Pines Wealth Management LLC purchased a new stake in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 2,861 shares of the financial services provider's stock, valued at approximately $262,000.
A number of other large investors have also added to or reduced their stakes in SCHW. Vanguard Group Inc. grew its holdings in 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 valued at $11,616,380,000 after purchasing an additional 19,817,022 shares in the last quarter. Wellington Management Group LLP grew its holdings in Charles Schwab by 595.7% during the 1st quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider's stock valued at $1,212,461,000 after purchasing an additional 13,262,309 shares in the last quarter. Primecap Management Co. CA boosted its stake in Charles Schwab by 229.3% during the 1st quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider's stock valued at $1,096,083,000 after acquiring an additional 9,749,728 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Charles Schwab by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider's stock valued at $6,422,795,000 after acquiring an additional 8,954,248 shares during the last quarter. Finally, Nuveen LLC bought a new position in Charles Schwab during the 1st quarter valued at $440,699,000. 84.38% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have commented on the stock. Citigroup increased their price objective on shares of Charles Schwab from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Raymond James Financial reiterated an "outperform" rating and set a $99.00 price objective on shares of Charles Schwab in a research note on Friday, July 18th. Wells Fargo & Company set a $102.00 price objective on shares of Charles Schwab and gave the company an "overweight" rating in a research note on Friday, July 18th. JMP Securities increased their price objective on shares of Charles Schwab from $106.00 to $110.00 and gave the company a "market outperform" rating in a research note on Monday, July 21st. Finally, Piper Sandler increased their price objective on shares of Charles Schwab from $80.00 to $92.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Sixteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $100.00.
Read Our Latest Stock Analysis on Charles Schwab
Charles Schwab Stock Performance
NYSE:SCHW traded up $1.21 during mid-day trading on Thursday, hitting $93.30. The stock had a trading volume of 10,439,687 shares, compared to its average volume of 9,157,568. The stock has a market capitalization of $169.35 billion, a price-to-earnings ratio of 25.08, a P/E/G ratio of 0.91 and a beta of 0.96. The company has a 50 day simple moving average of $95.38 and a 200-day simple moving average of $87.13. The Charles Schwab Corporation has a 52 week low of $62.41 and a 52 week 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.
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 for the quarter, beating the consensus estimate of $1.10 by $0.04. The firm had revenue of $5.85 billion for 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%. Charles Schwab's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period last year, the firm posted $0.73 EPS. On average, research analysts expect that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.
Charles Schwab Dividend Announcement
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 $0.27 dividend. 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 currently 29.03%.
Charles Schwab declared that its board has approved a stock buyback plan on Thursday, July 24th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.
Insider Transactions at Charles Schwab
In related news, General Counsel Peter J. Morgan III sold 50,016 shares of Charles Schwab stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total value of $4,851,552.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul V. Woolway sold 3,205 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $95.20, for a total transaction of $305,116.00. Following the transaction, the insider directly owned 37,983 shares in the company, valued at approximately $3,615,981.60. The trade was a 7.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 267,213 shares of company stock worth $26,232,180 over the last 90 days. Corporate insiders own 6.30% of the company's stock.
Charles Schwab Profile
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Free Report)
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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