Charles Schwab (SCHW) Earns “Overweight” Rating from Morgan Stanley
A number of other analysts have also recently commented on the stock. Raymond James upgraded shares of Charles Schwab from a market perform rating to an outperform rating and set a $54.00 target price on the stock in a report on Tuesday, October 30th. They noted that the move was a valuation call. Deutsche Bank upgraded shares of Charles Schwab from a hold rating to a buy rating and boosted their target price for the company from $52.00 to $54.00 in a report on Tuesday, October 30th. Credit Suisse Group dropped their target price on shares of Charles Schwab from $56.00 to $53.00 and set an outperform rating on the stock in a report on Friday, October 26th. Barclays dropped their target price on shares of Charles Schwab from $65.00 to $57.00 and set an overweight rating on the stock in a report on Monday, October 22nd. Finally, Zacks Investment Research upgraded shares of Charles Schwab from a hold rating to a buy rating and set a $55.00 target price on the stock in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $57.33.
Shares of Charles Schwab stock opened at $46.96 on Thursday. Charles Schwab has a 12-month low of $42.01 and a 12-month high of $60.22. The firm has a market cap of $63.42 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 1.17 and a beta of 1.48. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.32.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Friday, November 9th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Thursday, November 8th. Charles Schwab’s payout ratio is 31.71%.
Charles Schwab declared that its Board of Directors has initiated a share buyback program on Thursday, October 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 1.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
In related news, EVP Jonathan M. Craig sold 2,629 shares of the company’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $48.84, for a total value of $128,400.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Charles R. Schwab sold 383,000 shares of the company’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $46.97, for a total transaction of $17,989,510.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 406,453 shares of company stock worth $19,107,379. 11.50% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of SCHW. Millennium Management LLC lifted its stake in Charles Schwab by 130.5% during the 1st quarter. Millennium Management LLC now owns 53,972 shares of the financial services provider’s stock valued at $2,818,000 after acquiring an additional 230,970 shares during the period. Xact Kapitalforvaltning AB lifted its stake in Charles Schwab by 3.7% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 212,767 shares of the financial services provider’s stock valued at $10,872,000 after acquiring an additional 7,685 shares during the period. Atria Investments LLC lifted its stake in Charles Schwab by 9.1% during the 2nd quarter. Atria Investments LLC now owns 14,372 shares of the financial services provider’s stock valued at $734,000 after acquiring an additional 1,195 shares during the period. Fox Run Management L.L.C. bought a new position in Charles Schwab during the 2nd quarter valued at about $247,000. Finally, Nisa Investment Advisors LLC lifted its stake in Charles Schwab by 1.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 403,036 shares of the financial services provider’s stock valued at $20,595,000 after acquiring an additional 6,425 shares during the period. Institutional investors and hedge funds own 80.51% of the company’s stock.
About Charles Schwab
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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