Pacific Heights Asset Management LLC Boosts Stake in The Charles Schwab Corporation (NYSE:SCHW)

Pacific Heights Asset Management LLC lifted its stake in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 70.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 188,000 shares of the financial services provider's stock after buying an additional 78,000 shares during the quarter. Pacific Heights Asset Management LLC's holdings in Charles Schwab were worth $14,717,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of SCHW. Norges Bank purchased a new stake in shares of Charles Schwab in the fourth quarter worth about $1,289,544,000. Kovitz Investment Group Partners LLC boosted its stake in shares of Charles Schwab by 354.5% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 11,005,881 shares of the financial services provider's stock worth $814,545,000 after buying an additional 8,584,173 shares during the last quarter. FMR LLC boosted its stake in shares of Charles Schwab by 69.4% in the fourth quarter. FMR LLC now owns 9,700,013 shares of the financial services provider's stock worth $717,898,000 after buying an additional 3,974,940 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Charles Schwab by 742.0% in the fourth quarter. Marshall Wace LLP now owns 4,181,202 shares of the financial services provider's stock worth $309,451,000 after buying an additional 3,684,640 shares during the last quarter. Finally, Primecap Management Co. CA boosted its stake in shares of Charles Schwab by 310.3% in the fourth quarter. Primecap Management Co. CA now owns 4,252,350 shares of the financial services provider's stock worth $314,716,000 after buying an additional 3,216,000 shares during the last quarter. Hedge funds and other institutional investors own 84.38% of the company's stock.

Charles Schwab Trading Down 0.2%

Shares of Charles Schwab stock traded down $0.14 during mid-day trading on Friday, hitting $91.20. The stock had a trading volume of 5,765,549 shares, compared to its average volume of 9,546,720. The firm has a 50-day moving average of $87.44 and a two-hundred day moving average of $80.78. The Charles Schwab Corporation has a 12-month low of $61.01 and a 12-month high of $92.15. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.53. The firm has a market cap of $165.71 billion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 0.98 and a beta of 0.93.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.03. Charles Schwab had a net margin of 31.71% and a return on equity of 18.31%. The business had revenue of $5.60 billion during the quarter, compared to analysts' expectations of $5.46 billion. During the same quarter in the prior year, the company posted $0.74 EPS. Sell-side analysts forecast that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were paid a $0.27 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.08 annualized dividend and a dividend yield of 1.18%. Charles Schwab's dividend payout ratio (DPR) is 32.73%.

Analyst Upgrades and Downgrades

SCHW has been the topic of a number of recent analyst reports. Truist Financial increased their price target on Charles Schwab from $97.00 to $100.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. JPMorgan Chase & Co. increased their price target on Charles Schwab from $92.00 to $95.00 and gave the stock an "overweight" rating in a research report on Monday, April 21st. Morgan Stanley increased their price target on Charles Schwab from $76.00 to $83.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 13th. UBS Group increased their price target on Charles Schwab from $95.00 to $96.00 and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. Finally, Citigroup upgraded Charles Schwab from a "neutral" rating to a "buy" rating and increased their price target for the stock from $85.00 to $102.00 in a research report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $89.40.

Insiders Place Their Bets

In related news, insider Jonathan S. Beatty sold 2,850 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $87.57, for a total transaction of $249,574.50. Following the completion of the transaction, the insider owned 15,219 shares of the company's stock, valued at approximately $1,332,727.83. This trade represents a 15.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Paula A. Sneed sold 8,647 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $88.06, for a total transaction of $761,454.82. Following the transaction, the director directly owned 105,654 shares of the company's stock, valued at $9,303,891.24. The trade was a 7.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 119,905 shares of company stock worth $10,530,833. 6.30% of the stock is currently owned by company insiders.

Charles Schwab Company 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.