2,829 Shares in The Charles Schwab Corporation $SCHW Purchased by Forvis Mazars Wealth Advisors LLC

Key Points

• Forvis Mazars Wealth Advisors LLC has purchased 2,829 shares of The Charles Schwab Corporation, valued at approximately $258,000, indicating continued interest in the financial services provider.
• Charles Schwab reported a quarterly EPS of $1.31, exceeding expectations and showing a significant revenue increase of 26.6% year-over-year.
• The company announced a $20 billion stock repurchase program, reflecting the board's belief that its shares are currently undervalued.

Forvis Mazars Wealth Advisors LLC purchased a new position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,829 shares of the financial services provider's stock, valued at approximately $258,000.

A number of other hedge funds have also bought and sold shares of SCHW. Vanguard Group Inc. increased its position in 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 worth $11,616,380,000 after acquiring an additional 19,817,022 shares during the period. Wellington Management Group LLP increased its position in Charles Schwab by 595.7% during the first quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider's stock worth $1,212,461,000 after acquiring an additional 13,262,309 shares during the period. Primecap Management Co. CA increased its position in Charles Schwab by 229.3% during the first quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider's stock worth $1,096,083,000 after acquiring an additional 9,749,728 shares during the period. Price T Rowe Associates Inc. MD increased its position in Charles Schwab by 12.3% during the first 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 period. Finally, Nuveen LLC bought a new position in Charles Schwab during the first quarter worth about $440,699,000. 84.38% of the stock is owned by institutional investors.

Charles Schwab Trading Up 0.8%

Shares of Charles Schwab stock opened at $94.93 on Tuesday. The firm has a market capitalization of $172.32 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 0.88 and a beta of 0.97. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47. The firm's 50 day moving average is $94.62 and its 200 day moving average is $89.94. The Charles Schwab Corporation has a 1 year low of $65.88 and a 1 year high of $99.59.

Charles Schwab (NYSE:SCHW - Get Free Report) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.06. The company had revenue of $6.14 billion for the quarter, compared to analyst estimates of $5.93 billion. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The firm's revenue was up 26.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 EPS. Equities research analysts forecast that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab announced that its board has approved a stock repurchase program on Thursday, July 24th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Charles Schwab Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. Charles Schwab's payout ratio is 25.29%.

Insider Activity at Charles Schwab

In related news, Chairman Walter W. Bettinger sold 173,876 shares of Charles Schwab stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the sale, the chairman directly owned 590,734 shares in the company, valued at $58,388,148.56. This trade represents a 22.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jonathan S. Beatty sold 6,144 shares of Charles Schwab stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $96.81, for a total transaction of $594,800.64. Following the sale, the insider owned 11,923 shares in the company, valued at approximately $1,154,265.63. This represents a 34.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,128 shares of company stock worth $26,232,077 in the last ninety days. Insiders own 6.30% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on SCHW shares. Cowen reaffirmed a "buy" rating on shares of Charles Schwab in a research report on Friday. Morgan Stanley decreased their target price on shares of Charles Schwab to $130.00 and set an "overweight" rating on the stock in a report on Wednesday, October 1st. Wells Fargo & Company set a $102.00 target price on shares of Charles Schwab and gave the company an "overweight" rating in a report on Friday, July 18th. Truist Financial raised their target price on shares of Charles Schwab from $112.00 to $113.00 and gave the company a "buy" rating in a report on Friday. Finally, Keefe, Bruyette & Woods raised their target price on shares of Charles Schwab from $109.00 to $111.00 and gave the company an "outperform" rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $106.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.