Allspring Global Investments Holdings LLC Sells 88,297 Shares of The Charles Schwab Corporation $SCHW

Allspring Global Investments Holdings LLC trimmed its position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 10.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 721,319 shares of the financial services provider's stock after selling 88,297 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Charles Schwab were worth $65,763,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake 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 worth $11,616,380,000 after buying an additional 19,817,022 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of 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 buying an additional 8,954,248 shares during the last quarter. Northern Trust Corp grew its stake in shares of Charles Schwab by 10.8% during the first quarter. Northern Trust Corp now owns 17,440,301 shares of the financial services provider's stock worth $1,365,227,000 after buying an additional 1,700,384 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Charles Schwab by 16.0% during the first quarter. Alliancebernstein L.P. now owns 17,115,759 shares of the financial services provider's stock worth $1,339,822,000 after buying an additional 2,355,309 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Charles Schwab by 5.0% during the first quarter. Invesco Ltd. now owns 15,586,450 shares of the financial services provider's stock worth $1,220,107,000 after buying an additional 743,906 shares during the last quarter. 84.38% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Paul V. Woolway sold 3,290 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $96.06, for a total value of $316,037.40. Following the transaction, the insider owned 41,188 shares in the company, valued at $3,956,519.28. The trade was a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the company's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total transaction of $4,851,552.00. The disclosure for this sale can be found here. Insiders have sold 267,128 shares of company stock valued at $26,232,077 over the last quarter. Company insiders own 6.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SCHW. Bank of America raised their price objective on shares of Charles Schwab from $84.00 to $86.00 and gave the company an "underperform" rating in a report on Thursday, October 2nd. William Blair lowered shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of Charles Schwab from $102.00 to $108.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. BMO Capital Markets assumed coverage on shares of Charles Schwab in a research note on Friday, October 3rd. They issued an "outperform" rating and a $110.00 price objective on the stock. Finally, JMP Securities boosted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $101.85.

Charles Schwab Price Performance

SCHW stock opened at $93.39 on Wednesday. The firm has a market cap of $169.53 billion, a price-to-earnings ratio of 25.11, a PEG ratio of 0.89 and a beta of 0.97. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The Charles Schwab Corporation has a 12-month low of $65.88 and a 12-month high of $99.59. The company's fifty day simple moving average is $94.83 and its 200 day simple moving average is $89.33.

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

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

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a $0.27 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.08 annualized dividend and a yield of 1.2%. Charles Schwab's payout ratio is presently 29.03%.

Charles Schwab Company 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.

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