National Bank of Canada FI Purchases 289,948 Shares of The Charles Schwab Corporation (NYSE:SCHW)

Key Points

• The National Bank of Canada FI raised its stake in The Charles Schwab Corporation by 20.9%, owning a total of 1,679,441 shares valued at approximately $131.47 million.
• Charles Schwab announced a quarterly dividend of $0.27 per share, with a total annualized dividend yield of 1.1%.
• The company initiated a $20 billion stock repurchase program, allowing for the buyback of up to 11.6% of its outstanding shares, indicating the board's confidence in the stock's undervaluation.

National Bank of Canada FI boosted its position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 20.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,679,441 shares of the financial services provider's stock after purchasing an additional 289,948 shares during the period. National Bank of Canada FI owned about 0.09% of Charles Schwab worth $131,467,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SCHW. Sheaff Brock Investment Advisors LLC grew its position in shares of Charles Schwab by 1.6% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 7,986 shares of the financial services provider's stock valued at $625,000 after acquiring an additional 129 shares during the period. HM Payson & Co. grew its position in shares of Charles Schwab by 0.7% during the 1st quarter. HM Payson & Co. now owns 19,271 shares of the financial services provider's stock valued at $1,509,000 after acquiring an additional 130 shares during the period. Cornerstone Wealth Management LLC grew its position in shares of Charles Schwab by 2.1% during the 1st quarter. Cornerstone Wealth Management LLC now owns 6,551 shares of the financial services provider's stock valued at $513,000 after acquiring an additional 132 shares during the period. Journey Strategic Wealth LLC grew its position in shares of Charles Schwab by 3.1% during the 1st quarter. Journey Strategic Wealth LLC now owns 4,486 shares of the financial services provider's stock valued at $351,000 after acquiring an additional 135 shares during the period. Finally, Premier Path Wealth Partners LLC grew its position in shares of Charles Schwab by 1.8% during the 1st quarter. Premier Path Wealth Partners LLC now owns 7,817 shares of the financial services provider's stock valued at $612,000 after acquiring an additional 140 shares during the period. 84.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on SCHW shares. JMP Securities raised their price objective on shares of Charles Schwab from $106.00 to $110.00 and gave the stock a "market outperform" rating in a report on Monday, July 21st. Keefe, Bruyette & Woods raised their price objective on shares of Charles Schwab from $102.00 to $108.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. UBS Group raised their price objective on shares of Charles Schwab from $95.00 to $96.00 and gave the stock a "buy" rating in a report on Tuesday, April 22nd. Piper Sandler raised their price objective on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Finally, The Goldman Sachs Group raised shares of Charles Schwab from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $99.35.

Insider Buying and Selling at Charles Schwab

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 completion of the sale, the insider directly owned 58,999 shares in the company, valued at $5,776,592.09. This represents a 29.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paula A. Sneed sold 8,647 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $88.06, for a total transaction 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. The trade was a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 308,016 shares of company stock valued at $29,341,433. 6.30% of the stock is currently owned by insiders.

Charles Schwab Price Performance

Shares of Charles Schwab stock traded up $1.06 on Friday, hitting $97.05. 5,031,212 shares of the company traded hands, compared to its average volume of 9,100,679. The firm's 50-day simple moving average is $92.15 and its 200 day simple moving average is $84.40. 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 market cap of $176.34 billion, a P/E ratio of 26.09, a P/E/G ratio of 0.93 and a beta of 0.96. The Charles Schwab Corporation has a 12-month low of $61.16 and a 12-month 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 for the quarter, beating the consensus estimate of $1.10 by $0.04. The firm had revenue of $5.85 billion for the quarter, compared to analysts' expectations of $5.64 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.73%. The business's quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the company posted $0.73 EPS. Analysts expect that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, August 8th. Charles Schwab's dividend payout ratio is presently 29.03%.

Charles Schwab announced that its Board of Directors has initiated a share repurchase program 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 programs are often an indication that the company's leadership believes its shares are undervalued.

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.