Goldman Sachs Group started coverage on shares of Charles Schwab (NYSE:SCHW) in a report released on Friday morning, MarketBeat reports. The brokerage issued a buy rating and a $55.00 price target on the financial services provider’s stock.
Several other research firms have also weighed in on SCHW. Morgan Stanley raised their price objective on shares of Charles Schwab from $65.00 to $66.00 and gave the stock a buy rating in a report on Tuesday, October 9th. Wolfe Research began coverage on shares of Charles Schwab in a report on Tuesday, September 25th. They set an underperform rating for the company. Zacks Investment Research raised shares of Charles Schwab from a hold rating to a buy rating and set a $55.00 price objective for the company in a report on Wednesday, October 3rd. UBS Group lowered shares of Charles Schwab from a buy rating to a neutral rating in a report on Monday, November 19th. Finally, Barclays dropped their price objective on shares of Charles Schwab from $65.00 to $57.00 and set an overweight rating for the company in a report on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $56.94.
NYSE SCHW opened at $44.80 on Friday. The company has a market cap of $60.50 billion, a PE ratio of 27.32, a PEG ratio of 1.12 and a beta of 1.48. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.29 and a quick ratio of 0.29. Charles Schwab has a 1-year low of $42.01 and a 1-year high of $60.22.
The business also recently declared a quarterly dividend, which was paid on Friday, November 23rd. Investors of record on Friday, November 9th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Thursday, November 8th. Charles Schwab’s dividend payout ratio is currently 31.71%.
Charles Schwab announced that its Board of Directors has authorized a share repurchase plan on Thursday, October 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 1.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other Charles Schwab news, Chairman Charles R. Schwab sold 383,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $46.97, for a total value of $17,989,510.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Marie A. Chandoha sold 12,400 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $47.18, for a total transaction of $585,032.00. The disclosure for this sale can be found here. In the last three months, insiders sold 406,453 shares of company stock valued at $19,107,379. 11.50% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Charles Schwab by 0.9% in the third quarter. Vanguard Group Inc. now owns 88,586,138 shares of the financial services provider’s stock valued at $4,354,008,000 after acquiring an additional 820,257 shares during the last quarter. BlackRock Inc. boosted its stake in Charles Schwab by 2.6% in the third quarter. BlackRock Inc. now owns 86,976,839 shares of the financial services provider’s stock valued at $4,274,909,000 after acquiring an additional 2,179,682 shares during the last quarter. FMR LLC boosted its stake in Charles Schwab by 13.7% in the second quarter. FMR LLC now owns 65,193,384 shares of the financial services provider’s stock valued at $3,331,382,000 after acquiring an additional 7,868,551 shares during the last quarter. Edgewood Management LLC boosted its stake in Charles Schwab by 1.6% in the third quarter. Edgewood Management LLC now owns 21,966,947 shares of the financial services provider’s stock valued at $1,079,675,000 after acquiring an additional 349,106 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Charles Schwab by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 12,675,853 shares of the financial services provider’s stock valued at $623,016,000 after acquiring an additional 108,436 shares during the last quarter. 80.32% of the stock is currently owned by hedge funds and other institutional investors.
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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