Connors Investor Services Inc. Purchases New Position in The Charles Schwab Corporation $SCHW

Key Points

• Connors Investor Services Inc. acquired 170,613 shares of The Charles Schwab Corporation, valued at approximately $15.57 million, making it the fund's 27th largest position.
• The Charles Schwab Corporation reported stronger-than-expected quarterly earnings of $1.31 EPS, exceeding the consensus estimate of $1.25, with revenue of $6.14 billion.
• Several analysts have raised their price targets for Charles Schwab, with Citigroup setting a new target of $110 and the average target price now at $106.

Connors Investor Services Inc. acquired a new position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 170,613 shares of the financial services provider's stock, valued at approximately $15,567,000. Charles Schwab makes up about 1.4% of Connors Investor Services Inc.'s investment portfolio, making the stock its 27th biggest position.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Principle Wealth Partners LLC boosted its stake in Charles Schwab by 2.0% in the second quarter. Principle Wealth Partners LLC now owns 5,890 shares of the financial services provider's stock worth $537,000 after purchasing an additional 113 shares in the last quarter. RNC Capital Management LLC boosted its stake in Charles Schwab by 27.0% in the second quarter. RNC Capital Management LLC now owns 50,667 shares of the financial services provider's stock worth $4,623,000 after purchasing an additional 10,772 shares in the last quarter. Forum Financial Management LP boosted its stake in Charles Schwab by 8.9% in the second quarter. Forum Financial Management LP now owns 19,342 shares of the financial services provider's stock worth $1,765,000 after purchasing an additional 1,582 shares in the last quarter. Ethic Inc. boosted its stake in Charles Schwab by 11.5% in the second quarter. Ethic Inc. now owns 173,186 shares of the financial services provider's stock worth $15,583,000 after purchasing an additional 17,797 shares in the last quarter. Finally, Meadow Creek Wealth Advisors LLC acquired a new position in Charles Schwab in the second quarter worth $242,000. Institutional investors and hedge funds own 84.38% of the company's stock.

Charles Schwab Stock Down 0.9%

Shares of Charles Schwab stock opened at $94.24 on Thursday. The Charles Schwab Corporation has a 1 year low of $65.88 and a 1 year high of $99.59. The business has a 50-day moving average of $94.53 and a two-hundred day moving average of $90.01. The company has a market capitalization of $171.06 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 0.85 and a beta of 0.97. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.55 and a quick ratio of 0.55.

Charles Schwab (NYSE:SCHW - Get Free Report) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.06. Charles Schwab had a return on equity of 21.26% and a net margin of 35.93%.The company had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.93 billion. During the same period in the prior year, the company earned $0.71 earnings per share. The company's revenue for the quarter was up 26.6% compared to the same quarter last year. As a group, equities analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab declared that its board has authorized a stock repurchase program on Thursday, July 24th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

SCHW has been the subject of a number of recent research reports. Citigroup boosted their target price on Charles Schwab from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. JMP Securities restated a "market outperform" rating and set a $110.00 target price on shares of Charles Schwab in a research report on Friday, October 17th. Keefe, Bruyette & Woods boosted their target price on Charles Schwab from $109.00 to $111.00 and gave the stock an "outperform" rating in a research report on Friday, October 17th. Morgan Stanley dropped their target price on Charles Schwab to $130.00 and set an "overweight" rating for the company in a research report on Wednesday, October 1st. Finally, William Blair downgraded Charles Schwab from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Charles Schwab currently has an average rating of "Moderate Buy" and an average target price of $106.00.

Insider Buying and Selling

In other Charles Schwab news, insider Paul V. Woolway sold 3,205 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $93.33, for a total value of $299,122.65. Following the completion of the sale, the insider directly owned 34,778 shares in the company, valued at $3,245,830.74. This represents a 8.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the company's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total value of $4,851,552.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,128 shares of company stock valued at $26,232,077. 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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