Perkins Coie Trust Co Has $5.41 Million Stake in The Charles Schwab Corporation $SCHW

Key Points

• Perkins Coie Trust Co reduced its stake in The Charles Schwab Corporation by 13.6% during the 2nd quarter, leading to an ownership of 59,328 shares valued at approximately $5.41 million.
• The company recently authorized a $20 billion share repurchase plan, signaling confidence in the stock's value and aiming to repurchase up to 11.6% of its stock.
• During its last quarterly earnings report, Charles Schwab exceeded expectations with an EPS of $1.14 and a revenue increase of 24.8% compared to the previous year, bringing total revenue to $5.85 billion.

Perkins Coie Trust Co reduced its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 13.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 59,328 shares of the financial services provider's stock after selling 9,340 shares during the period. Charles Schwab accounts for about 0.9% of Perkins Coie Trust Co's portfolio, making the stock its 26th largest holding. Perkins Coie Trust Co's holdings in Charles Schwab were worth $5,413,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sheaff Brock Investment Advisors LLC increased its position in shares of Charles Schwab by 1.6% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,986 shares of the financial services provider's stock valued at $625,000 after acquiring an additional 129 shares during the last quarter. HM Payson & Co. grew its stake in Charles Schwab by 0.7% in the first quarter. HM Payson & Co. now owns 19,271 shares of the financial services provider's stock valued at $1,509,000 after purchasing an additional 130 shares in the last quarter. Cornerstone Wealth Management LLC increased its position 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 purchasing an additional 132 shares during the last quarter. Journey Strategic Wealth LLC increased its position 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 purchasing an additional 135 shares during the last quarter. Finally, Meridian Wealth Management LLC raised 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 purchasing an additional 136 shares in the last quarter. 84.38% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Chairman Walter W. Bettinger sold 173,876 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the completion of the transaction, the chairman owned 590,734 shares of the company's stock, valued at approximately $58,388,148.56. The trade was a 22.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jonathan S. Beatty sold 6,144 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $96.81, for a total value of $594,800.64. Following the sale, the insider owned 11,923 shares of the company's stock, valued at approximately $1,154,265.63. This represents a 34.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,213 shares of company stock worth $26,232,180. 6.30% of the stock is owned by company insiders.

Charles Schwab Stock Performance

SCHW opened at $93.30 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.55 and a current ratio of 0.55. The Charles Schwab Corporation has a 52-week low of $62.41 and a 52-week high of $99.59. The firm has a market cap of $169.35 billion, a P/E ratio of 25.08, a price-to-earnings-growth ratio of 0.91 and a beta of 0.96. The business's fifty day moving average is $95.38 and its 200-day moving average is $87.13.

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

Charles Schwab announced that its board has authorized a share repurchase plan on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Charles Schwab Announces Dividend

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

Analyst Ratings Changes

SCHW has been the subject of several analyst reports. Redburn Atlantic raised shares of Charles Schwab from a "sell" rating to a "neutral" rating and raised their target price for the company from $65.00 to $82.00 in a research note on Monday, June 9th. Wells Fargo & Company set a $102.00 price target on shares of Charles Schwab and gave the company an "overweight" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Charles Schwab from $102.00 to $108.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Charles Schwab from $114.00 to $113.00 and set a "buy" rating on the stock in a research note on Tuesday. Finally, Zacks Research cut Charles Schwab from a "strong-buy" rating to a "hold" rating in a report on Wednesday. Sixteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Charles Schwab currently has an average rating of "Moderate Buy" and an average target price of $100.00.

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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