Resolute Capital Asset Partners LLC Invests $2.35 Million in The Charles Schwab Corporation $SCHW

Key Points

• Resolute Capital Asset Partners LLC has invested approximately $2.35 million in The Charles Schwab Corporation, acquiring 30,000 shares, which makes up about 1.3% of their investment portfolio.
• The stock has received positive attention from analysts, with 16 analysts rating it as "Buy" and several raising target prices, including a recent upgrade from Goldman Sachs.
• Charles Schwab has announced a $20 billion stock buyback plan and a quarterly dividend of $0.27 per share, reflecting confidence in its financial position.

Resolute Capital Asset Partners LLC purchased a new position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 30,000 shares of the financial services provider's stock, valued at approximately $2,348,000. Charles Schwab makes up about 1.3% of Resolute Capital Asset Partners LLC's investment portfolio, making the stock its 26th largest holding.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Charles Schwab by 15.4% in the first quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider's stock worth $11,616,380,000 after purchasing an additional 19,817,022 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Charles Schwab by 12.3% in 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 purchasing an additional 8,954,248 shares in the last quarter. Northern Trust Corp grew its stake in Charles Schwab by 10.8% in 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 in the last quarter. Invesco Ltd. grew its stake in Charles Schwab by 5.0% in the first 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 in the last quarter. Finally, Wellington Management Group LLP grew its stake in Charles Schwab by 595.7% in the first quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider's stock worth $1,212,461,000 after purchasing an additional 13,262,309 shares in the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SCHW shares. The Goldman Sachs Group upgraded Charles Schwab from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Friday, April 25th. Bank of America lifted their target price on Charles Schwab from $83.00 to $84.00 and gave the company an "underperform" rating in a research note 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 note on Friday, July 18th. Barclays lifted their target price on Charles Schwab from $106.00 to $113.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Finally, JMP Securities lifted their target price on Charles Schwab from $106.00 to $110.00 and gave the company a "market outperform" rating in a research note on Monday, July 21st. Sixteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Charles Schwab presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.60.

Insider Activity

In related news, insider Jonathan S. Beatty sold 2,850 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $87.57, for a total transaction of $249,574.50. Following the sale, the insider owned 15,219 shares of the company's stock, valued at $1,332,727.83. The trade was a 15.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul V. Woolway sold 3,290 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $96.06, for a total value of $316,037.40. Following the sale, the insider directly owned 41,188 shares in the company, valued at approximately $3,956,519.28. The trade was a 7.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,340 shares of company stock valued at $24,250,303 over the last 90 days. Corporate insiders own 6.30% of the company's stock.

Charles Schwab Stock Performance

Shares of NYSE SCHW opened at $95.6510 on Friday. 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 stock has a 50 day simple moving average of $93.85 and a 200-day simple moving average of $85.34. The company has a market cap of $173.63 billion, a PE ratio of 25.71, a P/E/G ratio of 0.94 and a beta of 0.96. The Charles Schwab Corporation has a 12-month low of $61.16 and a 12-month high of $99.59.

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 (EPS) 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 the consensus estimate of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The business's revenue was up 24.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.73 earnings per share. On average, equities research analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.08 annualized dividend and a yield of 1.1%. Charles Schwab's payout ratio is presently 29.03%.

Charles Schwab declared that its board has initiated a stock buyback 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 reacquire up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

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.

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