Coronation Fund Managers Ltd. Sells 80,382 Shares of The Charles Schwab Corporation $SCHW

Key Points

• Coronation Fund Managers Ltd. has decreased its stake in The Charles Schwab Corporation by 14.3%, selling 80,382 shares and holding 480,481 shares, which represent 2.4% of its investment portfolio.
• The company reported a quarterly earnings of $1.31 per share, exceeding analysts' expectations of $1.25, and generated a revenue of $6.14 billion, surpassing the forecast of $5.93 billion.
• Multiple analysts have recently upgraded their price targets for Charles Schwab, with the consensus rating currently at "Moderate Buy" and an average target price of $106.00.

Coronation Fund Managers Ltd. reduced its position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 14.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 480,481 shares of the financial services provider's stock after selling 80,382 shares during the quarter. Charles Schwab accounts for approximately 2.4% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 14th biggest holding. Coronation Fund Managers Ltd.'s holdings in Charles Schwab were worth $43,839,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SCHW. Brighton Jones LLC raised its position in Charles Schwab by 380.5% during the fourth quarter. Brighton Jones LLC now owns 24,240 shares of the financial services provider's stock worth $1,794,000 after acquiring an additional 19,195 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Charles Schwab by 28.2% in the first quarter. GAMMA Investing LLC now owns 27,122 shares of the financial services provider's stock valued at $2,123,000 after purchasing an additional 5,973 shares during the last quarter. Live Oak Private Wealth LLC increased its holdings in shares of Charles Schwab by 0.6% in the first quarter. Live Oak Private Wealth LLC now owns 221,476 shares of the financial services provider's stock valued at $17,337,000 after purchasing an additional 1,384 shares during the last quarter. Brown Lisle Cummings Inc. increased its holdings in shares of Charles Schwab by 17.9% in the first quarter. Brown Lisle Cummings Inc. now owns 19,543 shares of the financial services provider's stock valued at $1,530,000 after purchasing an additional 2,968 shares during the last quarter. Finally, JFS Wealth Advisors LLC increased its holdings in shares of Charles Schwab by 0.9% in the first quarter. JFS Wealth Advisors LLC now owns 25,251 shares of the financial services provider's stock valued at $1,977,000 after purchasing an additional 226 shares during the last quarter. 84.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SCHW has been the topic of several research reports. JMP Securities reiterated a "market outperform" rating and issued a $110.00 price objective on shares of Charles Schwab in a report on Friday. JPMorgan Chase & Co. upped their price objective on shares of Charles Schwab from $119.00 to $121.00 and gave the company an "overweight" rating in a report on Monday. Keefe, Bruyette & Woods upped their price objective on shares of Charles Schwab from $109.00 to $111.00 and gave the company an "outperform" rating in a report on Friday. Citigroup upped their price target on shares of Charles Schwab from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $114.00 price target on shares of Charles Schwab in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $106.00.

Charles Schwab Trading Up 0.8%

SCHW opened at $94.93 on Tuesday. The Charles Schwab Corporation has a twelve month low of $65.88 and a twelve month high of $99.59. The company has a 50-day simple moving average of $94.62 and a 200 day simple moving average of $89.94. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $172.32 billion, a price-to-earnings ratio of 22.23, a P/E/G ratio of 0.88 and a beta of 0.97.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.06. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The business had revenue of $6.14 billion during the quarter, compared to analysts' expectations of $5.93 billion. During the same quarter in the prior year, the business posted $0.71 earnings per share. Charles Schwab's revenue was up 26.6% compared to the same quarter last year. Analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.08 annualized dividend and a yield of 1.1%. Charles Schwab's dividend payout ratio is currently 25.29%.

Charles Schwab declared that its board has approved a share repurchase program on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Charles Schwab

In other news, insider Paul V. Woolway sold 3,205 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $93.33, for a total value of $299,122.65. Following the completion of the transaction, the insider owned 34,778 shares of the company's stock, valued at approximately $3,245,830.74. This represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total transaction of $4,851,552.00. The disclosure for this sale can be found here. Insiders have sold a total of 267,128 shares of company stock valued at $26,232,077 over the last three months. 6.30% of the stock is owned by 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.

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