Allstate Corp Has $4.98 Million Stake in The Charles Schwab Corporation $SCHW

Key Points

• Allstate Corp has increased its stake in The Charles Schwab Corporation (SCHW) by 34% during the first quarter, now holding shares worth approximately $4.98 million.
• Several analysts have issued mixed ratings for Charles Schwab, with 16 analysts rating it as a "Buy," while the average price target is set at $99.60.
• The company recently announced a quarterly dividend of $0.27 per share, reflecting a yield of 1.1%, alongside a $20 billion share buyback plan to repurchase up to 11.6% of its outstanding shares.

Allstate Corp grew its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 34.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,617 shares of the financial services provider's stock after acquiring an additional 16,134 shares during the quarter. Allstate Corp's holdings in Charles Schwab were worth $4,980,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Kestra Advisory Services LLC raised its holdings in Charles Schwab by 3.5% during the 1st quarter. Kestra Advisory Services LLC now owns 156,118 shares of the financial services provider's stock worth $12,221,000 after buying an additional 5,325 shares during the period. 1832 Asset Management L.P. increased its position in shares of Charles Schwab by 332.2% during the first quarter. 1832 Asset Management L.P. now owns 374,453 shares of the financial services provider's stock worth $29,312,000 after acquiring an additional 287,813 shares in the last quarter. Compound Planning Inc. raised its holdings in shares of Charles Schwab by 0.9% during the first quarter. Compound Planning Inc. now owns 15,346 shares of the financial services provider's stock worth $1,201,000 after acquiring an additional 144 shares during the period. Ameriprise Financial Inc. lifted its position in Charles Schwab by 0.4% in the 1st quarter. Ameriprise Financial Inc. now owns 9,762,382 shares of the financial services provider's stock valued at $764,739,000 after acquiring an additional 39,232 shares in the last quarter. Finally, Norinchukin Bank The boosted its stake in Charles Schwab by 27.2% in the 1st quarter. Norinchukin Bank The now owns 85,656 shares of the financial services provider's stock worth $6,705,000 after purchasing an additional 18,292 shares during the period. Institutional investors own 84.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SCHW. Morgan Stanley lifted their price target on Charles Schwab from $117.00 to $131.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. William Blair cut Charles Schwab from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 3rd. Citigroup raised their price target on shares of Charles Schwab from $105.00 to $110.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Raymond James Financial reissued an "outperform" rating and issued a $99.00 price objective on shares of Charles Schwab in a research report on Friday, July 18th. Finally, Bank of America raised their target price on shares of Charles Schwab from $83.00 to $84.00 and gave the company an "underperform" rating in a research report on Monday, July 21st. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Charles Schwab presently has an average rating of "Moderate Buy" and a consensus price target of $99.60.

Charles Schwab Price Performance

NYSE:SCHW opened at $95.7770 on Friday. 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 $61.16 and a 12-month high of $99.59. The stock's 50 day moving average price is $93.68 and its two-hundred day moving average price is $85.25. The firm has a market capitalization of $173.86 billion, a price-to-earnings ratio of 25.75, a P/E/G ratio of 0.94 and a beta of 0.96.

Charles Schwab (NYSE:SCHW - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, beating 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 analysts' expectations of $5.64 billion. During the same period in the prior year, the firm earned $0.73 EPS. The business's revenue was up 24.8% on a year-over-year basis. On average, analysts anticipate that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 8th. Charles Schwab's dividend payout ratio is presently 29.03%.

Charles Schwab declared that its board has authorized a share repurchase plan on Thursday, July 24th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Charles Schwab news, Director Paula A. Sneed sold 8,647 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $88.06, for a total transaction of $761,454.82. Following the sale, the director owned 105,654 shares of the company's stock, valued at approximately $9,303,891.24. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul V. Woolway sold 10,129 shares of Charles Schwab stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $90.01, for a total transaction of $911,711.29. Following the completion of the sale, the insider owned 39,154 shares of the company's stock, valued at $3,524,251.54. This represents a 20.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,340 shares of company stock worth $24,250,303 over the last quarter. 6.30% of the stock is currently owned by corporate insiders.

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.

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