New York State Teachers Retirement System Has $114.73 Million Stake in The Charles Schwab Corporation $SCHW

Key Points

• The New York State Teachers Retirement System increased its stake in The Charles Schwab Corporation to $114.73 million by owning 1,257,498 shares after acquiring an additional 6,422 shares in the second quarter.
• Charles Schwab reported earnings of $1.14 per share, exceeding expectations and showing a revenue increase of 24.8% year-over-year to $5.85 billion during the latest quarter.
• The company has authorized a $20 billion stock buyback program, allowing it to repurchase up to 11.6% of its outstanding shares, which is typically viewed as a sign of confidence in the company's valuation.

New York State Teachers Retirement System lifted its position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 0.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,257,498 shares of the financial services provider's stock after purchasing an additional 6,422 shares during the quarter. New York State Teachers Retirement System owned 0.07% of Charles Schwab worth $114,734,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC raised its position in shares of Charles Schwab by 26.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 190,538 shares of the financial services provider's stock worth $17,387,000 after purchasing an additional 40,275 shares during the period. Bain Capital Public Equity Management II LLC acquired a new position in shares of Charles Schwab during the first quarter worth approximately $79,605,000. Independent Advisor Alliance raised its position in shares of Charles Schwab by 13.8% during the first quarter. Independent Advisor Alliance now owns 39,103 shares of the financial services provider's stock worth $3,061,000 after purchasing an additional 4,754 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Charles Schwab by 6.2% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,181,563 shares of the financial services provider's stock worth $92,493,000 after purchasing an additional 68,858 shares during the period. Finally, PFG Investments LLC raised its position in shares of Charles Schwab by 10.2% during the second quarter. PFG Investments LLC now owns 5,951 shares of the financial services provider's stock worth $543,000 after purchasing an additional 550 shares during the period. 84.38% of the stock is owned by institutional investors and hedge funds.

Charles Schwab Trading Up 1.2%

Shares of Charles Schwab stock opened at $94.51 on Thursday. The Charles Schwab Corporation has a 1 year low of $65.88 and a 1 year high of $99.59. The firm has a market cap of $171.55 billion, a PE ratio of 25.41, a P/E/G ratio of 0.89 and a beta of 0.97. The stock has a fifty day moving average price of $94.79 and a 200-day moving average price of $89.37. 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 earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.04. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The firm had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.64 billion. During the same period last year, the firm posted $0.73 EPS. The business's revenue was up 24.8% compared to the same quarter last year. Equities research analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Dividend Announcement

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

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 reacquire up to 11.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on SCHW. Piper Sandler reissued a "neutral" rating on shares of Charles Schwab in a research report on Tuesday. Weiss Ratings reissued a "hold (c+)" rating on shares of Charles Schwab in a research report on Wednesday, October 8th. Bank of America increased their price target on Charles Schwab from $84.00 to $86.00 and gave the company an "underperform" rating in a research report on Thursday, October 2nd. JMP Securities increased their price target on Charles Schwab from $106.00 to $110.00 and gave the company a "market outperform" rating in a research report on Monday, July 21st. Finally, Barclays reissued an "overweight" rating and issued a $114.00 price target on shares of Charles Schwab in a research report on Wednesday, October 8th. One equities research 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat, Charles Schwab has an average rating of "Moderate Buy" and an average target price of $101.85.

Insider Activity at Charles Schwab

In other news, insider Paul V. Woolway sold 3,290 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $96.06, for a total transaction of $316,037.40. Following the completion of the transaction, the insider owned 41,188 shares in the company, valued at approximately $3,956,519.28. This represents a 7.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction on 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. Insiders have sold 267,128 shares of company stock worth $26,232,077 in the last three months. Corporate insiders own 6.30% of the company's stock.

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.

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