Gateway Investment Advisers LLC decreased its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 376,935 shares of the financial services provider's stock after selling 3,985 shares during the period. Gateway Investment Advisers LLC's holdings in Charles Schwab were worth $34,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atwood & Palmer Inc. purchased a new position in Charles Schwab in the 1st quarter valued at $25,000. Westside Investment Management Inc. lifted its holdings in Charles Schwab by 75.0% in the 1st 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 in the last quarter. CBIZ Investment Advisory Services LLC lifted its holdings in Charles Schwab by 97.9% in the 1st 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 in the last quarter. Stone House Investment Management LLC purchased a new position in Charles Schwab in the 1st quarter valued at $31,000. Finally, Activest Wealth Management lifted its holdings in Charles Schwab by 6,650.0% in the 1st 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 in the last quarter. Hedge funds and other institutional investors own 84.38% of the company's stock.
Insider Transactions at Charles Schwab
In related news, insider Paul V. Woolway sold 3,290 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $96.06, for a total value of $316,037.40. Following the completion of the transaction, the insider directly owned 41,188 shares of the company's stock, valued at $3,956,519.28. This represents a 7.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nigel J. Murtagh sold 24,096 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total value of $2,359,239.36. Following the completion of the transaction, the insider directly owned 58,999 shares of the company's stock, valued at $5,776,592.09. This trade represents a 29.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,213 shares of company stock valued at $26,232,180 over the last three months. 6.30% of the stock is owned by corporate insiders.
Charles Schwab Stock Up 1.1%
SCHW stock traded up $0.99 during midday trading on Friday, hitting $94.27. The company's stock had a trading volume of 14,854,005 shares, compared to its average volume of 9,421,421. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The Charles Schwab Corporation has a 52-week low of $62.41 and a 52-week high of $99.59. The firm has a market capitalization of $171.12 billion, a P/E ratio of 25.34, a PEG ratio of 0.92 and a beta of 0.96. The firm has a 50-day simple moving average of $95.42 and a 200-day simple moving average of $87.26.
Charles Schwab (NYSE:SCHW - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The company had revenue of $5.85 billion during the quarter, compared to analysts' expectations of $5.64 billion. During the same quarter last year, the company posted $0.73 EPS. The firm's revenue was up 24.8% compared to the same quarter last year. As a group, equities analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current year.
Charles Schwab announced that its board has approved a stock buyback program on Thursday, July 24th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.
Charles Schwab Announces Dividend
The firm 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 yield of 1.1%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab's dividend payout ratio is 29.03%.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on SCHW shares. Bank of America raised their price objective on Charles Schwab from $83.00 to $84.00 and gave the company an "underperform" rating in a report on Monday, July 21st. JMP Securities raised their target price on Charles Schwab from $106.00 to $110.00 and gave the stock a "market outperform" rating in a research note on Monday, July 21st. Morgan Stanley raised their target price on Charles Schwab from $117.00 to $131.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Piper Sandler raised their target price on Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Charles Schwab from $114.00 to $113.00 and set a "buy" rating for the company in a research note on Tuesday. Sixteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $100.00.
Check Out Our Latest Research Report on Charles Schwab
Charles Schwab Company Profile
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Free Report)
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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