Portside Wealth Group LLC Invests $893,000 in The Charles Schwab Co. (NYSE:SCHW)

Portside Wealth Group LLC acquired a new stake in The Charles Schwab Co. (NYSE:SCHW - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,403 shares of the financial services provider's stock, valued at approximately $893,000.

Other hedge funds have also made changes to their positions in the company. Murphy & Mullick Capital Management Corp acquired a new stake in Charles Schwab during the 4th quarter worth approximately $38,000. Atala Financial Inc acquired a new stake in shares of Charles Schwab in the 4th quarter valued at approximately $41,000. Investors Research Corp lifted its holdings in shares of Charles Schwab by 75.2% in the 1st quarter. Investors Research Corp now owns 559 shares of the financial services provider's stock valued at $44,000 after buying an additional 240 shares during the period. Knuff & Co LLC lifted its holdings in shares of Charles Schwab by 1,309.3% in the 4th quarter. Knuff & Co LLC now owns 606 shares of the financial services provider's stock valued at $45,000 after buying an additional 563 shares during the period. Finally, Whipplewood Advisors LLC acquired a new position in Charles Schwab during the fourth quarter worth $46,000. Hedge funds and other institutional investors own 84.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen raised Charles Schwab from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $88.00 to $103.00 in a report on Tuesday, February 18th. JPMorgan Chase & Co. boosted their price objective on Charles Schwab from $92.00 to $95.00 and gave the stock an "overweight" rating in a research note on Monday, April 21st. Cowen restated a "buy" rating on shares of Charles Schwab in a research note on Tuesday, May 20th. TD Securities boosted their price objective on Charles Schwab from $95.00 to $113.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Piper Sandler boosted their price objective on Charles Schwab from $74.00 to $80.00 in a research note on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Charles Schwab currently has a consensus rating of "Moderate Buy" and an average price target of $89.25.

Charles Schwab Stock Down 1.4%

Shares of Charles Schwab stock traded down $1.24 during midday trading on Friday, hitting $87.26. The company's stock had a trading volume of 8,938,909 shares, compared to its average volume of 9,416,193. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.59. The Charles Schwab Co. has a 1-year low of $61.01 and a 1-year high of $89.85. The stock has a 50-day simple moving average of $82.95 and a 200-day simple moving average of $79.84. The firm has a market capitalization of $158.55 billion, a P/E ratio of 29.18, a PEG ratio of 0.99 and a beta of 0.94.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.03. Charles Schwab had a return on equity of 18.20% and a net margin of 30.31%. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.46 billion. During the same period last year, the company earned $0.74 earnings per share. As a group, sell-side analysts expect that The Charles Schwab Co. will post 4.22 earnings per share for the current year.

Charles Schwab Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date was Friday, May 9th. Charles Schwab's dividend payout ratio (DPR) is currently 32.73%.

Insider Activity

In other Charles Schwab news, General Counsel Peter J. Morgan III sold 10,176 shares of Charles Schwab stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $87.39, for a total value of $889,280.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jonathan M. Craig sold 47,500 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $88.46, for a total transaction of $4,201,850.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,608 shares of company stock worth $8,392,040. Insiders own 6.30% of the company's stock.

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.