Coronation Fund Managers Ltd. Sells 861,571 Shares of The Charles Schwab Co. (NYSE:SCHW)

Coronation Fund Managers Ltd. cut its stake in The Charles Schwab Co. (NYSE:SCHW) by 63.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 503,494 shares of the financial services provider’s stock after selling 861,571 shares during the quarter. Charles Schwab accounts for about 1.6% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 19th largest holding. Coronation Fund Managers Ltd.’s holdings in Charles Schwab were worth $37,102,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in SCHW. Brown Financial Advisors bought a new position in Charles Schwab in the second quarter valued at about $990,000. Clearbridge Investments LLC increased its position in shares of Charles Schwab by 2.2% during the 2nd quarter. Clearbridge Investments LLC now owns 3,262,233 shares of the financial services provider’s stock valued at $240,394,000 after purchasing an additional 69,537 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new stake in shares of Charles Schwab during the 2nd quarter valued at about $310,000. New Century Financial Group LLC bought a new position in shares of Charles Schwab in the 2nd quarter worth approximately $225,000. Finally, Founders Financial Alliance LLC purchased a new position in shares of Charles Schwab in the second quarter worth approximately $53,000. 84.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SCHW has been the subject of a number of research reports. Bank of America reduced their target price on shares of Charles Schwab from $72.00 to $66.00 and set an “underperform” rating for the company in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $80.00 target price on shares of Charles Schwab in a report on Thursday, August 22nd. Piper Sandler lowered Charles Schwab from an “overweight” rating to a “neutral” rating and cut their price target for the company from $80.00 to $64.00 in a report on Monday, July 29th. TD Cowen reaffirmed a “hold” rating and issued a $71.00 price objective (down previously from $88.00) on shares of Charles Schwab in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group cut their price objective on Charles Schwab from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Charles Schwab has an average rating of “Hold” and an average target price of $73.31.

Charles Schwab Stock Down 1.4 %

SCHW opened at $63.91 on Wednesday. The company has a market capitalization of $113.66 billion, a PE ratio of 26.74, a price-to-earnings-growth ratio of 1.32 and a beta of 0.97. The firm has a 50-day simple moving average of $64.08 and a two-hundred day simple moving average of $69.82. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.65. The Charles Schwab Co. has a 52 week low of $48.66 and a 52 week high of $79.49.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. Charles Schwab had a return on equity of 18.14% and a net margin of 26.30%. The company had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.68 billion. During the same period in the prior year, the company earned $0.75 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Analysts forecast that The Charles Schwab Co. will post 3.05 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Friday, August 9th. Charles Schwab’s payout ratio is 41.84%.

Insiders Place Their Bets

In other Charles Schwab news, CEO Walter W. Bettinger purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was purchased at an average price of $66.26 per share, with a total value of $1,656,500.00. Following the acquisition, the chief executive officer now owns 827,377 shares in the company, valued at $54,822,000.02. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Charles Schwab news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $64.05, for a total value of $576,450.00. Following the completion of the sale, the director now owns 554,929 shares of the company’s stock, valued at $35,543,202.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Walter W. Bettinger bought 25,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were acquired at an average cost of $66.26 per share, for a total transaction of $1,656,500.00. Following the purchase, the chief executive officer now owns 827,377 shares of the company’s stock, valued at approximately $54,822,000.02. The disclosure for this purchase can be found here. Insiders sold 99,636 shares of company stock valued at $6,457,104 in the last three months. Corporate insiders own 6.60% 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.