11,647 Shares of The Charles Schwab Corporation $SCHW Purchased by Waycross Partners LLC

Key Points

• Waycross Partners opened a position in Charles Schwab during the third quarter, buying 11,647 shares valued at approximately $1.14 million.
• Institutional investors own 84.38% of Schwab shares. The company reported quarterly EPS of $1.69, beating the $1.66 consensus, while revenue rose 16.9% year over year to $7.17 billion.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $119.91; shares recently traded at $91.56, down 1.1% that day.

Waycross Partners LLC purchased a new position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,647 shares of the financial services provider's stock, valued at approximately $1,138,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. First Citizens Bank & Trust Co. lifted its holdings in shares of Charles Schwab by 102.3% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 33,750 shares of the financial services provider's stock worth $3,299,000 after acquiring an additional 17,068 shares during the last quarter. Financial Advisory Partners LLC purchased a new stake in shares of Charles Schwab in the 1st quarter valued at $3,199,000. Nisa Investment Advisors LLC boosted its stake in shares of Charles Schwab by 14.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 433,286 shares of the financial services provider's stock valued at $42,349,000 after purchasing an additional 53,929 shares in the last quarter. Diversified Management Inc. grew its holdings in shares of Charles Schwab by 404.1% during the 3rd quarter. Diversified Management Inc. now owns 48,078 shares of the financial services provider's stock valued at $4,699,000 after purchasing an additional 38,541 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of Charles Schwab by 39.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 103,657 shares of the financial services provider's stock valued at $9,742,000 after purchasing an additional 29,260 shares during the last quarter. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Charles Schwab Trading Down 1.1%

Shares of SCHW stock traded down $1.02 during mid-day trading on Friday, reaching $91.56. The stock had a trading volume of 7,577,884 shares, compared to its average volume of 8,741,089. The firm has a market capitalization of $158.33 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 0.79 and a beta of 0.77. The stock's 50-day moving average price is $98.51 and its two-hundred day moving average price is $97.39. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.52. The Charles Schwab Corporation has a 52-week low of $83.96 and a 52-week high of $114.53.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its earnings results on Thursday, October 15th. The financial services provider reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.03. Charles Schwab had a return on equity of 25.79% and a net margin of 39.33%. The company had revenue of $7.17 billion for the quarter, compared to analysts' expectations of $7.18 billion. During the same period last year, the firm earned $1.31 earnings per share. Charles Schwab's quarterly revenue was up 16.9% on a year-over-year basis. Equities analysts expect that The Charles Schwab Corporation will post 6.41 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, November 13th. Charles Schwab's dividend payout ratio (DPR) is currently 21.84%.

Insiders Place Their Bets

In related news, Chairman Walter W. Bettinger sold 74,388 shares of the firm's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $110.91, for a total value of $8,250,373.08. Following the completion of the sale, the chairman owned 610,360 shares of the company's stock, valued at $67,695,027.60. This trade represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nigel J. Murtagh sold 24,778 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $109.01, for a total value of $2,701,049.78. Following the completion of the sale, the insider directly owned 57,972 shares of the company's stock, valued at $6,319,527.72. The trade was a 29.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 278,574 shares of company stock valued at $31,302,606 in the last 90 days. 6.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SCHW. Compass Point lifted their target price on shares of Charles Schwab from $135.00 to $136.00 and gave the stock a "buy" rating in a research report on Tuesday, October 6th. Wolfe Research restated an "outperform" rating and set a $127.00 price target (up from $123.00) on shares of Charles Schwab in a research report on Tuesday, July 21st. Truist Financial set a $115.00 price objective on Charles Schwab in a research note on Friday, October 16th. UBS Group reduced their price objective on Charles Schwab from $113.00 to $109.00 and set a "buy" rating on the stock in a research note on Friday, October 16th. Finally, Jefferies Financial Group set a $120.00 price objective on Charles Schwab in a report on Friday, October 16th. Eighteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $119.91.

Charles Schwab Company Profile

The Charles Schwab Corporation is a financial services company that provides brokerage, banking, wealth management, and investment services. Its offerings include brokerage accounts, trading and research tools, retirement products, banking services, and investment advice for individuals, as well as services for independent financial advisors, employers, and institutions.

Founded in 1971 by Charles R. Schwab, the company helped popularize discount brokerage services. It expanded its brokerage business with the 2020 acquisition of TD Ameritrade, whose trading platform and services became part of Schwab.

Based in Westlake, Texas, Schwab primarily serves clients in the United States and also has an international presence.

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