Lord Abbett & CO. LLC Cuts Stock Position in The Charles Schwab Co. (NYSE:SCHW)

Lord Abbett & CO. LLC cut its holdings in shares of The Charles Schwab Co. (NYSE:SCHW) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,967,831 shares of the financial services provider’s stock after selling 33,493 shares during the period. Charles Schwab accounts for approximately 0.8% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 21st biggest holding. Lord Abbett & CO. LLC owned about 0.22% of Charles Schwab worth $257,155,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SCHW. Everpar Advisors LLC purchased a new stake in shares of Charles Schwab in the 2nd quarter valued at $213,000. Oakworth Capital Inc. increased its position in shares of Charles Schwab by 76.9% during the second quarter. Oakworth Capital Inc. now owns 2,378 shares of the financial services provider’s stock worth $175,000 after purchasing an additional 1,034 shares in the last quarter. CAP Partners LLC grew its holdings in shares of Charles Schwab by 6.1% during the second quarter. CAP Partners LLC now owns 3,022 shares of the financial services provider’s stock worth $223,000 after buying an additional 174 shares in the last quarter. Marietta Wealth Management LLC grew its stake in Charles Schwab by 30.4% during the 2nd quarter. Marietta Wealth Management LLC now owns 64,396 shares of the financial services provider’s stock valued at $4,745,000 after acquiring an additional 15,005 shares in the last quarter. Finally, Raymond James & Associates lifted its position in Charles Schwab by 2.3% during the second quarter. Raymond James & Associates now owns 1,747,705 shares of the financial services provider’s stock worth $128,788,000 after buying an additional 39,949 shares in the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Charles Schwab Price Performance

NYSE SCHW opened at $79.54 on Friday. The company has a 50-day moving average price of $75.84 and a two-hundred day moving average price of $70.46. The stock has a market cap of $141.55 billion, a price-to-earnings ratio of 31.07, a price-to-earnings-growth ratio of 1.79 and a beta of 0.96. 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 Charles Schwab Co. has a 52 week low of $59.67 and a 52 week high of $83.35.

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

Charles Schwab Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 8th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date was Friday, November 8th. Charles Schwab’s dividend payout ratio is presently 39.06%.

Analysts Set New Price Targets

Several research analysts have recently commented on SCHW shares. Citigroup reduced their price target on Charles Schwab from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Friday, September 27th. Jefferies Financial Group raised their price target on shares of Charles Schwab from $84.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, December 9th. JMP Securities reiterated a “market outperform” rating and issued a $94.00 price objective (up from $84.00) on shares of Charles Schwab in a research report on Monday, December 9th. Raymond James reduced their target price on Charles Schwab from $76.00 to $73.00 in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Charles Schwab from $86.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $79.75.

Insider Activity at Charles Schwab

In related news, Chairman Charles R. Schwab sold 62,345 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $72.52, for a total transaction of $4,521,259.40. Following the completion of the sale, the chairman now directly owns 60,619,371 shares of the company’s stock, valued at approximately $4,396,116,784.92. This represents a 0.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $64.05, for a total transaction of $576,450.00. Following the transaction, the director now directly owns 554,929 shares of the company’s stock, valued at approximately $35,543,202.45. This represents a 1.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,968 shares of company stock valued at $9,419,271 over the last 90 days. 6.60% of the stock is currently 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.