Angeles Wealth Management LLC Increases Stock Position in The Charles Schwab Corporation $SCHW

Key Points

• Angeles Wealth Management LLC increased its holdings in The Charles Schwab Corporation by 67.2% during the second quarter, bringing its total shares to 8,809, valued at $804,000.
• Analyst ratings for Charles Schwab include a target price of $102.00 from Wells Fargo and a "market outperform" rating, with a consensus rating of "Moderate Buy" and an average target price of $101.85.
• The company has announced a quarterly dividend of $0.27 and initiated a significant $20 billion stock buyback program, reflecting management's belief in the stock's undervaluation.

Angeles Wealth Management LLC increased its position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 67.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,809 shares of the financial services provider's stock after buying an additional 3,541 shares during the period. Angeles Wealth Management LLC's holdings in Charles Schwab were worth $804,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Pine Haven Investment Counsel Inc increased its position in shares of Charles Schwab by 0.3% during the second quarter. Pine Haven Investment Counsel Inc now owns 41,793 shares of the financial services provider's stock valued at $3,813,000 after acquiring an additional 110 shares during the last quarter. Traveka Wealth LLC increased its position in shares of Charles Schwab by 4.3% during the second quarter. Traveka Wealth LLC now owns 2,841 shares of the financial services provider's stock valued at $259,000 after acquiring an additional 117 shares during the last quarter. Tlwm increased its position in shares of Charles Schwab by 0.7% during the second quarter. Tlwm now owns 17,687 shares of the financial services provider's stock valued at $1,614,000 after acquiring an additional 120 shares during the last quarter. Bank of Stockton increased its position in shares of Charles Schwab by 1.2% during the second quarter. Bank of Stockton now owns 10,593 shares of the financial services provider's stock valued at $967,000 after acquiring an additional 123 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its position in shares of Charles Schwab by 1.6% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,986 shares of the financial services provider's stock valued at $625,000 after acquiring an additional 129 shares during the last quarter. 84.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SCHW has been the subject of a number of recent analyst reports. Wells Fargo & Company set a $102.00 price target on shares of Charles Schwab and gave the company an "overweight" rating in a research report on Friday, July 18th. Piper Sandler reiterated a "neutral" rating on shares of Charles Schwab in a research report on Tuesday. JMP Securities raised their price objective on shares of Charles Schwab from $106.00 to $110.00 and gave the company a "market outperform" rating in a research note on Monday, July 21st. Morgan Stanley lowered their price objective on shares of Charles Schwab to $130.00 and set an "overweight" rating for the company in a research note on Wednesday, October 1st. Finally, Zacks Research lowered shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $101.85.

Charles Schwab Trading Down 1.0%

NYSE SCHW opened at $93.38 on Friday. The Charles Schwab Corporation has a one year low of $65.88 and a one year high of $99.59. The firm has a 50 day simple moving average of $94.74 and a 200-day simple moving average of $89.47. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market cap of $169.51 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 0.89 and a beta of 0.97.

Charles Schwab (NYSE:SCHW - Get Free Report) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.06. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The company had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.93 billion. During the same quarter in the previous year, the firm earned $0.71 earnings per share. The firm's quarterly revenue was up 26.6% on a year-over-year basis. Equities research analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Announces Dividend

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

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

Insider Buying and Selling

In related news, insider Nigel J. Murtagh sold 24,096 shares of Charles Schwab stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total value of $2,359,239.36. Following the completion of the transaction, the insider owned 58,999 shares in the company, valued at $5,776,592.09. The trade was a 29.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Walter W. Bettinger sold 173,876 shares of Charles Schwab stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the completion of the transaction, the chairman owned 590,734 shares of the company's stock, valued at $58,388,148.56. This represents a 22.74% decrease in their position. 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 ninety days. 6.30% of the stock is currently owned by corporate insiders.

About Charles Schwab

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.

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).

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.