Janney Montgomery Scott LLC Sells 34,024 Shares of The Charles Schwab Corporation $SCHW

Janney Montgomery Scott LLC cut its stake in shares of The Charles Schwab Corporation (NYSE:SCHW) by 6.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 497,400 shares of the financial services provider’s stock after selling 34,024 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Charles Schwab were worth $45,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Atwood & Palmer Inc. purchased a new stake in Charles Schwab during the first quarter valued at about $25,000. Westside Investment Management Inc. increased its position in shares of Charles Schwab by 75.0% during the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 150 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its position in Charles Schwab by 97.9% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock worth $30,000 after buying an additional 191 shares during the last quarter. Stone House Investment Management LLC purchased a new stake in Charles Schwab in the first quarter worth approximately $31,000. Finally, Activest Wealth Management boosted its stake in Charles Schwab by 6,650.0% in the first quarter. Activest Wealth Management now owns 405 shares of the financial services provider’s stock worth $32,000 after buying an additional 399 shares in the last quarter. Institutional investors own 84.38% of the company’s stock.

Insider Buying and Selling

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of the firm’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total value of $4,851,552.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nigel J. Murtagh sold 24,096 shares of the business’s stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following the transaction, the insider owned 58,999 shares in the company, valued at $5,776,592.09. This represents a 29.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,923 shares of company stock valued at $25,932,955 over the last three months. Insiders own 6.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SCHW shares. Raymond James Financial restated an “outperform” rating and issued a $99.00 price objective on shares of Charles Schwab in a report on Friday, July 18th. Citigroup lifted their target price on shares of Charles Schwab from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, July 21st. Bank of America upped their price target on shares of Charles Schwab from $83.00 to $84.00 and gave the company an “underperform” rating in a research report on Monday, July 21st. Morgan Stanley raised their price objective on Charles Schwab from $117.00 to $131.00 and gave the company an “overweight” rating in a research note on Tuesday, July 29th. Finally, JMP Securities boosted their target price on Charles Schwab from $106.00 to $110.00 and gave the company a “market outperform” rating in a research note on Monday, July 21st. Sixteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Charles Schwab Stock Performance

Shares of NYSE:SCHW opened at $95.45 on Wednesday. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $95.56 and a 200-day moving average price of $88.33. The company has a market cap of $173.26 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 0.96 and a beta of 0.96. The Charles Schwab Corporation has a 12 month low of $62.41 and a 12 month high of $99.59.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The company had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.Charles Schwab’s revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.73 EPS. As a group, equities analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab declared that its board has authorized a share repurchase program on Thursday, July 24th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Charles Schwab Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, August 8th. Charles Schwab’s dividend payout ratio is currently 29.03%.

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.