Peapack Gladstone Financial Corp Cuts Holdings in The Charles Schwab Co. (NYSE:SCHW)

03 Jun 2024, 20:08 by Amy Steele · The Cerbat Gem

Peapack Gladstone Financial Corp cut its stake in shares of The Charles Schwab Co. (NYSE:SCHW – Free Report) by 2.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 294,843 shares of the financial services provider’s stock after selling 8,906 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Charles Schwab were worth $20,285,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. WealthPlan Investment Management LLC acquired a new stake in shares of Charles Schwab during the 3rd quarter worth about $1,458,000. Jump Financial LLC purchased a new stake in Charles Schwab in the third quarter valued at $421,000. Western Wealth Management LLC grew its holdings in shares of Charles Schwab by 5.4% during the third quarter. Western Wealth Management LLC now owns 9,876 shares of the financial services provider’s stock worth $542,000 after purchasing an additional 504 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Charles Schwab in the 3rd quarter valued at about $19,682,000. Finally, Banco Santander S.A. increased its position in Charles Schwab by 803.8% during the third quarter. Banco Santander S.A. now owns 35,745 shares of the financial services provider’s stock worth $1,962,000 after buying an additional 31,790 shares during the period. Institutional investors and hedge funds own 84.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SCHW. Morgan Stanley upped their target price on shares of Charles Schwab from $65.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Bank of America boosted their price target on shares of Charles Schwab from $68.00 to $70.00 and gave the stock an “underperform” rating in a research note on Tuesday, April 16th. UBS Group lifted their price objective on Charles Schwab from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. JPMorgan Chase & Co. decreased their price target on Charles Schwab from $89.00 to $81.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, StockNews.com cut shares of Charles Schwab from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $74.65.

View Our Latest Research Report on SCHW

Insiders Place Their Bets

In related news, insider Bernard J. Clark sold 77,431 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $70.94, for a total transaction of $5,492,955.14. Following the completion of the transaction, the insider now owns 121,666 shares of the company’s stock, valued at $8,630,986.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of Charles Schwab stock in a transaction on Monday, May 20th. The shares were sold at an average price of $78.41, for a total transaction of $705,690.00. Following the transaction, the director now owns 574,257 shares in the company, valued at approximately $45,027,491.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard J. Clark sold 77,431 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $70.94, for a total value of $5,492,955.14. Following the transaction, the insider now owns 121,666 shares in the company, valued at approximately $8,630,986.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 685,467 shares of company stock valued at $50,752,095. Insiders own 6.60% of the company’s stock.

Charles Schwab Trading Down 1.2 %

Shares of NYSE SCHW traded down $0.91 during midday trading on Monday, reaching $72.37. 4,262,378 shares of the stock were exchanged, compared to its average volume of 7,565,276. The stock has a 50 day moving average price of $73.81 and a 200-day moving average price of $67.94. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $128.62 billion, a P/E ratio of 30.51, a P/E/G ratio of 1.12 and a beta of 0.96. The Charles Schwab Co. has a 52-week low of $48.66 and a 52-week high of $79.49.

Charles Schwab (NYSE:SCHW – Get Free Report) last released its earnings results on Monday, April 15th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.73 by $0.01. Charles Schwab had a net margin of 26.14% and a return on equity of 19.25%. The firm had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.71 billion. Equities research analysts expect that The Charles Schwab Co. will post 3.28 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 10th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, May 9th. This represents a $1.00 annualized dividend and a yield of 1.38%. Charles Schwab’s dividend payout ratio (DPR) is presently 41.84%.

Charles Schwab Company Profile

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