Perigon Wealth Management LLC Lowers Stake in The Charles Schwab Corporation $SCHW

Key Points

• Perigon Wealth Management LLC reduced its stake in The Charles Schwab Corporation by 2.3%, holding 153,893 shares valued at $14.04 million at the end of the second quarter.
• Various institutional investors have increased their positions in Schwab, with Vanguard Group Inc. leading the increase by 15.4%, now owning shares worth over $11.6 billion.
• Analysts have set varying price targets for Schwab, with a consensus target of $100.00 and a "Moderate Buy" rating, as the company continues to perform well financially.

Perigon Wealth Management LLC lowered its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 2.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 153,893 shares of the financial services provider's stock after selling 3,557 shares during the period. Perigon Wealth Management LLC's holdings in Charles Schwab were worth $14,041,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Charles Schwab by 15.4% during the 1st quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider's stock worth $11,616,380,000 after acquiring an additional 19,817,022 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Charles Schwab by 12.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider's stock worth $6,422,795,000 after buying an additional 8,954,248 shares in the last quarter. Northern Trust Corp lifted its stake in Charles Schwab by 10.8% during the first quarter. Northern Trust Corp now owns 17,440,301 shares of the financial services provider's stock worth $1,365,227,000 after purchasing an additional 1,700,384 shares during the period. Alliancebernstein L.P. raised its stake in shares of Charles Schwab by 16.0% in the first quarter. Alliancebernstein L.P. now owns 17,115,759 shares of the financial services provider's stock valued at $1,339,822,000 after acquiring an additional 2,355,309 shares during the last quarter. Finally, Invesco Ltd. raised its position in Charles Schwab by 5.0% in the 1st quarter. Invesco Ltd. now owns 15,586,450 shares of the financial services provider's stock worth $1,220,107,000 after purchasing an additional 743,906 shares during the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SCHW. Redburn Atlantic raised shares of Charles Schwab from a "sell" rating to a "neutral" rating and upped their target price for the stock from $65.00 to $82.00 in a research note on Monday, June 9th. Piper Sandler increased their price target on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. JMP Securities lifted their price target 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. Zacks Research downgraded shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Charles Schwab from $114.00 to $113.00 and set a "buy" rating for the company in a research report on Tuesday, September 16th. Sixteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.00.

Insider Buying and Selling

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total transaction of $4,851,552.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Walter W. Bettinger sold 173,876 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total value of $17,185,903.84. Following the transaction, the chairman owned 590,734 shares of the company's stock, valued at $58,388,148.56. This trade represents a 22.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,213 shares of company stock worth $26,232,180. Insiders own 6.30% of the company's stock.

Charles Schwab Stock Performance

Shares of NYSE SCHW opened at $92.32 on Thursday. 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 Charles Schwab Corporation has a 12-month low of $62.41 and a 12-month high of $99.59. The firm has a market capitalization of $167.57 billion, a price-to-earnings ratio of 24.82, a price-to-earnings-growth ratio of 0.93 and a beta of 0.96. The firm has a 50 day moving average of $95.52 and a 200 day moving average of $87.63.

Charles Schwab (NYSE:SCHW - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.10 by $0.04. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.64 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The firm's revenue was up 24.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.73 earnings per share. On average, research analysts anticipate that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab's dividend payout ratio is currently 29.03%.

Charles Schwab declared that its board has authorized a stock buyback program on Thursday, July 24th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

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.

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