Deutsche Bank upgraded shares of Charles Schwab (NYSE:SCHW) from a hold rating to a buy rating in a report published on Tuesday, The Fly reports. The brokerage currently has $54.00 price objective on the financial services provider’s stock, up from their prior price objective of $52.00.
Other research analysts also recently issued reports about the company. Wells Fargo & Co upped their price target on Charles Schwab from $54.00 to $56.00 and gave the stock a $54.22 rating in a research note on Wednesday, July 18th. Morgan Stanley boosted their price objective on Charles Schwab from $65.00 to $66.00 and gave the stock a buy rating in a report on Tuesday, October 9th. Zacks Investment Research raised 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. Jefferies Financial Group reissued a buy rating and set a $66.00 price objective on shares of Charles Schwab in a report on Monday, July 16th. Finally, JPMorgan Chase & Co. set a $59.00 price objective on Charles Schwab and gave the stock a buy rating in a report on Monday, July 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $57.73.
SCHW stock opened at $46.58 on Tuesday. Charles Schwab has a fifty-two week low of $42.01 and a fifty-two week high of $60.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market cap of $61.57 billion, a P/E ratio of 28.40, a PEG ratio of 1.13 and a beta of 1.55.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Thursday, November 8th. Charles Schwab’s dividend payout ratio is currently 31.71%.
Charles Schwab announced that its Board of Directors has approved a share repurchase program on Thursday, October 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 1.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In other news, EVP Jonathan M. Craig sold 2,629 shares of the company’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $48.84, for a total value of $128,400.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher V. Dodds sold 15,718 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $51.14, for a total value of $803,818.52. Following the completion of the transaction, the director now directly owns 7,592 shares of the company’s stock, valued at $388,254.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,771 shares of company stock valued at $1,336,655. 11.50% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in SCHW. WINTON GROUP Ltd grew its holdings in Charles Schwab by 13.1% during the third quarter. WINTON GROUP Ltd now owns 10,031 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 1,159 shares during the period. American Century Companies Inc. grew its holdings in Charles Schwab by 0.3% during the third quarter. American Century Companies Inc. now owns 2,262,539 shares of the financial services provider’s stock valued at $111,204,000 after purchasing an additional 7,034 shares during the period. Bank of The West grew its holdings in Charles Schwab by 26.4% during the third quarter. Bank of The West now owns 68,115 shares of the financial services provider’s stock valued at $3,348,000 after purchasing an additional 14,239 shares during the period. Chicago Capital LLC grew its holdings in Charles Schwab by 13.9% during the third quarter. Chicago Capital LLC now owns 577,781 shares of the financial services provider’s stock valued at $28,398,000 after purchasing an additional 70,530 shares during the period. Finally, Gator Capital Management LLC bought a new position in Charles Schwab during the third quarter valued at $258,000. 80.46% of the stock is owned by institutional investors.
Charles Schwab Company Profile
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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