Prana Capital Management LP Cuts Stock Position in The Charles Schwab Co. (NYSE:SCHW)

Prana Capital Management LP cut its holdings in shares of The Charles Schwab Co. (NYSE:SCHW) by 29.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 609,737 shares of the financial services provider’s stock after selling 258,871 shares during the quarter. Charles Schwab accounts for approximately 1.8% of Prana Capital Management LP’s investment portfolio, making the stock its 19th biggest holding. Prana Capital Management LP’s holdings in Charles Schwab were worth $39,517,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Country Trust Bank bought a new stake in Charles Schwab in the 2nd quarter valued at about $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Charles Schwab during the 3rd quarter valued at approximately $25,000. Washington Trust Advisors Inc. boosted its position in shares of Charles Schwab by 62.6% in the third quarter. Washington Trust Advisors Inc. now owns 387 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 149 shares during the period. Fortitude Family Office LLC increased its holdings in shares of Charles Schwab by 97.5% in the second quarter. Fortitude Family Office LLC now owns 389 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 192 shares during the period. Finally, American Capital Advisory LLC purchased a new stake in Charles Schwab in the second quarter worth approximately $27,000. 84.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Charles Schwab

In other news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $64.05, for a total value of $576,450.00. Following the sale, the director now owns 554,929 shares of the company’s stock, valued at approximately $35,543,202.45. This represents a 1.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jonathan S. Beatty sold 2,500 shares of Charles Schwab stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $77.02, for a total transaction of $192,550.00. Following 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 12.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,968 shares of company stock worth $9,419,271 over the last 90 days. 6.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. StockNews.com raised Charles Schwab from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. JMP Securities upped their target price on Charles Schwab from $82.00 to $84.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Charles Schwab from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Piper Sandler raised their price objective on Charles Schwab from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Bank of America cut their target price on Charles Schwab from $63.00 to $61.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.56.

Charles Schwab Stock Down 0.3 %

SCHW stock opened at $81.12 on Wednesday. The business’s 50-day moving average is $73.02 and its two-hundred day moving average is $70.01. The company has a market cap of $144.37 billion, a price-to-earnings ratio of 31.69, a P/E/G ratio of 1.76 and a beta of 0.96. The Charles Schwab Co. has a fifty-two week low of $59.67 and a fifty-two week high of $83.35. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.47 and a current ratio of 0.47.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.75 by $0.02. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.78 billion. Charles Schwab had a return on equity of 16.92% and a net margin of 27.47%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 earnings per share. As a group, analysts forecast that The Charles Schwab Co. will post 3.12 earnings per share for the current year.

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 8th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.23%. Charles Schwab’s dividend payout ratio is currently 39.06%.

Charles Schwab Company Profile

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.