State of Alaska Department of Revenue Sells 7,870 Shares of The Charles Schwab Corporation $SCHW

Key Points

• The State of Alaska Department of Revenue sold 7,870 shares of The Charles Schwab Corporation, reducing its holdings by 3.9% to 191,817 shares valued at $17.5 million.
• Chairman Walter W. Bettinger sold 173,876 shares at an average price of $98.84, representing a 22.74% decrease in his position, while company insiders sold a total of 267,213 shares worth approximately $26.2 million over the last 90 days.
• Charles Schwab announced a $20 billion share repurchase plan and reported strong quarterly earnings with a 24.8% year-over-year revenue increase, surpassing consensus estimates in both earnings and revenue.

State of Alaska Department of Revenue lowered its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 3.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 191,817 shares of the financial services provider's stock after selling 7,870 shares during the quarter. State of Alaska Department of Revenue's holdings in Charles Schwab were worth $17,501,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Atwood & Palmer Inc. bought a new stake in Charles Schwab in the 1st quarter valued at $25,000. Westside Investment Management Inc. raised its position in shares of Charles Schwab by 75.0% during the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock valued at $27,000 after buying an additional 150 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its position in shares of Charles Schwab by 97.9% during the first quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider's stock valued at $30,000 after buying an additional 191 shares during the last quarter. Stone House Investment Management LLC bought a new stake in shares of Charles Schwab in the first quarter valued at about $31,000. Finally, Activest Wealth Management grew its position in Charles Schwab by 6,650.0% during the first quarter. Activest Wealth Management now owns 405 shares of the financial services provider's stock worth $32,000 after buying an additional 399 shares in the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Charles Schwab

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

Charles Schwab Stock Up 0.8%

Shares of NYSE SCHW opened at $95.52 on Friday. The Charles Schwab Corporation has a 12-month low of $62.41 and a 12-month high of $99.59. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The firm's 50-day simple moving average is $95.55 and its 200 day simple moving average is $87.95. The company has a market cap of $173.39 billion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth ratio of 0.93 and a beta of 0.96.

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 (EPS) for the quarter, topping 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 return on equity of 19.30% and a net margin of 33.68%.The business's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $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 announced that its board has approved a share repurchase plan on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

Charles Schwab Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have commented on SCHW. Piper Sandler raised their price objective on Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. JMP Securities lifted their price target on shares of Charles Schwab from $106.00 to $110.00 and gave the stock a "market outperform" rating in a research note on Monday, July 21st. William Blair lowered shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 3rd. Raymond James Financial reaffirmed an "outperform" rating and set a $99.00 price objective on shares of Charles Schwab in a report on Friday, July 18th. Finally, Truist Financial upped their target price on shares of Charles Schwab from $107.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Sixteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target 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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