Maverick Capital Ltd. acquired a new stake in shares of The Charles Schwab Co. (NYSE:SCHW) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,360 shares of the financial services provider’s stock, valued at approximately $1,001,000.
A number of other hedge funds also recently modified their holdings of the business. Doheny Asset Management CA boosted its holdings in shares of The Charles Schwab by 42.9% in the 1st quarter. Doheny Asset Management CA now owns 19,595 shares of the financial services provider’s stock worth $1,277,000 after purchasing an additional 5,880 shares during the period. Alyeska Investment Group L.P. bought a new stake in The Charles Schwab in the first quarter worth $4,563,000. Perigon Wealth Management LLC boosted its stake in The Charles Schwab by 72.6% during the first quarter. Perigon Wealth Management LLC now owns 27,564 shares of the financial services provider’s stock worth $1,797,000 after buying an additional 11,594 shares during the period. Davidson Kempner Capital Management LP purchased a new position in The Charles Schwab during the first quarter worth $12,384,000. Finally, Cubist Systematic Strategies LLC grew its holdings in The Charles Schwab by 1,171.8% during the 1st quarter. Cubist Systematic Strategies LLC now owns 156,311 shares of the financial services provider’s stock valued at $10,188,000 after purchasing an additional 144,020 shares during the last quarter. Institutional investors and hedge funds own 71.21% of the company’s stock.
A number of analysts have recently issued reports on SCHW shares. Wolfe Research raised shares of The Charles Schwab from a “peer perform” rating to an “outperform” rating and set a $87.00 target price for the company in a research note on Monday, April 5th. Wells Fargo & Company raised their target price on shares of The Charles Schwab from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 2nd. boosted their price target on The Charles Schwab from $93.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 12th. JMP Securities upgraded The Charles Schwab from a “market perform” rating to a “market outperform” rating and set a $80.00 price objective on the stock in a report on Thursday, April 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $91.00 target price on shares of The Charles Schwab in a report on Monday, July 5th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $81.06.
The Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Thursday, July 15th. The financial services provider reported $0.70 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.01). The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.46 billion. The Charles Schwab had a return on equity of 13.51% and a net margin of 28.88%. The company’s revenue was up 84.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 EPS. As a group, sell-side analysts expect that The Charles Schwab Co. will post 3.1 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 28th. Stockholders of record on Friday, May 14th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, May 13th. This represents a $0.72 annualized dividend and a dividend yield of 1.04%. The Charles Schwab’s dividend payout ratio is presently 29.39%.
In related news, COO Joseph R. Martinetto sold 255,321 shares of The Charles Schwab stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $71.70, for a total value of $18,306,515.70. Also, CEO Walter W. Bettinger sold 242,002 shares of the business’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $70.68, for a total transaction of $17,104,701.36. Following the sale, the chief executive officer now directly owns 332,584 shares in the company, valued at approximately $23,507,037.12. The disclosure for this sale can be found here. Insiders sold a total of 1,227,607 shares of company stock valued at $87,845,344 in the last three months. Insiders own 7.50% of the company’s stock.
The Charles Schwab Profile
The Charles Schwab Corp. is a savings and loan holding company, which engages in the provision of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. It operates through the Investor Services and Advisor Services segments. The Investor Services segment includes retail brokerage and banking services to individual investors, and retirement plan services, as well as other corporate brokerage services, to businesses and their employees.
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