Massachusetts Financial Services Co. MA cut its position in The Charles Schwab Co. (NYSE:SCHW - Free Report) by 23.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,996,773 shares of the financial services provider's stock after selling 6,682,532 shares during the period. Massachusetts Financial Services Co. MA owned 1.24% of Charles Schwab worth $1,627,981,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of SCHW. Merit Financial Group LLC boosted its holdings in shares of Charles Schwab by 230.1% in the 4th quarter. Merit Financial Group LLC now owns 33,546 shares of the financial services provider's stock valued at $2,483,000 after buying an additional 23,383 shares in the last quarter. Benjamin Edwards Inc. lifted its position in Charles Schwab by 2,840.7% in the third quarter. Benjamin Edwards Inc. now owns 6,146 shares of the financial services provider's stock valued at $398,000 after acquiring an additional 5,937 shares during the last quarter. Synovus Financial Corp boosted its stake in Charles Schwab by 46.0% in the third quarter. Synovus Financial Corp now owns 67,889 shares of the financial services provider's stock valued at $4,400,000 after acquiring an additional 21,377 shares in the last quarter. Oregon Pacific Wealth Management LLC purchased a new position in shares of Charles Schwab during the fourth quarter worth about $688,000. Finally, Golden State Equity Partners increased its position in shares of Charles Schwab by 293.9% during the fourth quarter. Golden State Equity Partners now owns 12,207 shares of the financial services provider's stock worth $903,000 after purchasing an additional 9,108 shares in the last quarter. 84.38% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, Director Arun Sarin sold 8,548 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $81.82, for a total transaction of $699,397.36. Following the transaction, the director now directly owns 18,617 shares in the company, valued at $1,523,242.94. This represents a 31.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Walter W. Bettinger sold 464,629 shares of Charles Schwab stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $81.91, for a total transaction of $38,057,761.39. Following the completion of the transaction, the chairman now owns 827,377 shares in the company, valued at approximately $67,770,450.07. This trade represents a 35.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 513,081 shares of company stock valued at $41,903,066 in the last ninety days. Insiders own 6.60% of the company's stock.
Charles Schwab Price Performance
Shares of NYSE:SCHW traded down $3.69 during midday trading on Thursday, hitting $74.90. 13,516,765 shares of the stock were exchanged, compared to its average volume of 8,937,293. The stock has a market cap of $135.83 billion, a P/E ratio of 25.05, a PEG ratio of 0.99 and a beta of 0.91. The Charles Schwab Co. has a twelve month low of $61.01 and a twelve month high of $84.50. The company has a 50 day moving average price of $79.34 and a 200-day moving average price of $75.69. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.59.
Charles Schwab (NYSE:SCHW - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. The firm had revenue of $5.33 billion during the quarter, compared to the consensus estimate of $5.19 billion. Charles Schwab had a return on equity of 18.20% and a net margin of 30.31%. The company's quarterly revenue was up 19.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 EPS. On average, research analysts forecast that The Charles Schwab Co. will post 4.22 earnings per share for the current year.
Charles Schwab Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.44%. This is a positive change from Charles Schwab's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, February 14th. Charles Schwab's dividend payout ratio is 36.12%.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. Piper Sandler upped their target price on Charles Schwab from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Tuesday, January 7th. JMP Securities reissued a "market outperform" rating and issued a $94.00 price objective (up from $84.00) on shares of Charles Schwab in a report on Monday, December 9th. Truist Financial lifted their target price on shares of Charles Schwab from $90.00 to $91.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Redburn Partners decreased their price target on shares of Charles Schwab from $70.00 to $68.00 and set a "sell" rating for the company in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Charles Schwab from $87.00 to $93.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.28.
Get Our Latest Research Report on SCHW
Charles Schwab Profile
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Free Report)
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.
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