Synovus Financial Corp Buys 9,276 Shares of The Charles Schwab Corporation $SCHW

Key Points

• Synovus Financial Corp increased its stake in The Charles Schwab Corporation by 17.5%, acquiring an additional 9,276 shares, bringing its total holdings to 62,383 shares valued at approximately $4.88 million.
• Charles Schwab announced a $20 billion stock buyback plan, signaling confidence in its share value and plans to repurchase up to 11.6% of its stock.
• The company's latest earnings report showed a 24.8% increase in revenue year-over-year, with an earnings per share (EPS) of $1.14, surpassing analysts' expectations.

Synovus Financial Corp raised its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 17.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 62,383 shares of the financial services provider's stock after purchasing an additional 9,276 shares during the quarter. Synovus Financial Corp's holdings in Charles Schwab were worth $4,883,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SCHW. Sheaff Brock Investment Advisors LLC increased its stake in shares of Charles Schwab by 1.6% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,986 shares of the financial services provider's stock valued at $625,000 after buying an additional 129 shares during the period. HM Payson & Co. grew its stake in Charles Schwab by 0.7% in the first quarter. HM Payson & Co. now owns 19,271 shares of the financial services provider's stock valued at $1,509,000 after purchasing an additional 130 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in Charles Schwab by 2.1% in the first quarter. Cornerstone Wealth Management LLC now owns 6,551 shares of the financial services provider's stock valued at $513,000 after purchasing an additional 132 shares during the last quarter. Journey Strategic Wealth LLC grew its stake in Charles Schwab by 3.1% in the first quarter. Journey Strategic Wealth LLC now owns 4,486 shares of the financial services provider's stock valued at $351,000 after purchasing an additional 135 shares during the last quarter. Finally, Meridian Wealth Management LLC grew its stake in Charles Schwab by 2.2% in the first quarter. Meridian Wealth Management LLC now owns 6,192 shares of the financial services provider's stock valued at $485,000 after purchasing an additional 136 shares during the last quarter. 84.38% of the stock is currently owned by institutional investors.

Charles Schwab Trading Down 0.2%

Shares of NYSE:SCHW opened at $95.6510 on Monday. The Charles Schwab Corporation has a 12-month low of $61.16 and a 12-month high of $99.59. The company has a market capitalization of $173.63 billion, a PE ratio of 25.71, a PEG ratio of 0.94 and a beta of 0.96. The business has a 50 day moving average of $93.85 and a two-hundred day moving average of $85.38. 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 posted its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.04. The business had revenue of $5.85 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 earnings per share. As a group, analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given 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 was Friday, August 8th. Charles Schwab's payout ratio is presently 29.03%.

Charles Schwab announced that its Board of Directors has initiated a stock buyback 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 repurchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SCHW shares. Piper Sandler lifted their target price on Charles Schwab from $80.00 to $92.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Morgan Stanley raised their price target on Charles Schwab from $117.00 to $131.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Barclays raised their price target on Charles Schwab from $106.00 to $113.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. TD Securities raised their price target on Charles Schwab from $95.00 to $113.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Finally, Bank of America raised their price target on Charles Schwab from $83.00 to $84.00 and gave the stock an "underperform" rating in a report on Monday, July 21st. Sixteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $99.60.

Insider Activity

In related news, 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 transaction of $316,037.40. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $17,185,903.84. Following the completion of the sale, the chairman owned 590,734 shares of the company's stock, valued at approximately $58,388,148.56. The trade was a 22.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 250,340 shares of company stock valued at $24,250,303 in the last three months. Company insiders own 6.30% of the company's stock.

Charles Schwab Company 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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