Chickasaw Capital Management LLC Reduces Position in Charles Schwab Co. (SCHW)
Chickasaw Capital Management LLC lessened its position in shares of Charles Schwab Co. (NYSE:SCHW) by 2.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,245 shares of the financial services provider’s stock after selling 500 shares during the quarter. Chickasaw Capital Management LLC’s holdings in Charles Schwab were worth $965,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in SCHW. Waldron Private Wealth LLC lifted its holdings in shares of Charles Schwab by 5.4% in the 3rd quarter. Waldron Private Wealth LLC now owns 8,245 shares of the financial services provider’s stock valued at $405,000 after buying an additional 422 shares during the period. Avitas Wealth Management LLC raised its holdings in Charles Schwab by 9.1% during the third quarter. Avitas Wealth Management LLC now owns 12,756 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 1,061 shares during the last quarter. HCR Wealth Advisors raised its holdings in Charles Schwab by 2.9% during the third quarter. HCR Wealth Advisors now owns 38,224 shares of the financial services provider’s stock worth $1,730,000 after purchasing an additional 1,081 shares during the last quarter. Gs Investments Inc. raised its holdings in Charles Schwab by 2.2% during the third quarter. Gs Investments Inc. now owns 50,805 shares of the financial services provider’s stock worth $2,497,000 after purchasing an additional 1,090 shares during the last quarter. Finally, Tower Bridge Advisors raised its holdings in Charles Schwab by 0.5% during the third quarter. Tower Bridge Advisors now owns 244,541 shares of the financial services provider’s stock worth $12,019,000 after purchasing an additional 1,127 shares during the last quarter. Hedge funds and other institutional investors own 79.52% of the company’s stock.
Several brokerages recently issued reports on SCHW. Zacks Investment Research cut Charles Schwab from a “buy” rating to a “hold” rating in a report on Monday. Credit Suisse Group reduced their price objective on Charles Schwab from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, October 26th. Morgan Stanley reaffirmed an “overweight” rating on shares of Charles Schwab in a report on Thursday, November 15th. Wolfe Research began coverage on Charles Schwab in a report on Tuesday, September 25th. They set an “underperform” rating for the company. Finally, Goldman Sachs Group began coverage on Charles Schwab in a report on Friday, November 30th. They set a “buy” rating and a $55.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $54.87.
Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.65 earnings per share for the quarter, hitting the consensus estimate of $0.65. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.58 billion. Charles Schwab had a return on equity of 19.02% and a net margin of 32.65%. Charles Schwab’s revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. On average, analysts forecast that Charles Schwab Co. will post 2.44 EPS for the current fiscal year.
Charles Schwab announced that its Board of Directors has approved a share buyback plan on Thursday, October 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 1.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other Charles Schwab news, CEO Walter W. Bettinger acquired 93,090 shares of the stock in a transaction dated Monday, December 24th. The stock was acquired at an average price of $39.09 per share, with a total value of $3,638,888.10. Following the completion of the transaction, the chief executive officer now directly owns 335,093 shares in the company, valued at $13,098,785.37. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jonathan M. Craig sold 2,629 shares of Charles Schwab stock in a transaction on Monday, October 15th. The shares were sold at an average price of $48.84, for a total value of $128,400.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 411,366 shares of company stock valued at $19,333,819. Company insiders own 11.50% 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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