State of Michigan Retirement System Acquires 56,500 Shares of The Charles Schwab Corporation (NYSE:SCHW)

State of Michigan Retirement System increased its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 13.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 462,266 shares of the financial services provider's stock after purchasing an additional 56,500 shares during the period. State of Michigan Retirement System's holdings in Charles Schwab were worth $36,186,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Atwood & Palmer Inc. acquired a new stake in Charles Schwab during the first quarter worth approximately $25,000. Westside Investment Management Inc. lifted its position in Charles Schwab by 75.0% during the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock worth $27,000 after acquiring an additional 150 shares during the last quarter. WFA Asset Management Corp acquired a new stake in Charles Schwab during the first quarter worth approximately $33,000. Cornerstone Planning Group LLC lifted its position in Charles Schwab by 90.5% during the first quarter. Cornerstone Planning Group LLC now owns 463 shares of the financial services provider's stock worth $36,000 after acquiring an additional 220 shares during the last quarter. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in Charles Schwab during the fourth quarter worth approximately $38,000. Institutional investors own 84.38% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Charles Schwab from $92.00 to $95.00 and gave the company an "overweight" rating in a research report on Monday, April 21st. Keefe, Bruyette & Woods lifted their price target on shares of Charles Schwab from $90.00 to $93.00 and gave the company an "outperform" rating in a research report on Tuesday, April 22nd. Morgan Stanley lifted their price target on shares of Charles Schwab from $76.00 to $83.00 and gave the company an "overweight" rating in a research report on Tuesday, May 13th. Barclays lifted their price target on shares of Charles Schwab from $89.00 to $106.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Wells Fargo & Company dropped their price target on shares of Charles Schwab from $93.00 to $87.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $91.95.

Charles Schwab Stock Performance

Shares of Charles Schwab stock opened at $93.02 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.53. The Charles Schwab Corporation has a twelve month low of $61.01 and a twelve month high of $93.35. The stock has a market cap of $169.01 billion, a price-to-earnings ratio of 28.19, a P/E/G ratio of 0.97 and a beta of 0.93. The company's fifty day moving average is $88.35 and its 200 day moving average is $81.29.

Charles Schwab (NYSE:SCHW - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.03. Charles Schwab had a net margin of 31.71% and a return on equity of 18.31%. The company had revenue of $5.60 billion for the quarter, compared to analysts' expectations of $5.46 billion. During the same quarter in the previous year, the firm posted $0.74 earnings per share. Sell-side analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were issued a $0.27 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.08 annualized dividend and a yield of 1.16%. Charles Schwab's payout ratio is 32.73%.

Insiders Place Their Bets

In related news, insider Nigel J. Murtagh sold 20,872 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $90.01, for a total value of $1,878,688.72. Following the transaction, the insider owned 58,999 shares in the company, valued at $5,310,499.99. The trade was a 26.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paula A. Sneed sold 8,647 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $88.06, for a total transaction of $761,454.82. Following the completion of the transaction, the director owned 105,654 shares in the company, valued at approximately $9,303,891.24. The trade was a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 119,905 shares of company stock valued at $10,530,833 over the last quarter. Company insiders own 6.30% of the company's stock.

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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