BIT Capital GmbH Reduces Position in The Charles Schwab Corporation (NYSE:SCHW)

Key Points

• BIT Capital GmbH has reduced its holdings in The Charles Schwab Corporation by 68.6%, now owning 3,545 shares after selling 7,751 shares during the first quarter.
• Equities analysts have adjusted their price targets for Schwab, with estimates ranging from $84.00 to $108.00, reflecting varied expectations about the stock's performance.
• Charles Schwab announced a $20 billion stock repurchase program and a quarterly dividend of $0.27, indicating the board's belief that the stock is undervalued.

BIT Capital GmbH trimmed its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 68.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,545 shares of the financial services provider's stock after selling 7,751 shares during the quarter. BIT Capital GmbH's holdings in Charles Schwab were worth $278,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Atwood & Palmer Inc. purchased a new stake in shares of Charles Schwab during the first quarter worth about $25,000. Westside Investment Management Inc. increased its position in shares of Charles Schwab by 75.0% during the first 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 purchased a new stake in shares of Charles Schwab during the first quarter worth about $33,000. Cornerstone Planning Group LLC increased its position in shares of Charles Schwab by 90.5% during the first 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 increased its position in shares of Charles Schwab by 53.1% during the first 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. 84.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on SCHW shares. Keefe, Bruyette & Woods lifted their price target on Charles Schwab from $102.00 to $108.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Bank of America lifted their price target on Charles Schwab from $83.00 to $84.00 and gave the stock an "underperform" rating in a research note on Monday, July 21st. Wells Fargo & Company set a $102.00 price target on Charles Schwab and gave the stock an "overweight" rating in a research note on Friday, July 18th. Raymond James Financial reiterated an "outperform" rating and issued a $99.00 price target on shares of Charles Schwab in a research note on Friday, July 18th. Finally, Redburn Atlantic upgraded Charles Schwab from a "sell" rating to a "neutral" rating and lifted their price target for the stock from $65.00 to $82.00 in a research note on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $99.35.

Charles Schwab Stock Performance

Shares of NYSE SCHW opened at $95.57 on Friday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.53. The stock has a 50 day simple moving average of $91.28 and a 200-day simple moving average of $83.73. The company has a market cap of $173.65 billion, a PE ratio of 25.69, a P/E/G ratio of 0.92 and a beta of 0.96. The Charles Schwab Corporation has a 12-month low of $61.15 and a 12-month high of $99.59.

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

Charles Schwab Dividend Announcement

The company also recently announced 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. This represents a $1.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, August 8th. Charles Schwab's dividend payout ratio is 29.03%.

Charles Schwab announced that its board has authorized a share repurchase 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 typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Charles Schwab

In other Charles Schwab news, insider Nigel J. Murtagh sold 24,096 shares of the company'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 value of $2,359,239.36. Following the completion of the sale, the insider directly owned 58,999 shares in the company, valued at $5,776,592.09. This represents a 29.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jonathan S. Beatty sold 2,850 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $87.57, for a total value of $249,574.50. Following the completion of the sale, the insider owned 15,219 shares of the company's stock, valued at $1,332,727.83. This trade represents a 15.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 304,726 shares of company stock valued at $29,025,396 over the last three months. 6.30% of the stock is owned by company insiders.

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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