Summit Asset Management LLC Sells 912 Shares of The Charles Schwab Co. (NYSE:SCHW)

Summit Asset Management LLC lowered its stake in shares of The Charles Schwab Co. (NYSE:SCHW) by 6.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,602 shares of the financial services provider’s stock after selling 912 shares during the period. Summit Asset Management LLC’s holdings in Charles Schwab were worth $817,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. M&G Plc purchased a new position in Charles Schwab in the first quarter worth $11,452,000. Patten & Patten Inc. TN increased its holdings in Charles Schwab by 155.9% in the 3rd quarter. Patten & Patten Inc. TN now owns 104,168 shares of the financial services provider’s stock worth $6,751,000 after acquiring an additional 63,463 shares during the last quarter. Teewinot Capital Advisers L.L.C. boosted its position in Charles Schwab by 9.0% during the second quarter. Teewinot Capital Advisers L.L.C. now owns 775,161 shares of the financial services provider’s stock worth $57,122,000 after purchasing an additional 64,041 shares during the period. Iowa State Bank lifted its stake in shares of Charles Schwab by 37.9% during the 3rd quarter. Iowa State Bank now owns 28,476 shares of the financial services provider’s stock valued at $1,846,000 after buying an additional 7,829 shares in the last quarter. Finally, Radnor Capital Management LLC bought a new stake in Charles Schwab during the 3rd quarter valued at $6,081,000. Institutional investors own 84.38% of the company’s stock.

Wall Street Analysts Forecast Growth

SCHW has been the topic of a number of analyst reports. Raymond James decreased their price objective on Charles Schwab from $76.00 to $73.00 in a research note on Tuesday, October 15th. Bank of America cut their price target on shares of Charles Schwab from $63.00 to $61.00 and set an “underperform” rating for the company in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their target price on Charles Schwab from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. raised their price target on Charles Schwab from $86.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Charles Schwab from $76.00 to $81.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $74.18.

Insider Transactions at Charles Schwab

In other Charles Schwab news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $64.05, for a total transaction of $576,450.00. Following the transaction, the director now owns 554,929 shares of the company’s stock, valued at approximately $35,543,202.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Jonathan S. Beatty sold 2,500 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $77.02, for a total value of $192,550.00. Following the completion of the transaction, the insider now directly owns 18,069 shares of the company’s stock, valued at approximately $1,391,674.38. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carolyn Schwab-Pomerantz sold 9,000 shares of Charles Schwab stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $64.05, for a total value of $576,450.00. Following the transaction, the director now owns 554,929 shares in the company, valued at approximately $35,543,202.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,645 shares of company stock worth $7,440,627. 6.60% of the stock is currently owned by company insiders.

Charles Schwab Stock Up 0.1 %

Shares of Charles Schwab stock opened at $78.27 on Thursday. The company’s fifty day simple moving average is $67.76 and its two-hundred day simple moving average is $69.48. The Charles Schwab Co. has a 12-month low of $54.24 and a 12-month high of $79.49. The company has a current ratio of 0.47, a quick ratio of 0.42 and a debt-to-equity ratio of 0.59. The company has a market cap of $139.29 billion, a P/E ratio of 30.57, a PEG ratio of 1.79 and a beta of 0.96.

Charles Schwab (NYSE:SCHW) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.02. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.78 billion. Charles Schwab had a return on equity of 16.92% and a net margin of 27.47%. Charles Schwab’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 EPS. Research analysts anticipate that The Charles Schwab Co. will post 3.12 EPS for the current year.

Charles Schwab Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.28%. Charles Schwab’s payout ratio is 39.06%.

About Charles Schwab

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.