Charles Schwab Co. (SCHW) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. reduced its position in Charles Schwab Co. (NYSE:SCHW) by 29.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,442 shares of the financial services provider’s stock after selling 3,944 shares during the period. Essex Financial Services Inc.’s holdings in Charles Schwab were worth $464,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in Charles Schwab by 13.7% during the 2nd quarter. FMR LLC now owns 65,193,384 shares of the financial services provider’s stock valued at $3,331,382,000 after buying an additional 7,868,551 shares during the last quarter. Edgewood Management LLC grew its holdings in Charles Schwab by 0.8% during the 2nd quarter. Edgewood Management LLC now owns 21,617,841 shares of the financial services provider’s stock valued at $1,104,672,000 after buying an additional 169,689 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Charles Schwab by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,567,417 shares of the financial services provider’s stock valued at $642,195,000 after buying an additional 68,160 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Charles Schwab by 8.4% during the 3rd quarter. Wells Fargo & Company MN now owns 6,690,064 shares of the financial services provider’s stock valued at $328,815,000 after buying an additional 518,046 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Charles Schwab by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 5,537,302 shares of the financial services provider’s stock valued at $283,178,000 after buying an additional 146,594 shares during the last quarter. 80.44% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Christopher V. Dodds sold 15,718 shares of Charles Schwab stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $51.14, for a total value of $803,818.52. Following the transaction, the director now owns 7,592 shares in the company, valued at $388,254.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jonathan M. Craig sold 2,629 shares of Charles Schwab stock in a transaction on Monday, October 15th. The shares were sold at an average price of $48.84, for a total value of $128,400.36. The disclosure for this sale can be found here. Insiders have sold 39,171 shares of company stock worth $1,921,687 in the last 90 days. Insiders own 11.50% of the company’s stock.

A number of equities research analysts have commented on SCHW shares. Morgan Stanley set a $70.00 target price on Charles Schwab and gave the company a “buy” rating in a report on Tuesday, September 18th. Zacks Investment Research upgraded Charles Schwab from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Wednesday, October 3rd. Wolfe Research started coverage on Charles Schwab in a report on Tuesday, September 25th. They set an “underperform” rating on the stock. 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. Finally, Jefferies Financial Group restated a “buy” rating and set a $66.00 price objective on shares of Charles Schwab in a report on Monday, July 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. Charles Schwab has an average rating of “Hold” and an average target price of $57.73.

SCHW stock opened at $48.58 on Thursday. Charles Schwab Co. has a 52-week low of $42.01 and a 52-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 firm has a market cap of $62.93 billion, a PE ratio of 29.62, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.65. Charles Schwab had a return on equity of 19.46% and a net margin of 32.65%. The business had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter last year, the firm earned $0.42 earnings per share. The business’s revenue was up 19.1% on a year-over-year basis. As a group, equities research analysts predict that Charles Schwab Co. will post 2.45 EPS for the current fiscal year.

Charles Schwab declared that its Board of Directors has authorized a share buyback plan on Thursday, October 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 1.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Friday, November 9th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Thursday, November 8th. Charles Schwab’s dividend payout ratio (DPR) is 31.71%.

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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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Institutional Ownership by Quarter for Charles Schwab (NYSE:SCHW)

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