Aprio Wealth Management LLC Acquires Shares of 2,924 The Charles Schwab Corporation $SCHW

Key Points

• Aprio Wealth Management LLC has acquired a new stake of 2,924 shares in The Charles Schwab Corporation, valued at approximately $229,000, during the first quarter of 2023.
• Over 84% of Charles Schwab's stock is owned by institutional investors, with significant stake increases reported from firms like Cary Street Partners and Independent Advisor Alliance.
• Charles Schwab reported earnings of $1.14 per share in its last quarterly announcement, surpassing expectations and reflecting a 24.8% year-over-year revenue increase.

Aprio Wealth Management LLC bought a new position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 2,924 shares of the financial services provider's stock, valued at approximately $229,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Atwood & Palmer Inc. acquired a new stake in shares of Charles Schwab in the 1st quarter worth $25,000. Westside Investment Management Inc. increased its position in shares of Charles Schwab by 75.0% during the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock worth $27,000 after purchasing an additional 150 shares during the last quarter. Stone House Investment Management LLC acquired a new stake in shares of Charles Schwab during the 1st quarter worth about $31,000. Activest Wealth Management increased its position in shares of Charles Schwab by 6,650.0% during the 1st quarter. Activest Wealth Management now owns 405 shares of the financial services provider's stock worth $32,000 after purchasing an additional 399 shares during the last quarter. Finally, WFA Asset Management Corp acquired a new stake in shares of Charles Schwab during the 1st quarter worth about $33,000. 84.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. TD Securities raised their price objective on Charles Schwab from $95.00 to $113.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Keefe, Bruyette & Woods lifted their target price on Charles Schwab from $102.00 to $108.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Piper Sandler lifted their target price on Charles Schwab from $80.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Citigroup lifted their target price on Charles Schwab from $105.00 to $110.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Finally, Barclays lifted their target price on Charles Schwab from $106.00 to $113.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $99.60.

Charles Schwab Stock Down 1.5%

Shares of SCHW traded down $1.39 during midday trading on Wednesday, hitting $92.28. The company had a trading volume of 3,235,491 shares, compared to its average volume of 9,903,090. The company's 50-day simple moving average is $95.29 and its 200-day simple moving average is $86.52. 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 capitalization of $167.50 billion, a P/E ratio of 24.81, a P/E/G ratio of 0.92 and a beta of 0.96. The Charles Schwab Corporation has a 1 year low of $61.16 and a 1 year high of $99.59.

Charles Schwab (NYSE:SCHW - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The business's quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 EPS. As a group, sell-side analysts expect that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, August 8th. 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 at Charles Schwab

In other news, Chairman Walter W. Bettinger sold 173,876 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the completion of the sale, the chairman owned 590,734 shares in the company, valued at approximately $58,388,148.56. The trade was a 22.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nigel J. Murtagh sold 24,096 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following the sale, the insider owned 58,999 shares of the company's stock, valued at $5,776,592.09. This represents a 29.00% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 298,214 shares of company stock worth $29,022,580. 6.30% of the stock is owned by 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.