AlTi Global Inc. Acquires 74,314 Shares of The Charles Schwab Corporation $SCHW

Key Points

• AlTi Global Inc. significantly increased its holdings in The Charles Schwab Corporation by 139.4% during the 2nd quarter, acquiring an additional 74,314 shares, bringing their total ownership to 127,626 shares worth approximately $11.66 million.
• The Charles Schwab Corporation reported a 26.6% year-over-year revenue increase, posting $6.14 billion in revenue for the quarter and achieving an EPS of $1.31, exceeding analyst expectations.
• The company announced a $20 billion share buyback program, allowing it to repurchase up to 11.6% of its shares, indicating the board's belief that its stock is currently undervalued.

AlTi Global Inc. lifted its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 139.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,626 shares of the financial services provider's stock after purchasing an additional 74,314 shares during the period. AlTi Global Inc.'s holdings in Charles Schwab were worth $11,657,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Pine Haven Investment Counsel Inc boosted its position in shares of Charles Schwab by 0.3% during the 2nd quarter. Pine Haven Investment Counsel Inc now owns 41,793 shares of the financial services provider's stock valued at $3,813,000 after purchasing an additional 110 shares in the last quarter. Principle Wealth Partners LLC boosted its holdings in Charles Schwab by 2.0% in the second quarter. Principle Wealth Partners LLC now owns 5,890 shares of the financial services provider's stock worth $537,000 after acquiring an additional 113 shares in the last quarter. Traveka Wealth LLC boosted its holdings in Charles Schwab by 4.3% in the second quarter. Traveka Wealth LLC now owns 2,841 shares of the financial services provider's stock worth $259,000 after acquiring an additional 117 shares in the last quarter. Tlwm boosted its holdings in Charles Schwab by 0.7% in the second quarter. Tlwm now owns 17,687 shares of the financial services provider's stock worth $1,614,000 after acquiring an additional 120 shares in the last quarter. Finally, Bank of Stockton boosted its holdings in Charles Schwab by 1.2% in the second quarter. Bank of Stockton now owns 10,593 shares of the financial services provider's stock worth $967,000 after acquiring an additional 123 shares in the last quarter. Institutional investors own 84.38% of the company's stock.

Charles Schwab Stock Performance

Shares of SCHW opened at $94.52 on Friday. 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 company has a market capitalization of $171.58 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 0.85 and a beta of 0.97. The stock has a 50 day moving average of $94.46 and a 200 day moving average of $90.18. The Charles Schwab Corporation has a 12 month low of $65.88 and a 12 month high of $99.59.

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

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

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 14th. Charles Schwab's dividend payout ratio (DPR) is presently 25.29%.

Insider Activity at Charles Schwab

In related news, insider Jonathan S. Beatty sold 6,144 shares of the 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 completion of the sale, the insider directly owned 11,923 shares of the company's stock, valued at approximately $1,154,265.63. This trade represents a 34.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Walter W. Bettinger sold 173,876 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total value of $17,185,903.84. Following the sale, the chairman directly owned 590,734 shares of the company's stock, valued at $58,388,148.56. The trade was a 22.74% 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 valued at $26,232,077 in the last ninety days. Insiders own 6.30% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on SCHW. Barclays increased their price target on Charles Schwab from $114.00 to $115.00 and gave the stock an "overweight" rating in a report on Friday, October 17th. William Blair lowered Charles Schwab from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 3rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Charles Schwab in a report on Wednesday, October 8th. Bank of America increased their price target on Charles Schwab from $84.00 to $86.00 and gave the stock an "underperform" rating in a report on Thursday, October 2nd. Finally, Raymond James Financial restated an "outperform" rating and issued a $99.00 target price on shares of Charles Schwab in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $106.00.

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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