SouthState Corp Grows Position in The Charles Schwab Corporation (NYSE:SCHW)

Key Points

• SouthState Corp significantly increased its stake in The Charles Schwab Corporation by 3,078.5% in the 1st quarter, owning 6,071 shares worth approximately $475,000 now.
• Charles Schwab's stock currently has an average rating of "Moderate Buy", with a price target of $99.35, reflecting analysts' positive outlook on the company's performance.
• The company announced a quarterly dividend of $0.27 per share and initiated a share buyback plan authorizing up to $20 billion in repurchases, indicating confidence in its stock valuation.

SouthState Corp boosted its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 3,078.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,071 shares of the financial services provider's stock after acquiring an additional 5,880 shares during the quarter. SouthState Corp's holdings in Charles Schwab were worth $475,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Atwood & Palmer Inc. purchased a new position in shares of Charles Schwab during the first quarter valued at about $25,000. Westside Investment Management Inc. lifted its stake in Charles Schwab by 75.0% in the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock worth $27,000 after purchasing an additional 150 shares during the last quarter. WFA Asset Management Corp purchased a new position in shares of Charles Schwab during the first quarter worth approximately $33,000. Cornerstone Planning Group LLC increased its position in shares of Charles Schwab by 90.5% during the first quarter. Cornerstone Planning Group LLC now owns 463 shares of the financial services provider's stock worth $36,000 after acquiring an additional 220 shares during the period. Finally, Beacon Capital Management LLC increased its position in shares of Charles Schwab by 53.1% during the first quarter. Beacon Capital Management LLC now owns 487 shares of the financial services provider's stock worth $38,000 after acquiring an additional 169 shares during the period. 84.38% of the stock is owned by institutional investors.

Charles Schwab Trading Down 3.1%

NYSE:SCHW traded down $3.06 on Wednesday, hitting $95.63. The stock had a trading volume of 12,455,199 shares, compared to its average volume of 9,176,303. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The stock has a market cap of $173.59 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 0.95 and a beta of 0.96. The company has a fifty day moving average price of $92.72 and a two-hundred day moving average price of $84.69. The Charles Schwab Corporation has a 1-year low of $61.16 and a 1-year high of $99.59.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.64 billion. During the same period in the previous year, the business posted $0.73 EPS. Charles Schwab's revenue was up 24.8% on a year-over-year basis. Equities 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 of Directors has approved 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 reacquire up to 11.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Charles Schwab Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.1%. Charles Schwab's dividend payout ratio (DPR) is presently 29.03%.

Insider Activity

In other Charles Schwab news, insider Paul V. Woolway sold 10,129 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $90.01, for a total value of $911,711.29. Following the sale, the insider directly owned 39,154 shares of the company's stock, valued at approximately $3,524,251.54. This represents a 20.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jonathan M. Craig sold 47,500 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $88.46, for a total transaction of $4,201,850.00. The disclosure for this sale can be found here. Insiders have sold a total of 308,016 shares of company stock worth $29,341,433 in the last three months. 6.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Charles Schwab from $102.00 to $108.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Morgan Stanley lifted their price objective on shares of Charles Schwab from $117.00 to $131.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Redburn Atlantic raised shares of Charles Schwab from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $65.00 to $82.00 in a report on Monday, June 9th. Raymond James Financial reissued an "outperform" rating and set a $99.00 price objective on shares of Charles Schwab in a report on Friday, July 18th. Finally, UBS Group lifted their price objective on shares of Charles Schwab from $95.00 to $96.00 and gave the company a "buy" rating in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Charles Schwab has an average rating of "Moderate Buy" and an average price target of $99.35.

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.