Cornercap Investment Counsel Inc. Trims Stock Position in The Charles Schwab Corporation (NYSE:SCHW)

Cornercap Investment Counsel Inc. lowered its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW) by 1.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,464 shares of the financial services provider’s stock after selling 260 shares during the quarter. Charles Schwab makes up approximately 1.0% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 18th biggest position. Cornercap Investment Counsel Inc.’s holdings in Charles Schwab were worth $1,837,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SCHW. Norges Bank purchased a new stake in shares of Charles Schwab during the 4th quarter valued at about $1,289,544,000. Kovitz Investment Group Partners LLC increased its holdings in Charles Schwab by 354.5% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 11,005,881 shares of the financial services provider’s stock worth $814,545,000 after acquiring an additional 8,584,173 shares in the last quarter. FMR LLC increased its holdings in Charles Schwab by 69.4% in the 4th quarter. FMR LLC now owns 9,700,013 shares of the financial services provider’s stock worth $717,898,000 after acquiring an additional 3,974,940 shares in the last quarter. Marshall Wace LLP increased its holdings in Charles Schwab by 742.0% in the 4th quarter. Marshall Wace LLP now owns 4,181,202 shares of the financial services provider’s stock worth $309,451,000 after acquiring an additional 3,684,640 shares in the last quarter. Finally, Primecap Management Co. CA increased its holdings in Charles Schwab by 310.3% in the 4th quarter. Primecap Management Co. CA now owns 4,252,350 shares of the financial services provider’s stock worth $314,716,000 after acquiring an additional 3,216,000 shares in the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Analysts Set New Price Targets

SCHW has been the subject of several analyst reports. Redburn Atlantic raised shares of Charles Schwab from a “sell” rating to a “neutral” rating and increased their target price for the stock from $65.00 to $82.00 in a report on Monday, June 9th. Morgan Stanley increased their target price on shares of Charles Schwab from $76.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, May 13th. Citigroup increased their target price on shares of Charles Schwab from $102.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, July 7th. JPMorgan Chase & Co. increased their target price on shares of Charles Schwab from $92.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 21st. Finally, UBS Group increased their target price on shares of Charles Schwab from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $93.30.

Insider Activity

In other news, insider Nigel J. Murtagh sold 20,872 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $90.01, for a total transaction of $1,878,688.72. Following the completion of the transaction, the insider directly owned 58,999 shares in the company, valued at approximately $5,310,499.99. This represents a 26.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paula A. Sneed sold 8,647 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $88.06, for a total value of $761,454.82. Following the completion of the sale, the director owned 105,654 shares of the company’s stock, valued at approximately $9,303,891.24. This represents a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,905 shares of company stock worth $10,530,833. 6.30% of the stock is owned by corporate insiders.

Charles Schwab Stock Up 0.8%

NYSE SCHW opened at $92.75 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.53 and a current ratio of 0.53. The company has a market capitalization of $168.52 billion, a P/E ratio of 28.11, a P/E/G ratio of 0.97 and a beta of 0.93. The Charles Schwab Corporation has a one year low of $61.01 and a one year high of $93.35. The stock has a 50 day moving average price of $88.72 and a 200-day moving average price of $81.62.

Charles Schwab (NYSE:SCHW) last posted its earnings results on Thursday, April 17th. The financial services provider reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.03. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.46 billion. Charles Schwab had a return on equity of 18.31% and a net margin of 31.71%. During the same period in the prior year, the company earned $0.74 EPS. As a group, equities analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.16%. Charles Schwab’s dividend payout ratio is currently 32.73%.

Charles Schwab Company Profile

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.