Provident Investment Management Inc. Sells 12,702 Shares of The Charles Schwab Co. (NYSE:SCHW)

Provident Investment Management Inc. trimmed its holdings in The Charles Schwab Co. (NYSE:SCHW) by 1.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 643,223 shares of the financial services provider’s stock after selling 12,702 shares during the quarter. Charles Schwab comprises approximately 4.3% of Provident Investment Management Inc.’s portfolio, making the stock its 10th biggest position. Provident Investment Management Inc.’s holdings in Charles Schwab were worth $47,399,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its stake in Charles Schwab by 5.9% during the 4th quarter. International Assets Investment Management LLC now owns 10,994 shares of the financial services provider’s stock worth $756,000 after buying an additional 612 shares during the last quarter. Gryphon Financial Partners LLC purchased a new position in shares of Charles Schwab during the fourth quarter worth approximately $466,000. QRG Capital Management Inc. increased its holdings in shares of Charles Schwab by 5.3% in the 4th quarter. QRG Capital Management Inc. now owns 94,539 shares of the financial services provider’s stock valued at $6,504,000 after acquiring an additional 4,730 shares during the period. Dimensional Fund Advisors LP raised its position in Charles Schwab by 7.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,553,671 shares of the financial services provider’s stock valued at $313,324,000 after purchasing an additional 309,883 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in Charles Schwab by 23.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 129,695 shares of the financial services provider’s stock worth $8,923,000 after purchasing an additional 24,662 shares during the period. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Charles Schwab Price Performance

SCHW stock opened at $63.01 on Tuesday. The firm has a 50 day moving average of $66.23 and a 200-day moving average of $70.13. The company has a market cap of $112.06 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.18 and a beta of 0.97. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.65. The Charles Schwab Co. has a 12-month low of $48.66 and a 12-month high of $79.49.

Charles Schwab (NYSE:SCHW) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The company had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.68 billion. Charles Schwab had a return on equity of 18.14% and a net margin of 26.30%. Charles Schwab’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.75 earnings per share. As a group, equities analysts expect that The Charles Schwab Co. will post 3.05 EPS for the current fiscal year.

Charles Schwab Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.00 dividend on an annualized basis and a yield of 1.59%. Charles Schwab’s payout ratio is 41.84%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SCHW shares. Morgan Stanley reduced their target price on shares of Charles Schwab from $71.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. Bank of America dropped their price target on Charles Schwab from $72.00 to $66.00 and set an “underperform” rating on the stock in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their price objective on Charles Schwab from $79.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. TD Cowen reissued a “hold” rating and issued a $71.00 target price (down previously from $88.00) on shares of Charles Schwab in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. decreased their price target on Charles Schwab from $82.00 to $78.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $74.00.

Insider Buying and Selling at Charles Schwab

In other Charles Schwab news, insider Bernard J. Clark sold 8,164 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $75.00, for a total value of $612,300.00. Following the sale, the insider now owns 121,666 shares of the company’s stock, valued at $9,124,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Bernard J. Clark sold 8,164 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $75.00, for a total value of $612,300.00. Following the completion of the transaction, the insider now directly owns 121,666 shares of the company’s stock, valued at $9,124,950. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Walter W. Bettinger acquired 25,000 shares of Charles Schwab stock in a transaction dated Wednesday, July 17th. The stock was bought at an average price of $66.26 per share, for a total transaction of $1,656,500.00. Following the completion of the transaction, the chief executive officer now directly owns 827,377 shares of the company’s stock, valued at $54,822,000.02. The disclosure for this purchase can be found here. In the last three months, insiders sold 107,800 shares of company stock worth $7,145,364. 6.60% of the stock is owned by corporate insiders.

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.