Ally Financial Inc. acquired a new position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 35,000 shares of the financial services provider's stock, valued at approximately $3,229,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Whale Capital LLP acquired a new stake in Charles Schwab in the 2nd quarter worth approximately $31,593,000. Sanctuary Advisors LLC purchased a new stake in shares of Charles Schwab during the second quarter valued at $1,339,000. Solstein Capital LLC acquired a new position in shares of Charles Schwab in the 2nd quarter valued at $136,000. Elefante Mark B acquired a new position in shares of Charles Schwab in the 2nd quarter valued at $3,895,000. Finally, S&G Foundation purchased a new position in Charles Schwab in the 2nd quarter worth $1,000,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.
Charles Schwab Stock Up 0.1%
SCHW opened at $112.36 on Monday. The company has a fifty day moving average of $101.59 and a two-hundred day moving average of $96.09. The stock has a market capitalization of $194.31 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 0.84 and a beta of 0.76. The Charles Schwab Corporation has a fifty-two week low of $83.96 and a fifty-two week high of $112.40. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.64 and a current ratio of 0.64.
Charles Schwab (NYSE:SCHW - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.06. The company had revenue of $7.07 billion during the quarter, compared to analysts' expectations of $6.90 billion. Charles Schwab had a return on equity of 24.53% and a net margin of 38.79%.Charles Schwab's quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.14 EPS. On average, research analysts expect that The Charles Schwab Corporation will post 6.46 earnings per share for the current year.
Charles Schwab Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, August 14th. This represents a $1.28 dividend on an annualized basis and a yield of 1.1%. Charles Schwab's dividend payout ratio is currently 23.27%.
Insider Activity at Charles Schwab
In other news, insider Nigel J. Murtagh sold 32,947 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $104.01, for a total transaction of $3,426,817.47. Following the completion of the sale, the insider owned 57,972 shares of the company's stock, valued at $6,029,667.72. The trade was a 36.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Peter J. Morgan III sold 6,952 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $102.03, for a total value of $709,312.56. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 398,984 shares of company stock valued at $41,699,569 in the last three months. Company insiders own 6.30% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Piper Sandler set a $118.00 price target on Charles Schwab in a research report on Tuesday, July 21st. Argus raised their price target on shares of Charles Schwab from $108.00 to $114.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Charles Schwab in a research note on Wednesday, July 22nd. Zacks Research upgraded shares of Charles Schwab from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 9th. Finally, UBS Group set a $135.00 price objective on Charles Schwab in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $121.17.
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About Charles Schwab
(
Free Report)
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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Want to see what other hedge funds are holding SCHW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Charles Schwab Corporation (NYSE:SCHW - Free Report).
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