Hartford Investment Management Co. increased its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 12.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 104,040 shares of the financial services provider's stock after purchasing an additional 11,631 shares during the period. Hartford Investment Management Co.'s holdings in Charles Schwab were worth $8,144,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the business. Cary Street Partners Financial LLC acquired a new position in Charles Schwab during the 4th quarter valued at $1,455,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Charles Schwab by 6.2% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,181,563 shares of the financial services provider's stock valued at $92,493,000 after purchasing an additional 68,858 shares during the last quarter. Graham Capital Management L.P. raised its stake in Charles Schwab by 248.3% during the 4th quarter. Graham Capital Management L.P. now owns 112,376 shares of the financial services provider's stock valued at $8,317,000 after purchasing an additional 80,112 shares during the last quarter. World Investment Advisors raised its stake in Charles Schwab by 7.6% during the 1st quarter. World Investment Advisors now owns 163,007 shares of the financial services provider's stock valued at $12,760,000 after purchasing an additional 11,505 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Charles Schwab by 17.2% during the 1st quarter. State of Alaska Department of Revenue now owns 199,687 shares of the financial services provider's stock valued at $15,631,000 after purchasing an additional 29,255 shares during the last quarter. Institutional investors and hedge funds own 84.38% of the company's stock.
Insider Activity at Charles Schwab
In other news, insider Paul V. Woolway sold 3,290 shares of Charles Schwab stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $90.95, for a total transaction of $299,225.50. Following the completion of the sale, the insider owned 35,864 shares in the company, valued at $3,261,830.80. The trade was a 8.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Walter W. Bettinger sold 173,876 shares of Charles Schwab stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the sale, the chairman owned 590,734 shares of the company's stock, valued at approximately $58,388,148.56. This represents a 22.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 304,726 shares of company stock worth $29,025,396 over the last 90 days. Insiders own 6.30% of the company's stock.
Charles Schwab Trading Down 0.8%
Shares of NYSE SCHW opened at $97.80 on Friday. The Charles Schwab Corporation has a 1-year low of $61.15 and a 1-year high of $99.59. The company has a market cap of $177.70 billion, a PE ratio of 26.29, a P/E/G ratio of 0.95 and a beta of 0.93. 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 company has a 50-day moving average of $91.12 and a two-hundred day moving average of $83.50.
Charles Schwab (NYSE:SCHW - Get Free Report) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.73%. The company had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. The company's revenue was up 24.8% on a year-over-year basis. As a group, equities analysts expect 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 approved a stock repurchase program on Thursday, July 24th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.
Charles Schwab Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be given a dividend of $0.27 per share. The ex-dividend date is Friday, August 8th. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. Charles Schwab's payout ratio is currently 29.03%.
Wall Street Analyst Weigh In
Several equities analysts recently commented on SCHW shares. Cowen reiterated a "buy" rating on shares of Charles Schwab in a research note on Tuesday, May 20th. Truist Financial upped their target price on shares of Charles Schwab from $100.00 to $107.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Barclays increased their price objective on shares of Charles Schwab from $106.00 to $113.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. TD Securities increased their price objective on shares of Charles Schwab from $95.00 to $113.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Finally, The Goldman Sachs Group upgraded shares of Charles Schwab from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research note on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $99.35.
Check Out Our Latest Stock Report on SCHW
About Charles Schwab
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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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