Steward Partners Investment Advisory LLC Acquires 7,699 Shares of The Charles Schwab Corporation $SCHW

Key Points

• Steward Partners Investment Advisory LLC increased its holdings in Charles Schwab by 5.0% during the 1st quarter, culminating in a total of 160,807 shares valued at approximately $12.59 million.
• A significant portion of Charles Schwab's stock, 84.38%, is currently held by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Charles Schwab's board has announced a $20 billion share repurchase plan, reflecting management's belief that their shares are undervalued.

Steward Partners Investment Advisory LLC increased its stake in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 5.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 160,807 shares of the financial services provider's stock after purchasing an additional 7,699 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Charles Schwab were worth $12,588,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Atwood & Palmer Inc. acquired a new stake in Charles Schwab in the first quarter worth about $25,000. Westside Investment Management Inc. lifted its holdings 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 period. Stone House Investment Management LLC acquired a new stake in Charles Schwab in the first quarter worth about $31,000. WFA Asset Management Corp bought a new stake in Charles Schwab in the first quarter worth about $33,000. Finally, Cornerstone Planning Group LLC raised its position in Charles Schwab by 90.5% in 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 in the last quarter. Institutional investors and hedge funds own 84.38% of the company's stock.

Insider Transactions at Charles Schwab

In other Charles Schwab news, insider Nigel J. Murtagh sold 24,096 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $97.91, for a total value of $2,359,239.36. Following the completion of the transaction, the insider owned 58,999 shares of the company's stock, valued at $5,776,592.09. This represents a 29.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul V. Woolway sold 10,129 shares of the company's 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 completion of the transaction, the insider directly owned 39,154 shares of the company's stock, valued at approximately $3,524,251.54. This trade represents a 20.55% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 250,340 shares of company stock worth $24,250,303. 6.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SCHW has been the topic of several research reports. Piper Sandler boosted their price target on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Cowen restated a "buy" rating on shares of Charles Schwab in a report on Tuesday, May 20th. JMP Securities boosted their price objective on Charles Schwab from $106.00 to $110.00 and gave the stock a "market outperform" rating in a report on Monday, July 21st. Truist Financial boosted their price objective on Charles Schwab from $107.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Finally, Bank of America boosted their price objective on Charles Schwab from $83.00 to $84.00 and gave the stock an "underperform" rating in a report on Monday, July 21st. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $99.60.

Charles Schwab Stock Down 0.2%

NYSE:SCHW traded down $0.1690 on Friday, hitting $95.6510. 12,859,422 shares of the company's stock traded hands, compared to its average volume of 7,972,781. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47. The Charles Schwab Corporation has a 1 year low of $61.16 and a 1 year high of $99.59. The firm has a 50-day moving average price of $93.85 and a 200-day moving average price of $85.34. The company has a market cap of $173.63 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 0.94 and a beta of 0.96.

Charles Schwab (NYSE:SCHW - Get Free Report) last released 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. The company had revenue of $5.85 billion for 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 for the quarter was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.73 EPS. Equities analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab declared that its board has approved a stock repurchase 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 often an indication that the company's leadership believes its stock is undervalued.

Charles Schwab Announces Dividend

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

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.