The Charles Schwab Corporation (SCHW) Stake Increased by Covington Capital Management

Covington Capital Management lifted its stake in shares of The Charles Schwab Corporation (NYSE:SCHW) by 1.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 395,003 shares of the financial services provider’s stock after buying an additional 3,845 shares during the quarter. The Charles Schwab Corporation comprises approximately 1.4% of Covington Capital Management’s investment portfolio, making the stock its 18th largest holding. Covington Capital Management’s holdings in The Charles Schwab Corporation were worth $16,969,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SCHW. WealthTrust Arizona LLC grew its position in shares of The Charles Schwab Corporation by 1.2% during the 2nd quarter. WealthTrust Arizona LLC now owns 2,466 shares of the financial services provider’s stock worth $106,000 after buying an additional 29 shares during the period. Shine Investment Advisory Services Inc. acquired a new stake in The Charles Schwab Corporation in the 2nd quarter valued at $145,000. Founders Capital Management acquired a new stake in The Charles Schwab Corporation in the 1st quarter valued at $159,000. Fiduciary Trust Co. acquired a new stake in The Charles Schwab Corporation in the 2nd quarter valued at $163,000. Finally, Quadrant Capital Group LLC grew its position in The Charles Schwab Corporation by 31.4% in the 2nd quarter. Quadrant Capital Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 1,082 shares during the period. 79.53% of the stock is owned by institutional investors.

The Charles Schwab Corporation (NYSE:SCHW) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. The Charles Schwab Corporation had a return on equity of 15.41% and a net margin of 26.73%. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the company earned $0.30 earnings per share. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year.

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Several research firms recently issued reports on SCHW. Morgan Stanley reissued an “overweight” rating and issued a $48.00 price target (up previously from $45.00) on shares of The Charles Schwab Corporation in a research report on Monday, July 10th. Barclays PLC lifted their price target on shares of The Charles Schwab Corporation from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Tuesday. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $46.00 price target on shares of The Charles Schwab Corporation in a research report on Friday, June 16th. Instinet reissued a “neutral” rating and issued a $43.00 price target (down previously from $46.00) on shares of The Charles Schwab Corporation in a research report on Monday, July 24th. Finally, Argus reissued a “buy” rating and issued a $48.00 price target (up previously from $46.00) on shares of The Charles Schwab Corporation in a research report on Friday, July 21st. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The Charles Schwab Corporation presently has a consensus rating of “Buy” and an average price target of $46.80.

In related news, EVP Joseph R. Martinetto sold 89,330 shares of The Charles Schwab Corporation stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $42.51, for a total transaction of $3,797,418.30. Following the sale, the executive vice president now owns 207,961 shares of the company’s stock, valued at approximately $8,840,422.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marie A. Chandoha sold 9,705 shares of The Charles Schwab Corporation stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $43.17, for a total value of $418,964.85. The disclosure for this sale can be found here. Insiders sold 1,035,705 shares of company stock worth $44,665,539 in the last ninety days. Corporate insiders own 12.00% of the company’s stock.

The Charles Schwab Corporation Company Profile

The Charles Schwab Corporation (CSC) is a savings and loan holding company. The Company, through its subsidiaries, engages in wealth management, securities brokerage, banking, money management and financial advisory services. The Company provides financial services to individuals and institutional clients through two segments: Investor Services and Advisor Services.

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Institutional Ownership by Quarter for The Charles Schwab Corporation (NYSE:SCHW)

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