Gries Financial LLC acquired a new stake in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,664 shares of the financial services provider's stock, valued at approximately $209,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Edgemoor Investment Advisors Inc. grew its stake in shares of Charles Schwab by 1.0% in the first quarter. Edgemoor Investment Advisors Inc. now owns 178,210 shares of the financial services provider's stock worth $13,950,000 after purchasing an additional 1,816 shares during the last quarter. William Allan Corp grew its stake in shares of Charles Schwab by 8.4% in the first quarter. William Allan Corp now owns 54,155 shares of the financial services provider's stock worth $4,239,000 after purchasing an additional 4,219 shares during the last quarter. Summit Wealth & Retirement Planning Inc. bought a new stake in shares of Charles Schwab in the first quarter worth about $240,000. Los Angeles Capital Management LLC grew its stake in shares of Charles Schwab by 172.6% in the first quarter. Los Angeles Capital Management LLC now owns 3,239,897 shares of the financial services provider's stock worth $253,619,000 after purchasing an additional 2,051,273 shares during the last quarter. Finally, Carmel Capital Partners LLC grew its stake in shares of Charles Schwab by 2.4% in the first quarter. Carmel Capital Partners LLC now owns 29,141 shares of the financial services provider's stock worth $2,281,000 after purchasing an additional 690 shares during the last quarter. 84.38% of the stock is owned by institutional investors.
Charles Schwab Stock Up 0.4%
NYSE SCHW traded up $0.38 during mid-day trading on Friday, reaching $96.88. The stock had a trading volume of 4,062,667 shares, compared to its average volume of 10,238,605. The Charles Schwab Corporation has a 1 year low of $61.15 and a 1 year high of $98.28. The stock has a market cap of $176.02 billion, a PE ratio of 26.01, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. The company has a fifty day moving average price of $90.17 and a 200 day moving average price of $82.64. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.53 and a quick ratio of 0.53.
Charles Schwab (NYSE:SCHW - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.73%. The company had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.64 billion. During the same period in the previous year, the business earned $0.73 EPS. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. On average, research analysts expect that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.
Charles Schwab announced that its board has approved a share repurchase program on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.
Charles Schwab Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.11%. Charles Schwab's dividend payout ratio (DPR) is presently 29.03%.
Insiders Place Their Bets
In other Charles Schwab news, Director Paula A. Sneed sold 8,647 shares of Charles Schwab stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $88.06, for a total value of $761,454.82. Following the completion of the sale, the director owned 105,654 shares of the company's stock, valued at approximately $9,303,891.24. The trade was a 7.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Peter J. Morgan III sold 10,176 shares of Charles Schwab stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $87.39, for a total transaction of $889,280.64. The disclosure for this sale can be found here. Insiders have sold a total of 116,313 shares of company stock worth $10,264,091 in the last 90 days. Insiders own 6.30% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on SCHW shares. JMP Securities raised their target price on Charles Schwab from $106.00 to $110.00 and gave the stock a "market outperform" rating in a research note on Monday. Redburn Atlantic raised Charles Schwab from a "sell" rating to a "neutral" rating and raised their target price for the stock from $65.00 to $82.00 in a research note on Monday, June 9th. Truist Financial lifted their price objective on Charles Schwab from $100.00 to $107.00 and gave the company a "buy" rating in a research report on Monday. Barclays lifted their price objective on Charles Schwab from $106.00 to $113.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Finally, TD Securities lifted their price objective on Charles Schwab from $95.00 to $113.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.65.
Check Out Our Latest Stock Analysis on Charles Schwab
About Charles Schwab
(
Free Report)
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.
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