Canandaigua National Bank & Trust Co. Has $2.69 Million Holdings in The Charles Schwab Corporation $SCHW

Key Points

• Canandaigua National Bank & Trust Co. reduced its holdings in The Charles Schwab Corporation by 12.5%, owning 29,484 shares valued at $2.69 million after selling 4,226 shares in the second quarter.
• Charles Schwab's Board of Directors approved a $20 billion stock buyback plan, indicating confidence in the company's undervalued stock.
• The company reported $1.14 EPS for the last quarter, surpassing analysts' expectations, with revenues increasing by 24.8% year-over-year.

Canandaigua National Bank & Trust Co. cut its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 12.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,484 shares of the financial services provider's stock after selling 4,226 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Charles Schwab were worth $2,690,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SCHW. Atwood & Palmer Inc. bought a new position in Charles Schwab in the first quarter valued at about $25,000. Westside Investment Management Inc. raised its position in Charles Schwab by 75.0% in the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 150 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its position in Charles Schwab by 97.9% in the first quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 191 shares during the last quarter. Stone House Investment Management LLC bought a new position in Charles Schwab in the first quarter valued at about $31,000. Finally, Activest Wealth Management raised its position in Charles Schwab by 6,650.0% in the first quarter. Activest Wealth Management now owns 405 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 399 shares during the last quarter. 84.38% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Charles Schwab news, insider Nigel J. Murtagh sold 24,096 shares of the company'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 sale, the insider directly owned 58,999 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this link. Also, insider Paul V. Woolway sold 10,129 shares of the company'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 sale, the insider directly owned 39,154 shares in the company, valued at approximately $3,524,251.54. This trade represents a 20.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 298,214 shares of company stock worth $29,022,580 in the last ninety days. Corporate insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

SCHW has been the topic of several analyst reports. Redburn Atlantic raised shares of Charles Schwab from a "sell" rating to a "neutral" rating and boosted their price objective for the stock from $65.00 to $82.00 in a research note on Monday, June 9th. Wells Fargo & Company set a $102.00 target price on shares of Charles Schwab and gave the company an "overweight" rating in a research report on Friday, July 18th. Bank of America raised their price target on shares of Charles Schwab from $83.00 to $84.00 and gave the stock an "underperform" rating in a report on Monday, July 21st. Truist Financial raised their price target on shares of Charles Schwab from $107.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Finally, Raymond James Financial restated an "outperform" rating and set a $99.00 price target on shares of Charles Schwab in a report on Friday, July 18th. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Charles Schwab has an average rating of "Moderate Buy" and a consensus price target of $99.60.

Charles Schwab Price Performance

SCHW opened at $93.50 on Monday. 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 company has a market capitalization of $169.72 billion, a price-to-earnings ratio of 25.13, a P/E/G ratio of 0.92 and a beta of 0.96. The firm's fifty day moving average price is $95.41 and its two-hundred day moving average price is $86.87. The Charles Schwab Corporation has a 1 year low of $61.81 and a 1 year high of $99.59.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.64 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The business's revenue for the quarter 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 announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 24th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Charles Schwab Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab's payout ratio is 29.03%.

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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