14,257 Shares in The Charles Schwab Corporation $SCHW Purchased by Quantitative Investment Management LLC

Key Points

• Quantitative Investment Management LLC acquired 14,257 Charles Schwab shares worth approximately $1.315 million in the second quarter. Institutional investors own 84.38% of SCHW, with several major funds also building positions.
• Charles Schwab reported stronger-than-expected quarterly results, with earnings per share of $1.62 and revenue of $7.07 billion, up 20.9% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $121.17.
• The company declared a quarterly dividend of $0.32, equivalent to $1.28 annually and a 1.2% yield. Meanwhile, insiders sold 649,582 shares worth nearly $70 million over the past 90 days.

Quantitative Investment Management LLC acquired a new position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 14,257 shares of the financial services provider's stock, valued at approximately $1,315,000.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Charles Schwab in the fourth quarter worth approximately $1,994,189,000. Flossbach Von Storch SE acquired a new stake in shares of Charles Schwab during the second quarter worth approximately $987,930,000. BlackRock Inc. purchased a new position in Charles Schwab during the second quarter valued at approximately $861,475,000. Bank of New York Mellon Corp grew its position in Charles Schwab by 22.9% during the first quarter. Bank of New York Mellon Corp now owns 16,162,082 shares of the financial services provider's stock valued at $1,518,913,000 after purchasing an additional 3,009,884 shares in the last quarter. Finally, Primecap Management Co. CA increased its stake in Charles Schwab by 9.7% in the 4th quarter. Primecap Management Co. CA now owns 23,276,071 shares of the financial services provider's stock valued at $2,325,512,000 after buying an additional 2,066,884 shares during the period. 84.38% of the stock is owned by hedge funds and other institutional investors.

Charles Schwab Stock Performance

SCHW opened at $109.96 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.64 and a current ratio of 0.64. The company has a market cap of $190.16 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 0.83 and a beta of 0.76. The stock has a 50-day moving average of $103.78 and a 200-day moving average of $96.39. 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 issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.06. Charles Schwab had a return on equity of 24.53% and a net margin of 38.79%.The business had revenue of $7.07 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period last year, the business earned $1.14 EPS. The firm's revenue was up 20.9% compared to the same quarter last year. As a group, equities research analysts forecast that The Charles Schwab Corporation will post 6.46 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a $0.32 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.2%. Charles Schwab's dividend payout ratio (DPR) is currently 23.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SCHW shares. Piper Sandler set a $118.00 target price on shares of Charles Schwab in a research note on Tuesday, July 21st. BMO Capital Markets downgraded shares of Charles Schwab from an "outperform" rating to a "market perform" rating and set a $105.00 price target on the stock. in a research note on Monday, July 20th. Compass Point started coverage on Charles Schwab in a report on Monday, August 3rd. They set a "buy" rating and a $135.00 price objective for the company. Argus lifted their price objective on Charles Schwab from $108.00 to $114.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Finally, TD Cowen boosted their target price on Charles Schwab from $108.00 to $109.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $121.17.

Insider Buying and Selling

In other news, General Counsel Peter J. Morgan III sold 6,952 shares of the business's stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $102.03, for a total value of $709,312.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Walter W. Bettinger sold 192,488 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $103.90, for a total transaction of $19,999,503.20. Following the sale, the chairman directly owned 529,346 shares of the company's stock, valued at approximately $54,999,049.40. This represents a 26.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 649,582 shares of company stock valued at $69,948,015. 6.30% of the stock is owned by corporate insiders.

Charles Schwab Profile

Charles Schwab Corporation NYSE: SCHW is a diversified financial services firm that provides brokerage, banking, wealth management and advisory services to individual investors, independent investment advisors and institutional clients. Its primary offerings include retail brokerage accounts, online trading platforms, Schwab-branded mutual funds and exchange-traded funds (ETFs), retirement plan services, custodial services for independent Registered Investment Advisors (RIAs), and banking products through Charles Schwab Bank.

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