TCW Group Inc. grew its stake in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 18.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,023 shares of the financial services provider's stock after buying an additional 6,702 shares during the period. TCW Group Inc.'s holdings in Charles Schwab were worth $3,446,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. HM Payson & Co. boosted its holdings in Charles Schwab by 0.7% in the 1st 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 period. Cornerstone Wealth Management LLC raised its position in shares of 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 worth $513,000 after buying an additional 132 shares in the last quarter. Journey Strategic Wealth LLC raised its position in shares of 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 worth $351,000 after buying an additional 135 shares in the last quarter. Premier Path Wealth Partners LLC boosted its stake in Charles Schwab by 1.8% during the first quarter. Premier Path Wealth Partners LLC now owns 7,817 shares of the financial services provider's stock valued at $612,000 after buying an additional 140 shares during the period. Finally, Sutton Place Investors LLC boosted its stake in Charles Schwab by 1.6% during the first quarter. Sutton Place Investors LLC now owns 8,677 shares of the financial services provider's stock valued at $679,000 after buying an additional 140 shares during the period. 84.38% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, insider Paul V. Woolway sold 3,290 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $90.95, for a total transaction of $299,225.50. Following the transaction, the insider owned 35,864 shares in the company, valued at $3,261,830.80. The trade was a 8.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jonathan S. Beatty sold 2,850 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $87.57, for a total transaction of $249,574.50. Following the completion of the transaction, the insider directly owned 15,219 shares of the company's stock, valued at approximately $1,332,727.83. The trade was a 15.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 116,313 shares of company stock valued at $10,264,091 over the last quarter. 6.30% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several research firms have weighed in on SCHW. Keefe, Bruyette & Woods raised their price target on Charles Schwab from $102.00 to $108.00 and gave the company an "outperform" rating in a report on Monday, July 21st. William Blair downgraded shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 3rd. Piper Sandler lifted their target price on shares of Charles Schwab from $80.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Cowen reissued a "buy" rating on shares of Charles Schwab in a report on Tuesday, May 20th. Finally, Barclays raised their price objective on shares of Charles Schwab from $106.00 to $113.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $98.65.
Check Out Our Latest Research Report on SCHW
Charles Schwab Stock Performance
Shares of NYSE:SCHW opened at $97.05 on Monday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $90.34 and a 200-day moving average price of $82.95. The company has a market cap of $176.33 billion, a price-to-earnings ratio of 26.09, a price-to-earnings-growth ratio of 0.93 and a beta of 0.93. The Charles Schwab Corporation has a 12 month low of $61.15 and a 12 month high of $98.28.
Charles Schwab (NYSE:SCHW - Get Free Report) last released its quarterly earnings results 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. Charles Schwab had a return on equity of 19.73% and a net margin of 33.68%. The business had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.64 billion. During the same quarter in the prior year, the company posted $0.73 EPS. Charles Schwab's quarterly revenue was up 24.8% compared to the same quarter last year. As a group, equities analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current year.
Charles Schwab declared that its board has authorized a share repurchase program on Thursday, July 24th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.
Charles Schwab Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend is Friday, August 8th. Charles Schwab's payout ratio is 29.03%.
Charles Schwab Company Profile
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Free Report)
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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