ProVise Management Group LLC Acquires 10,880 Shares of The Charles Schwab Corporation (NYSE:SCHW)

Key Points

• ProVise Management Group LLC increased its holdings in The Charles Schwab Corporation by 6.5%, acquiring an additional 10,880 shares in the first quarter, bringing their total to 177,520 shares valued at approximately $13.9 million.
• Charles Schwab's board authorized a $20 billion stock buyback program, indicating management's belief that the stock may be undervalued, allowing the company to reacquire up to 11.6% of its shares.
• Recently, several analysts have upgraded their ratings on Charles Schwab, with Goldman Sachs raising it from "neutral" to "buy" and setting a price target of $100.00.

ProVise Management Group LLC raised its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 6.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 177,520 shares of the financial services provider's stock after acquiring an additional 10,880 shares during the quarter. Charles Schwab makes up 1.2% of ProVise Management Group LLC's holdings, making the stock its 26th largest holding. ProVise Management Group LLC's holdings in Charles Schwab were worth $13,896,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SCHW. Cary Street Partners Financial LLC purchased a new stake in shares of Charles Schwab during the 4th quarter worth $1,455,000. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Charles Schwab by 6.2% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,181,563 shares of the financial services provider's stock valued at $92,493,000 after purchasing an additional 68,858 shares during the period. Graham Capital Management L.P. increased its holdings in shares of Charles Schwab by 248.3% in the fourth quarter. Graham Capital Management L.P. now owns 112,376 shares of the financial services provider's stock valued at $8,317,000 after purchasing an additional 80,112 shares during the period. World Investment Advisors increased its holdings in shares of Charles Schwab by 7.6% in the first quarter. World Investment Advisors now owns 163,007 shares of the financial services provider's stock valued at $12,760,000 after purchasing an additional 11,505 shares during the period. Finally, State of Alaska Department of Revenue grew its holdings in Charles Schwab by 17.2% during the first quarter. State of Alaska Department of Revenue now owns 199,687 shares of the financial services provider's stock worth $15,631,000 after acquiring an additional 29,255 shares during the period. Institutional investors own 84.38% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. The Goldman Sachs Group raised Charles Schwab from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Friday, April 25th. William Blair downgraded Charles Schwab from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. Citigroup lifted their price objective on Charles Schwab from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Wells Fargo & Company set a $102.00 target price on Charles Schwab and gave the company an "overweight" rating in a research report on Friday, July 18th. Finally, Truist Financial lifted their target price on Charles Schwab from $100.00 to $107.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Charles Schwab has an average rating of "Moderate Buy" and an average price target of $99.35.

Charles Schwab Stock Performance

Shares of SCHW stock opened at $97.80 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average of $91.12 and a two-hundred day moving average of $83.50. The Charles Schwab Corporation has a 52 week low of $61.15 and a 52 week high of $99.59. The company has a market cap of $177.70 billion, a P/E ratio of 26.29, a PEG ratio of 0.95 and a beta of 0.93.

Charles Schwab (NYSE:SCHW - Get Free Report) last released its earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.64 billion. Charles Schwab had a return on equity of 19.73% and a net margin of 33.68%. The firm's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 earnings per share. As a group, analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, August 8th. Charles Schwab's payout ratio is currently 29.03%.

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

Insider Buying and Selling at Charles Schwab

In other Charles Schwab news, insider Nigel J. Murtagh sold 24,096 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following the completion of the sale, the insider directly owned 58,999 shares in the company, valued at $5,776,592.09. This represents a 29.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul V. Woolway sold 10,129 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $90.01, for a total transaction of $911,711.29. Following the completion of the sale, the insider owned 39,154 shares of the company's stock, valued at approximately $3,524,251.54. The trade was a 20.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 304,726 shares of company stock worth $29,025,396 over the last 90 days. 6.30% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.