124,000 after buying an additional 76,982 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Charles Schwab by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 13,627,245 shares of the financial services provider’s stock worth $564,801,000 after buying an additional 758,069 shares in the last quarter. Bangor Savings Bank lifted its holdings in shares of Charles Schwab by 7.9% in the first quarter. Bangor Savings Bank now owns 18,121 shares of the financial services provider’s stock worth $775,000 after buying an additional 1,321 shares in the last quarter. Finally, Addenda Capital Inc. lifted its holdings in shares of Charles Schwab by 18.2% in the first quarter. Addenda Capital Inc. now owns 93,365 shares of the financial services provider’s stock worth $3,992,000 after buying an additional 14,351 shares in the last quarter. Hedge funds and other institutional investors own 79.00% of the company’s stock.

In related news, Director Mark A. Goldfarb acquired 2,595 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $38.68 per share, for a total transaction of $100,374.60. Following the completion of the transaction, the director now owns 3,771 shares in the company, valued at $145,862.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan M. Craig sold 3,740 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $40.20, for a total transaction of $150,348.00. The disclosure for this sale can be found here. 10.90% of the stock is currently owned by corporate insiders.

Shares of SCHW stock traded down $1.90 during trading on Wednesday, hitting $37.51. The company had a trading volume of 13,116,990 shares, compared to its average volume of 9,969,583. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.36. The business’s 50-day simple moving average is $41.19. The firm has a market cap of $54.40 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 2.68 and a beta of 1.25. Charles Schwab Co. has a 52 week low of $37.83 and a 52 week high of $52.70.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.68 billion. Charles Schwab had a net margin of 35.29% and a return on equity of 20.60%. Charles Schwab’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. On average, research analysts anticipate that Charles Schwab Co. will post 2.68 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, August 8th. Charles Schwab’s dividend payout ratio (DPR) is 27.76%.

A number of brokerages have recently issued reports on SCHW. ValuEngine downgraded shares of Charles Schwab from a “hold” rating to a “sell” rating in a report on Tuesday, June 18th. Morgan Stanley lowered their price target on shares of Charles Schwab from $53.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Argus reissued a “buy” rating and issued a $52.00 price target (down from $57.00) on shares of Charles Schwab in a report on Wednesday, July 17th. Compass Point set a $45.00 price target on shares of Charles Schwab and gave the stock a “hold” rating in a report on Tuesday, July 2nd. Finally, Bank of America downgraded shares of Charles Schwab from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $49.00 to $43.00 in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $47.80.

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.

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Institutional Ownership by Quarter for Charles Schwab (NYSE:SCHW)

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