Park National Corp OH Has $26.65 Million Stock Position in The Charles Schwab Corporation $SCHW

Key Points

• Park National Corp OH reduced its stake in The Charles Schwab Corporation by 8.3% in Q2, holding 292,045 shares valued at $26.65 million.
• Charles Schwab's Board has authorized a $20 billion stock buyback program, allowing the repurchase of up to 11.6% of its shares.
• Analysts have given Charles Schwab an average rating of "Moderate Buy", with an average target price of $99.60.

Park National Corp OH decreased its position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 8.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 292,045 shares of the financial services provider's stock after selling 26,355 shares during the period. Park National Corp OH's holdings in Charles Schwab were worth $26,646,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SCHW. Sheaff Brock Investment Advisors LLC boosted its stake 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 worth $625,000 after buying an additional 129 shares during the last quarter. HM Payson & Co. boosted its stake 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 worth $1,509,000 after buying an additional 130 shares during the last quarter. Cornerstone Wealth Management LLC boosted its stake 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 worth $513,000 after buying an additional 132 shares during the last quarter. Journey Strategic Wealth LLC boosted its stake 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 worth $351,000 after buying an additional 135 shares during the last quarter. Finally, Meridian Wealth Management LLC boosted its stake in shares of Charles Schwab by 2.2% during the 1st quarter. Meridian Wealth Management LLC now owns 6,192 shares of the financial services provider's stock worth $485,000 after buying an additional 136 shares during the last quarter. Institutional investors and hedge funds own 84.38% of the company's stock.

Insider Activity

In other Charles Schwab news, insider Nigel J. Murtagh sold 24,096 shares of the firm's stock in a transaction that occurred on 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 trade represents a 29.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total transaction of $4,851,552.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 298,214 shares of company stock valued at $29,022,580. Company insiders own 6.30% of the company's stock.

Analyst Ratings Changes

SCHW has been the subject of a number of recent research reports. Piper Sandler increased their price objective on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Barclays increased their price objective on shares of Charles Schwab from $106.00 to $113.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Cowen restated a "buy" rating on shares of Charles Schwab in a research note on Tuesday, May 20th. TD Securities raised their target price 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, Raymond James Financial reiterated an "outperform" rating and issued a $99.00 target price on shares of Charles Schwab in a research note on Friday, July 18th. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $99.60.

Charles Schwab Trading Down 0.5%

Shares of NYSE:SCHW opened at $93.50 on Friday. The Charles Schwab Corporation has a 52-week low of $61.81 and a 52-week high of $99.59. The company has a market capitalization of $169.72 billion, a P/E ratio of 25.13, a price-to-earnings-growth ratio of 0.93 and a beta of 0.96. The company has a 50-day simple moving average of $95.41 and a 200 day simple moving average of $86.76. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.55 and a current ratio of 0.55.

Charles Schwab (NYSE:SCHW - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.64 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The business's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period last year, the business posted $0.73 earnings per share. Sell-side analysts forecast that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab announced that its Board of Directors has initiated a stock buyback program on Thursday, July 24th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Charles Schwab Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were given a dividend of $0.27 per share. The ex-dividend date was Friday, August 8th. This represents a $1.08 annualized dividend and a yield of 1.2%. Charles Schwab's dividend payout ratio (DPR) is 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.

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