Busey Bank Decreases Stock Holdings in The Charles Schwab Corporation $SCHW

Key Points

• Busey Bank reduced its stake in The Charles Schwab Corporation by 1.9%, selling 4,428 shares, and now holds 223,251 shares valued at approximately $20.37 million.
• Institutional investors own 84.38% of Charles Schwab's stock, with several firms increasing their holdings recently, including Bain Capital, which purchased shares valued at about $79.61 million.
• The company also announced a $20 billion stock repurchase program, indicating confidence in its stock valuation, along with a quarterly dividend of $0.27 per share.

Busey Bank cut its stake in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 1.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 223,251 shares of the financial services provider's stock after selling 4,428 shares during the quarter. Busey Bank's holdings in Charles Schwab were worth $20,369,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in SCHW. Brighton Jones LLC grew its holdings in shares of Charles Schwab by 380.5% during the fourth quarter. Brighton Jones LLC now owns 24,240 shares of the financial services provider's stock worth $1,794,000 after purchasing an additional 19,195 shares during the last quarter. State of Wyoming grew its holdings in shares of Charles Schwab by 77.3% during the fourth quarter. State of Wyoming now owns 3,044 shares of the financial services provider's stock worth $225,000 after purchasing an additional 1,327 shares during the last quarter. Twinbeech Capital LP bought a new stake in shares of Charles Schwab during the fourth quarter worth $218,000. Woodline Partners LP bought a new stake in shares of Charles Schwab during the fourth quarter worth $6,644,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in shares of Charles Schwab during the fourth quarter worth $350,000. Institutional investors own 84.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SCHW. Keefe, Bruyette & Woods upped their price target on Charles Schwab from $102.00 to $108.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. JMP Securities increased their target price on Charles Schwab from $106.00 to $110.00 and gave the company a "market outperform" rating in a research note on Monday, July 21st. Barclays increased their target price on Charles Schwab from $106.00 to $113.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Citigroup increased their target price on Charles Schwab from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Finally, Bank of America increased their target price on Charles Schwab from $83.00 to $84.00 and gave the company an "underperform" rating in a research note on Monday, July 21st. Sixteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Charles Schwab currently has an average rating of "Moderate Buy" and a consensus price target of $100.00.

Insider Buying and Selling

In other news, Chairman Walter W. Bettinger sold 173,876 shares of Charles Schwab stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total value of $17,185,903.84. Following the transaction, the chairman owned 590,734 shares in the company, valued at approximately $58,388,148.56. This trade represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jonathan S. Beatty sold 6,144 shares of the business's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $96.81, for a total value of $594,800.64. Following the sale, the insider owned 11,923 shares in the company, valued at $1,154,265.63. This represents a 34.01% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,213 shares of company stock worth $26,232,180. 6.30% of the stock is owned by company insiders.

Charles Schwab Price Performance

NYSE SCHW traded down $0.71 during midday trading on Tuesday, hitting $93.72. The company had a trading volume of 4,005,193 shares, compared to its average volume of 9,986,780. The company has a market capitalization of $170.12 billion, a PE ratio of 25.18, a P/E/G ratio of 0.93 and a beta of 0.96. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47. The firm has a 50-day moving average price of $95.46 and a 200-day moving average price of $87.55. The Charles Schwab Corporation has a twelve month low of $62.41 and a twelve month 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 for the quarter, beating the consensus estimate of $1.10 by $0.04. The firm 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 company's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 EPS. As a group, analysts anticipate that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders 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 annualized dividend and a dividend yield of 1.2%. Charles Schwab's dividend payout ratio (DPR) is presently 29.03%.

Charles Schwab announced that its Board of Directors has approved a stock repurchase program on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is 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.