Eastern Bank Acquires 4,232 Shares of Charles Schwab Corp (SCHW)
Eastern Bank boosted its holdings in shares of Charles Schwab Corp (NYSE:SCHW) by 2.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 218,853 shares of the financial services provider’s stock after buying an additional 4,232 shares during the quarter. Eastern Bank’s holdings in Charles Schwab were worth $11,242,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Cubist Systematic Strategies LLC increased its holdings in shares of Charles Schwab by 317.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 51,701 shares of the financial services provider’s stock valued at $2,221,000 after purchasing an additional 39,321 shares in the last quarter. CAPROCK Group Inc. increased its holdings in shares of Charles Schwab by 22.3% during the 3rd quarter. CAPROCK Group Inc. now owns 6,532 shares of the financial services provider’s stock valued at $286,000 after purchasing an additional 1,190 shares in the last quarter. Sentry Investment Management LLC increased its holdings in shares of Charles Schwab by 11.6% during the 2nd quarter. Sentry Investment Management LLC now owns 96,298 shares of the financial services provider’s stock valued at $4,137,000 after purchasing an additional 9,971 shares in the last quarter. Columbus Circle Investors purchased a new position in shares of Charles Schwab during the 3rd quarter valued at approximately $49,394,000. Finally, Macquarie Group Ltd. increased its holdings in shares of Charles Schwab by 9.4% during the 3rd quarter. Macquarie Group Ltd. now owns 3,462,242 shares of the financial services provider’s stock valued at $151,438,000 after purchasing an additional 298,508 shares in the last quarter. 79.52% of the stock is owned by hedge funds and other institutional investors.
In other Charles Schwab news, Chairman Charles R. Schwab sold 5,065 shares of Charles Schwab stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $44.78, for a total transaction of $226,810.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Charles R. Schwab sold 225,000 shares of Charles Schwab stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $44.89, for a total transaction of $10,100,250.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,958,531 shares of company stock worth $93,990,901. 12.00% of the stock is currently owned by corporate insiders.
Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. Charles Schwab had a net margin of 27.32% and a return on equity of 16.31%. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. sell-side analysts predict that Charles Schwab Corp will post 2.39 EPS for the current fiscal year.
SCHW has been the subject of several recent research reports. Citigroup reaffirmed a “neutral” rating on shares of Charles Schwab in a report on Friday. BidaskClub lowered shares of Charles Schwab from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 17th. Morgan Stanley lifted their target price on shares of Charles Schwab from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday, October 5th. Nomura reaffirmed a “neutral” rating and set a $54.00 target price (up from $50.00) on shares of Charles Schwab in a report on Thursday. Finally, Deutsche Bank lifted their target price on shares of Charles Schwab from $46.00 to $47.00 and gave the company a “hold” rating in a report on Wednesday, October 25th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Charles Schwab presently has a consensus rating of “Buy” and a consensus price target of $54.00.
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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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