The Charles Schwab Corporation $SCHW Shares Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its Charles Schwab stake by 22.9% in the first quarter, adding more than 3 million shares and bringing its total holding to 16.16 million shares valued at about $1.52 billion.
• Charles Schwab reported better-than-expected first-quarter results, with EPS of $1.43 versus $1.39 expected and revenue of $6.48 billion versus $6.39 billion estimated. Revenue rose 15.8% year over year.
• The company also paid a quarterly dividend of $0.32 per share, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $116.68.

Bank of New York Mellon Corp lifted its holdings in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 22.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,162,082 shares of the financial services provider's stock after purchasing an additional 3,009,884 shares during the period. Bank of New York Mellon Corp owned about 0.93% of Charles Schwab worth $1,518,913,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new stake in Charles Schwab in the 4th quarter worth $1,994,189,000. Primecap Management Co. CA lifted its holdings in Charles Schwab by 9.7% during the fourth quarter. Primecap Management Co. CA now owns 23,276,071 shares of the financial services provider's stock valued at $2,325,512,000 after purchasing an additional 2,066,884 shares in the last quarter. Focus Partners Wealth lifted its holdings in Charles Schwab by 716.5% during the fourth quarter. Focus Partners Wealth now owns 2,101,463 shares of the financial services provider's stock valued at $209,948,000 after purchasing an additional 1,844,095 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Charles Schwab in the third quarter valued at about $142,594,000. Finally, Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Charles Schwab during the first quarter worth about $129,140,000. Hedge funds and other institutional investors own 84.38% of the company's stock.

Insider Buying and Selling at Charles Schwab

In other news, insider Jonathan S. Beatty sold 2,000 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $100.01, for a total transaction of $200,020.00. Following the transaction, the insider owned 13,738 shares of the company's stock, valued at approximately $1,373,937.38. The trade was a 12.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank C. Herringer sold 2,520 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $90.60, for a total transaction of $228,312.00. Following the completion of the sale, the director directly owned 177,508 shares of the company's stock, valued at $16,082,224.80. This represents a 1.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 6,520 shares of company stock valued at $622,392. 6.30% of the stock is owned by company insiders.

Charles Schwab Stock Up 1.7%

Shares of NYSE SCHW opened at $102.80 on Thursday. The Charles Schwab Corporation has a 12-month low of $83.96 and a 12-month high of $107.50. The stock has a market cap of $178.78 billion, a PE ratio of 20.40, a P/E/G ratio of 0.85 and a beta of 0.77. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $92.24 and a 200 day moving average of $95.31.

Charles Schwab (NYSE:SCHW - Get Free Report) last released its earnings results on Thursday, April 16th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.04. The business had revenue of $6.48 billion for the quarter, compared to analyst estimates of $6.39 billion. Charles Schwab had a net margin of 37.99% and a return on equity of 23.05%. The business's revenue was up 15.8% on a year-over-year basis. During the same period last year, the company posted $1.04 EPS. As a group, sell-side analysts predict that The Charles Schwab Corporation will post 6.23 EPS for the current fiscal year.

Charles Schwab Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.28 dividend on an annualized basis and a yield of 1.2%. Charles Schwab's payout ratio is 25.40%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SCHW shares. TD Cowen upped their price target on shares of Charles Schwab from $108.00 to $109.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. UBS Group lifted their price objective on Charles Schwab from $119.00 to $122.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $128.00 price objective on shares of Charles Schwab in a research note on Friday, May 15th. Truist Financial decreased their target price on Charles Schwab from $122.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Finally, JPMorgan Chase & Co. lifted their price target on Charles Schwab from $128.00 to $131.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.68.

Charles Schwab Company Profile

Charles Schwab Corporation NYSE: SCHW is a diversified financial services firm that provides brokerage, banking, wealth management and advisory services to individual investors, independent investment advisors and institutional clients. Its primary offerings include retail brokerage accounts, online trading platforms, Schwab-branded mutual funds and exchange-traded funds (ETFs), retirement plan services, custodial services for independent Registered Investment Advisors (RIAs), and banking products through Charles Schwab Bank.

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