Procyon Advisors LLC Sells 3,381 Shares of The Charles Schwab Corporation $SCHW

Key Points

• Procyon Advisors LLC reduced its holdings in The Charles Schwab Corporation by 51.5% during the 2nd quarter, owning 3,186 shares valued at $291,000 after selling 3,381 shares.
• Charles Schwab recently announced a $20 billion share buyback program and has declared a quarterly dividend of $0.27, representing an annualized yield of 1.1%.
• Despite a recent downgrade to a "hold" rating from Zacks Research, Charles Schwab has received multiple "buy" ratings from other analysts, with a consensus price target of $100.

Procyon Advisors LLC trimmed its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 51.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,186 shares of the financial services provider's stock after selling 3,381 shares during the period. Procyon Advisors LLC's holdings in Charles Schwab were worth $291,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Atwood & Palmer Inc. purchased a new stake in shares of Charles Schwab in the 1st quarter valued at approximately $25,000. Westside Investment Management Inc. lifted its position 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 valued at $27,000 after acquiring an additional 150 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its position 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 valued at $30,000 after acquiring an additional 191 shares in the last quarter. Stone House Investment Management LLC purchased a new stake in shares of Charles Schwab in the 1st quarter valued at approximately $31,000. Finally, Activest Wealth Management lifted its position 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 valued at $32,000 after acquiring an additional 399 shares in the last quarter. 84.38% of the stock is currently owned by institutional investors.

Charles Schwab Trading Up 1.1%

Shares of NYSE:SCHW traded up $0.99 during trading on Friday, hitting $94.27. 14,854,005 shares of the company's stock were exchanged, compared to its average volume of 9,421,421. The Charles Schwab Corporation has a 1-year low of $62.41 and a 1-year high of $99.59. The firm has a 50-day moving average price of $95.42 and a two-hundred day moving average price of $87.33. 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 firm has a market cap of $171.12 billion, a P/E ratio of 25.34, a PEG ratio of 0.93 and a beta of 0.96.

Charles Schwab (NYSE:SCHW - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The company had revenue of $5.85 billion during the quarter, compared to analysts' expectations of $5.64 billion. During the same quarter in the previous year, the company earned $0.73 EPS. Charles Schwab's revenue was up 24.8% on a year-over-year basis. Equities analysts predict 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 approved a share buyback program on Thursday, July 24th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders 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 dividend yield of 1.1%. Charles Schwab's payout ratio is currently 29.03%.

Insider Activity at Charles Schwab

In related news, insider Paul V. Woolway sold 3,205 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $95.20, for a total transaction of $305,116.00. Following the completion of the transaction, the insider owned 37,983 shares in the company, valued at approximately $3,615,981.60. The trade was a 7.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The shares were 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. Insiders have sold 267,213 shares of company stock worth $26,232,180 over the last 90 days. Insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SCHW. William Blair downgraded shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. Truist Financial increased their target price on shares of Charles Schwab from $107.00 to $112.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. Piper Sandler increased their target price 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. Deutsche Bank Aktiengesellschaft cut 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. Finally, Zacks Research downgraded shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Sixteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Charles Schwab currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.00.

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.