The Charles Schwab Corporation $SCHW Shares Bought by RNC Capital Management LLC

RNC Capital Management LLC increased its stake in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 27.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,667 shares of the financial services provider's stock after purchasing an additional 10,772 shares during the period. RNC Capital Management LLC's holdings in Charles Schwab were worth $4,623,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Princeton Global Asset Management LLC acquired a new stake in Charles Schwab during the 2nd quarter valued at approximately $25,000. RMG Wealth Management LLC acquired a new stake in Charles Schwab during the 2nd quarter valued at approximately $27,000. Mid American Wealth Advisory Group Inc. acquired a new stake in Charles Schwab during the 2nd quarter valued at approximately $32,000. Westside Investment Management Inc. lifted its stake in shares of Charles Schwab by 75.0% in the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 150 shares during the period. Finally, Hoese & Co LLP lifted its stake in shares of Charles Schwab by 131.6% in the 2nd quarter. Hoese & Co LLP now owns 352 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 200 shares during the period. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Charles Schwab Price Performance

Charles Schwab stock opened at $94.24 on Thursday. The Charles Schwab Corporation has a 52-week low of $65.88 and a 52-week high of $99.59. The firm has a market capitalization of $171.06 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 0.85 and a beta of 0.97. The company has a fifty day simple moving average of $94.53 and a 200-day simple moving average of $90.01. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47.

Charles Schwab (NYSE:SCHW - Get Free Report) last released its earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.06. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The business had revenue of $6.14 billion during the quarter, compared to analyst estimates of $5.93 billion. During the same quarter in the prior year, the firm earned $0.71 earnings per share. The company's revenue for the quarter was up 26.6% compared to the same quarter last year. On average, equities analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab announced that its Board of Directors has initiated a share buyback plan on Thursday, July 24th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Charles Schwab

In related news, insider Paul V. Woolway sold 3,205 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $93.33, for a total value of $299,122.65. Following the completion of the sale, the insider owned 34,778 shares of the company's stock, valued at approximately $3,245,830.74. This represents a 8.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Walter W. Bettinger sold 173,876 shares of the company's stock in a transaction dated 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 directly owned 590,734 shares of the company's stock, valued at $58,388,148.56. This represents a 22.74% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,128 shares of company stock valued at $26,232,077. 6.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on SCHW. Cowen reiterated a "buy" rating on shares of Charles Schwab in a research note on Friday, October 17th. JPMorgan Chase & Co. boosted their target price on shares of Charles Schwab from $119.00 to $121.00 and gave the company an "overweight" rating in a research note on Monday. Truist Financial boosted their target price on shares of Charles Schwab from $112.00 to $113.00 and gave the company a "buy" rating in a research note on Friday, October 17th. Morgan Stanley decreased their target price on shares of Charles Schwab to $130.00 and set an "overweight" rating for the company in a research note on Wednesday, October 1st. Finally, Bank of America boosted their target price on shares of Charles Schwab from $84.00 to $86.00 and gave the company an "underperform" rating in a research note on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Charles Schwab currently has an average rating of "Moderate Buy" and a consensus target price of $106.00.

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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