Patton Fund Management Inc. Takes Position in The Charles Schwab Corporation $SCHW

Key Points

• Patton Fund Management Inc. has acquired a new stake in The Charles Schwab Corporation, purchasing 2,755 shares valued at approximately $251,000 during the 2nd quarter.
• Insider selling activity at Charles Schwab saw insiders sell over 267,000 shares valued at $26.2 million in the last quarter, indicating a decrease in their ownership stakes.
• The company's stock has received varying ratings from analysts, with an average target price of $100.00, reflecting a consensus of "Moderate Buy."

Patton Fund Management Inc. purchased a new stake in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 2,755 shares of the financial services provider's stock, valued at approximately $251,000.

Several other hedge funds also recently modified their holdings of the company. Atwood & Palmer Inc. acquired a new position in shares of Charles Schwab in the 1st quarter worth $25,000. Westside Investment Management Inc. grew its holdings in shares of Charles Schwab by 75.0% in the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock worth $27,000 after acquiring an additional 150 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its holdings in shares of Charles Schwab by 97.9% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider's stock worth $30,000 after acquiring an additional 191 shares during the last quarter. Stone House Investment Management LLC acquired a new position in shares of Charles Schwab in the 1st quarter worth $31,000. Finally, Activest Wealth Management grew its holdings in shares of Charles Schwab by 6,650.0% in the 1st quarter. Activest Wealth Management now owns 405 shares of the financial services provider's stock worth $32,000 after acquiring an additional 399 shares during the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Paul V. Woolway sold 3,205 shares of Charles Schwab stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $95.20, for a total transaction of $305,116.00. Following the completion of the sale, the insider owned 37,983 shares of the company's stock, valued at approximately $3,615,981.60. This trade represents a 7.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan S. Beatty sold 6,144 shares of Charles Schwab stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $96.81, for a total value of $594,800.64. Following the sale, the insider directly owned 11,923 shares of the company's stock, valued at approximately $1,154,265.63. The trade was a 34.01% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 267,213 shares of company stock valued at $26,232,180. 6.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Charles Schwab from $114.00 to $113.00 and set a "buy" rating on the stock in a report on Tuesday, September 16th. Wells Fargo & Company set a $102.00 target price on Charles Schwab and gave the stock an "overweight" rating in a report on Friday, July 18th. Zacks Research cut Charles Schwab from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. Citigroup lifted 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. Finally, Piper Sandler lifted their target price on Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Sixteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Charles Schwab has an average rating of "Moderate Buy" and an average target price of $100.00.

Charles Schwab Stock Performance

Shares of SCHW stock opened at $95.52 on Friday. The Charles Schwab Corporation has a 1-year low of $62.41 and a 1-year high of $99.59. 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 company has a market capitalization of $173.39 billion, a price-to-earnings ratio of 25.68, a P/E/G ratio of 0.94 and a beta of 0.96. The stock's fifty day simple moving average is $95.55 and its 200-day simple moving average is $88.04.

Charles Schwab (NYSE:SCHW - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.04. The business had revenue of $5.85 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 earnings per share. On average, sell-side analysts predict that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab announced that its Board of Directors has authorized a share repurchase program on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Charles Schwab Announces Dividend

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

About Charles Schwab

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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