Charles Schwab Co. (NYSE:SCHW) Stock Position Lowered by Lathrop Investment Management Corp
Lathrop Investment Management Corp lessened its position in Charles Schwab Co. (NYSE:SCHW) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 209,637 shares of the financial services provider’s stock after selling 7,174 shares during the quarter. Charles Schwab makes up about 2.1% of Lathrop Investment Management Corp’s holdings, making the stock its 20th biggest holding. Lathrop Investment Management Corp’s holdings in Charles Schwab were worth $7,073,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. CX Institutional increased its stake in shares of Charles Schwab by 109.9% during the 1st quarter. CX Institutional now owns 745 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 390 shares during the last quarter. Ameritas Investment Company LLC acquired a new position in Charles Schwab in the 1st quarter valued at $29,000. Mine & Arao Wealth Creation & Management LLC. acquired a new position in Charles Schwab in the 1st quarter valued at $32,000. Ballast Advisors LLC acquired a new position in Charles Schwab in the 1st quarter valued at $33,000. Finally, AGF Investments LLC acquired a new position in Charles Schwab in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 85.13% of the company’s stock.
In related news, Director Charles A. Ruffel acquired 2,854 shares of the stock in a transaction on Wednesday, July 22nd. The stock was purchased at an average price of $34.91 per share, for a total transaction of $99,633.14. Following the transaction, the director now owns 7,751 shares of the company’s stock, valued at approximately $270,587.41. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Charles R. Schwab sold 65,056 shares of Charles Schwab stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $33.19, for a total transaction of $2,159,208.64. The disclosure for this sale can be found here. Company insiders own 10.80% of the company’s stock.
Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Charles Schwab had a net margin of 31.48% and a return on equity of 16.88%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.48 billion. During the same period last year, the firm posted $0.66 EPS. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. On average, research analysts anticipate that Charles Schwab Co. will post 2.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Thursday, August 6th. Charles Schwab’s dividend payout ratio is currently 26.47%.
A number of research analysts recently issued reports on SCHW shares. Keefe, Bruyette & Woods lowered shares of Charles Schwab from an “outperform” rating to a “market perform” rating in a research note on Sunday, April 19th. TheStreet downgraded shares of Charles Schwab from a “b-” rating to a “c” rating in a report on Monday, July 27th. Compass Point downgraded shares of Charles Schwab from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a report on Wednesday, May 20th. Citigroup increased their price target on shares of Charles Schwab from $38.00 to $38.50 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Co increased their price target on shares of Charles Schwab from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, July 10th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $42.50.
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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