Martingale Asset Management L P Has $24.91 Million Stock Holdings in The Charles Schwab Corporation $SCHW

Key Points

• Martingale Asset Management L P significantly increased its stake in The Charles Schwab Corporation by 188.1%, owning 318,175 shares worth approximately $24.9 million after acquiring an additional 207,730 shares in the first quarter.
• Charles Schwab reported a quarterly earnings per share (EPS) of $1.14, exceeding analysts' expectations, with revenues rising 24.8% year-over-year to $5.85 billion.
• The company announced a $20 billion share repurchase plan, indicating confidence in their stock value, while also planning to pay a quarterly dividend of $0.27 per share.

Martingale Asset Management L P boosted its position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 188.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 318,175 shares of the financial services provider's stock after acquiring an additional 207,730 shares during the period. Martingale Asset Management L P's holdings in Charles Schwab were worth $24,907,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SCHW. Atwood & Palmer Inc. bought a new position in Charles Schwab in the first quarter valued at about $25,000. Westside Investment Management Inc. boosted its holdings 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 acquiring an additional 150 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. WFA Asset Management Corp bought a new position in Charles Schwab in the first quarter valued at about $33,000. Finally, Cornerstone Planning Group LLC boosted its holdings in Charles Schwab by 90.5% in the first quarter. Cornerstone Planning Group LLC now owns 463 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 220 shares during the last quarter. Institutional investors own 84.38% of the company's stock.

Insiders Place Their Bets

In related news, Director Paula A. Sneed sold 8,647 shares of Charles Schwab stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $88.06, for a total value of $761,454.82. Following the sale, the director owned 105,654 shares of the company's stock, valued at approximately $9,303,891.24. This trade represents a 7.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nigel J. Murtagh sold 24,096 shares of Charles Schwab 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 sale, the insider directly owned 58,999 shares in the company, valued at approximately $5,776,592.09. This represents a 29.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,340 shares of company stock worth $24,250,303 in the last 90 days. Company insiders own 6.30% of the company's stock.

Analysts Set New Price Targets

SCHW has been the topic of a number of recent analyst reports. Barclays raised their target price on Charles Schwab from $106.00 to $113.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Truist Financial raised their target price on Charles Schwab from $107.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Keefe, Bruyette & Woods raised their target price on Charles Schwab from $102.00 to $108.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Cowen restated a "buy" rating on shares of Charles Schwab in a report on Tuesday, May 20th. Finally, Citigroup raised their target price on Charles Schwab from $105.00 to $110.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Sixteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $99.60.

Charles Schwab Stock Down 0.2%

Shares of NYSE SCHW traded down $0.1690 during mid-day trading on Friday, reaching $95.6510. 12,859,422 shares of the company's stock were exchanged, compared to its average volume of 7,972,781. The firm has a market capitalization of $173.63 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 0.94 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 business has a fifty day simple moving average of $93.85 and a 200 day simple moving average of $85.37. The Charles Schwab Corporation has a twelve month low of $61.16 and a twelve month high of $99.59.

Charles Schwab (NYSE:SCHW - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.Charles Schwab's revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 earnings per share. As a group, equities analysts expect that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab announced that its Board of Directors has initiated a share buyback plan on Thursday, July 24th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given 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 (DPR) is currently 29.03%.

Charles Schwab 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.