Atalanta Sosnoff Capital LLC Acquires 18,380 Shares of The Charles Schwab Corporation $SCHW

Key Points

• Atalanta Sosnoff Capital LLC increased its holdings in The Charles Schwab Corporation by 2.3%, acquiring an additional 18,380 shares, bringing its total to 806,385 shares worth approximately $63 million.
• Several institutional investors, including Vanguard Group and Wellington Management Group, significantly boosted their stakes in Charles Schwab, with Wellington increasing its investment by 595.7%.
• Charles Schwab reported a quarterly earnings per share of $1.14, exceeding analysts' expectations, and announced a $0.27 quarterly dividend with a yield of 1.1%.

Atalanta Sosnoff Capital LLC increased its position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 806,385 shares of the financial services provider's stock after acquiring an additional 18,380 shares during the quarter. Charles Schwab comprises approximately 1.5% of Atalanta Sosnoff Capital LLC's investment portfolio, making the stock its 22nd biggest holding. Atalanta Sosnoff Capital LLC's holdings in Charles Schwab were worth $63,124,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SCHW. Vanguard Group Inc. raised its holdings in Charles Schwab by 15.4% during the 1st quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider's stock worth $11,616,380,000 after buying an additional 19,817,022 shares during the period. Wellington Management Group LLP increased its holdings in Charles Schwab by 595.7% during the first quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider's stock worth $1,212,461,000 after buying an additional 13,262,309 shares during the last quarter. Primecap Management Co. CA boosted its position in Charles Schwab by 229.3% during the first quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider's stock worth $1,096,083,000 after purchasing an additional 9,749,728 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Charles Schwab by 12.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider's stock worth $6,422,795,000 after purchasing an additional 8,954,248 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Charles Schwab in the first quarter valued at about $440,699,000. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Charles Schwab Stock Performance

NYSE:SCHW opened at $95.97 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.55 and a quick ratio of 0.55. The business has a 50 day moving average of $94.87 and a 200 day moving average of $86.06. The company has a market capitalization of $174.21 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 0.94 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 results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. The business had revenue of $5.85 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.73 EPS. On average, sell-side analysts predict that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

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

Charles Schwab announced that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Bank of America boosted their price target on Charles Schwab from $83.00 to $84.00 and gave the company an "underperform" rating in a research note on Monday, July 21st. Morgan Stanley upped their price objective on Charles Schwab from $117.00 to $131.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. TD Securities upped their target price on Charles Schwab from $95.00 to $113.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Wells Fargo & Company set a $102.00 price target on Charles Schwab and gave the stock an "overweight" rating in a report on Friday, July 18th. Finally, Cowen reiterated a "buy" rating on shares of Charles Schwab in a report on Tuesday, May 20th. Sixteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Charles Schwab currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.60.

Insider Buying and Selling

In other news, insider Paul V. Woolway sold 10,129 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $90.01, for a total value of $911,711.29. Following the transaction, the insider owned 39,154 shares of the company's stock, valued at $3,524,251.54. This trade represents a 20.55% decrease in their ownership of the stock. The transaction was disclosed in a 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 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 in the company, valued at $58,388,148.56. This trade represents a 22.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 295,009 shares of company stock valued at $28,717,464 in the last 90 days. Insiders own 6.30% of the company's stock.

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.

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