Covey Capital Advisors LLC Sells 607 Shares of The Charles Schwab Co. (NYSE:SCHW)

Covey Capital Advisors LLC reduced its stake in shares of The Charles Schwab Co. (NYSE:SCHW) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,271 shares of the financial services provider’s stock after selling 607 shares during the period. Charles Schwab accounts for approximately 1.7% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 16th biggest position. Covey Capital Advisors LLC’s holdings in Charles Schwab were worth $1,508,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Patten & Patten Inc. TN increased its position in shares of Charles Schwab by 155.9% during the third quarter. Patten & Patten Inc. TN now owns 104,168 shares of the financial services provider’s stock worth $6,751,000 after buying an additional 63,463 shares during the period. Equity Investment Corp grew its holdings in Charles Schwab by 9.4% during the 3rd quarter. Equity Investment Corp now owns 1,640,157 shares of the financial services provider’s stock worth $106,299,000 after acquiring an additional 140,643 shares during the period. Teewinot Capital Advisers L.L.C. raised its position in shares of Charles Schwab by 9.0% in the 2nd quarter. Teewinot Capital Advisers L.L.C. now owns 775,161 shares of the financial services provider’s stock worth $57,122,000 after acquiring an additional 64,041 shares in the last quarter. Iowa State Bank lifted its stake in shares of Charles Schwab by 37.9% in the 3rd quarter. Iowa State Bank now owns 28,476 shares of the financial services provider’s stock valued at $1,846,000 after purchasing an additional 7,829 shares during the period. Finally, Radnor Capital Management LLC bought a new stake in shares of Charles Schwab during the 3rd quarter valued at about $6,081,000. 84.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Charles Schwab

In other news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the business’s stock in a transaction that occurred 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 $35,543,202.45. The trade was a 1.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Charles R. Schwab sold 62,345 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $72.52, for a total value of $4,521,259.40. Following the sale, the chairman now owns 60,619,371 shares in the company, valued at approximately $4,396,116,784.92. The trade was a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 127,968 shares of company stock worth $9,419,271 in the last quarter. Insiders own 6.60% of the company’s stock.

Charles Schwab Price Performance

Shares of NYSE:SCHW opened at $82.60 on Friday. The Charles Schwab Co. has a 1-year low of $55.59 and a 1-year high of $82.65. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.59. The stock has a market cap of $147.00 billion, a PE ratio of 32.27, a price-to-earnings-growth ratio of 1.79 and a beta of 0.96. The stock’s fifty day simple moving average is $72.02 and its two-hundred day simple moving average is $70.03.

Charles Schwab (NYSE:SCHW) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.02. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $0.77 EPS. As a group, analysts forecast that The Charles Schwab Co. will post 3.12 EPS for the current fiscal year.

Charles Schwab Dividend Announcement

The business 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Friday, November 8th. Charles Schwab’s dividend payout ratio is currently 39.06%.

Analysts Set New Price Targets

Several equities analysts have issued reports on SCHW shares. Cowen boosted their price target on Charles Schwab from $69.00 to $75.00 and gave the company a “hold” rating in a research note on Tuesday, October 15th. Bank of America cut their target price on shares of Charles Schwab from $63.00 to $61.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 16th. JMP Securities lifted their price target on shares of Charles Schwab from $82.00 to $84.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded shares of Charles Schwab from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Piper Sandler boosted their target price on Charles Schwab from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $74.18.

Charles Schwab 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.