Atria Wealth Solutions Inc. Sells 2,982 Shares of The Charles Schwab Corporation (NYSE:SCHW)

Key Points

• Atria Wealth Solutions Inc. reduced its holdings in The Charles Schwab Corporation by 8.9%, selling 2,982 shares and leaving it with 30,393 shares worth approximately $2,379,000.
• Several large investors increased their stakes in Charles Schwab, with Costello Asset Management growing its holdings by an impressive 2,822.8%, now owning 12,714 shares valued at $995,000.
• The company announced a $20 billion stock buyback plan, indicating management's confidence in the value of its shares, alongside a dividend of $0.27 per share, representing an annual yield of 1.1%.

Atria Wealth Solutions Inc. lowered its position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 8.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,393 shares of the financial services provider's stock after selling 2,982 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Charles Schwab were worth $2,379,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Atwood & Palmer Inc. acquired a new stake in shares of Charles Schwab in the 1st quarter worth about $25,000. Westside Investment Management Inc. raised its holdings in shares of Charles Schwab by 75.0% in the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock worth $27,000 after acquiring an additional 150 shares during the last quarter. WFA Asset Management Corp acquired a new stake in shares of Charles Schwab in the 1st quarter worth about $33,000. Cornerstone Planning Group LLC raised its holdings in shares of Charles Schwab by 90.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 463 shares of the financial services provider's stock worth $36,000 after acquiring an additional 220 shares during the last quarter. Finally, Beacon Capital Management LLC raised its holdings in shares of Charles Schwab by 53.1% in the 1st quarter. Beacon Capital Management LLC now owns 487 shares of the financial services provider's stock worth $38,000 after acquiring an additional 169 shares during the last quarter. Institutional investors own 84.38% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of Charles Schwab from $117.00 to $131.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Wells Fargo & Company set a $102.00 price objective on shares of Charles Schwab and gave the company an "overweight" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. increased their price objective on shares of Charles Schwab from $92.00 to $95.00 and gave the company an "overweight" rating in a research note on Monday, April 21st. JMP Securities increased 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. Finally, Piper Sandler raised their price target on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $99.35.

Insider Transactions at Charles Schwab

In related news, insider Nigel J. Murtagh sold 24,096 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul V. Woolway sold 10,129 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $90.01, for a total transaction of $911,711.29. Following the transaction, the insider owned 39,154 shares in the company, valued at $3,524,251.54. This represents a 20.55% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 308,016 shares of company stock valued at $29,341,433. Company insiders own 6.30% of the company's stock.

Charles Schwab Price Performance

SCHW traded up $1.06 during trading on Friday, reaching $97.05. The stock had a trading volume of 5,031,212 shares, compared to its average volume of 9,100,679. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market cap of $176.34 billion, a PE ratio of 26.09, a PEG ratio of 0.93 and a beta of 0.96. The business has a 50-day moving average of $92.15 and a 200-day moving average of $84.40. The Charles Schwab Corporation has a one year low of $61.16 and a one year high of $99.59.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.73%. The business had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. As a group, equities research analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Dividend Announcement

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

Charles Schwab declared that its board has initiated a stock buyback plan on Thursday, July 24th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

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.