Worth Asset Management LLC Buys Shares of 13,052 The Charles Schwab Corporation $SCHW

Key Points

• Worth Asset Management LLC acquired 13,052 shares of The Charles Schwab Corporation during the second quarter, valued at approximately $1.19 million.
• Various institutional investors significantly boosted their holdings in Schwab, with Rockland Trust Co. increasing its position by over 5,141%.
• Wall Street analysts are optimistic, with multiple firms raising their price targets for Schwab, resulting in an overall rating of "Moderate Buy" with an average price target of $100.00.

Worth Asset Management LLC bought a new position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 13,052 shares of the financial services provider's stock, valued at approximately $1,191,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Charles Schwab by 15.4% during the first quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider's stock valued at $11,616,380,000 after acquiring an additional 19,817,022 shares in the last quarter. Wellington Management Group LLP grew its position in Charles Schwab by 595.7% in the 1st quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider's stock worth $1,212,461,000 after purchasing an additional 13,262,309 shares during the period. Primecap Management Co. CA grew its position in Charles Schwab by 229.3% in the 1st quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider's stock worth $1,096,083,000 after purchasing an additional 9,749,728 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Charles Schwab by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider's stock worth $6,422,795,000 after acquiring an additional 8,954,248 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Charles Schwab during the 1st quarter worth $440,699,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Charles Schwab Stock Down 0.2%

SCHW traded down $0.19 during trading hours on Tuesday, hitting $94.24. 1,777,284 shares of the company's stock were exchanged, compared to its average volume of 9,973,967. The Charles Schwab Corporation has a 12-month low of $62.41 and a 12-month high of $99.59. The firm has a 50 day moving average of $95.46 and a 200 day moving average of $87.55. The firm has a market cap of $171.06 billion, a P/E ratio of 25.31, a price-to-earnings-growth ratio of 0.93 and a beta of 0.96. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47.

Charles Schwab (NYSE:SCHW - Get Free Report) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the prior year, the firm earned $0.73 EPS. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. Analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were paid a dividend of $0.27 per share. The ex-dividend date was Friday, August 8th. This represents a $1.08 dividend on an annualized basis and a yield of 1.1%. Charles Schwab's dividend payout ratio is currently 29.03%.

Charles Schwab declared that its Board of Directors has initiated a share buyback plan on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SCHW shares. Truist Financial lifted their target price on shares of Charles Schwab from $107.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Wells Fargo & Company set a $102.00 price target on shares of Charles Schwab and gave the company an "overweight" rating in a report on Friday, July 18th. JMP Securities upped their target price on shares of Charles Schwab from $106.00 to $110.00 and gave the stock a "market outperform" rating in a research note on Monday, July 21st. Zacks Research downgraded shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $99.00 price target on shares of Charles Schwab in a report on Friday, July 18th. Sixteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Charles Schwab presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.00.

Insider Activity

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of the firm's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total value of $4,851,552.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nigel J. Murtagh sold 24,096 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following the completion of the sale, the insider owned 58,999 shares of the company's stock, valued at $5,776,592.09. This trade represents a 29.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,213 shares of company stock worth $26,232,180 over the last 90 days. 6.30% of the stock is owned by corporate insiders.

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.