Prio Wealth Limited Partnership Boosts Stake in Charles Schwab Co. (NYSE:SCHW)
Prio Wealth Limited Partnership grew its position in shares of Charles Schwab Co. (NYSE:SCHW) by 4.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 296,378 shares of the financial services provider’s stock after acquiring an additional 12,576 shares during the period. Prio Wealth Limited Partnership’s holdings in Charles Schwab were worth $11,911,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. Quantamental Technologies LLC purchased a new stake in shares of Charles Schwab in the 1st quarter worth approximately $32,000. Berman Capital Advisors LLC grew its stake in shares of Charles Schwab by 260.7% in the 1st quarter. Berman Capital Advisors LLC now owns 1,046 shares of the financial services provider’s stock worth $44,000 after buying an additional 756 shares during the last quarter. Spectrum Management Group Inc. boosted its stake in Charles Schwab by 44.5% during the 1st quarter. Spectrum Management Group Inc. now owns 1,071 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 330 shares during the last quarter. Liberty Wealth Management LLC purchased a new stake in Charles Schwab during the 4th quarter valued at $49,000. Finally, First PREMIER Bank purchased a new stake in Charles Schwab during the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 78.92% of the company’s stock.
Shares of NYSE SCHW traded down $0.84 during midday trading on Tuesday, hitting $42.87. 1,354,499 shares of the stock traded hands, compared to its average volume of 9,188,690. The stock has a 50-day moving average price of $41.34. The stock has a market capitalization of $58.81 billion, a price-to-earnings ratio of 17.50, a P/E/G ratio of 2.90 and a beta of 1.24. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.36. Charles Schwab Co. has a one year low of $37.83 and a one year high of $52.75.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, August 9th will be issued a dividend of $0.17 per share. The ex-dividend date is Thursday, August 8th. This represents a $0.68 annualized dividend and a dividend yield of 1.59%. Charles Schwab’s payout ratio is 27.76%.
Several brokerages have commented on SCHW. Morgan Stanley increased their target price on Visa from $175.00 to $191.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Wells Fargo & Co downgraded Zions Bancorporation NA from an “outperform” rating to a “market perform” rating and cut their target price for the company from $62.00 to $50.00 in a research note on Monday, July 22nd. JPMorgan Chase & Co. set a $44.00 target price on Charles Schwab and gave the company a “buy” rating in a research note on Friday, June 21st. Argus cut their target price on Domino’s Pizza from $310.00 to $280.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Finally, ValuEngine downgraded Virtu Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $47.80.
In related news, EVP Jonathan M. Craig sold 3,740 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $40.20, for a total value of $150,348.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles A. Ruffel bought 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was bought at an average cost of $46.10 per share, for a total transaction of $115,250.00. Following the completion of the acquisition, the director now owns 788 shares in the company, valued at approximately $36,326.80. The disclosure for this purchase can be found here. Insiders have sold a total of 64,376 shares of company stock worth $2,945,434 over the last three months. Insiders own 10.90% of the company’s stock.
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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