Berkshire Asset Management LLC PA Boosts Stake in The Charles Schwab Corporation $SCHW

Key Points

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Berkshire Asset Management LLC PA grew its stake in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 2.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 411,686 shares of the financial services provider's stock after purchasing an additional 9,604 shares during the quarter. Charles Schwab makes up about 1.6% of Berkshire Asset Management LLC PA's holdings, making the stock its 26th largest position. Berkshire Asset Management LLC PA's holdings in Charles Schwab were worth $34,734,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of SCHW. Sheaff Brock Investment Advisors LLC grew its position in shares of Charles Schwab by 1.6% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,986 shares of the financial services provider's stock valued at $625,000 after purchasing an additional 129 shares in the last quarter. HM Payson & Co. grew its position in shares of Charles Schwab by 0.7% in the first 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 in the last quarter. Cornerstone Wealth Management LLC grew 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 valued at $513,000 after purchasing an additional 132 shares in the last quarter. Journey Strategic Wealth LLC grew 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 valued at $351,000 after purchasing an additional 135 shares in the last quarter. Finally, Meridian Wealth Management LLC grew its position in shares of Charles Schwab by 2.2% in the first quarter. Meridian Wealth Management LLC now owns 6,192 shares of the financial services provider's stock valued at $485,000 after purchasing an additional 136 shares in the last quarter. 84.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Paul V. Woolway sold 3,290 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $96.06, for a total value of $316,037.40. Following the completion of the sale, the insider owned 41,188 shares of the company's stock, valued at approximately $3,956,519.28. The trade was a 7.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Walter W. Bettinger sold 173,876 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total value 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 approximately $58,388,148.56. This trade represents a 22.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 250,340 shares of company stock worth $24,250,303 in the last 90 days. 6.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SCHW. Cowen reiterated a "buy" rating on shares of Charles Schwab in a research report on Tuesday, May 20th. Keefe, Bruyette & Woods boosted their target price on Charles Schwab from $102.00 to $108.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. William Blair cut Charles Schwab from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. The Goldman Sachs Group upgraded Charles Schwab from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Friday, April 25th. Finally, Piper Sandler lifted their price target on Charles Schwab from $80.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Sixteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Charles Schwab has an average rating of "Moderate Buy" and a consensus price target of $99.60.

Charles Schwab Trading Down 0.2%

Shares of NYSE SCHW traded down $0.1690 during midday trading on Friday, reaching $95.6510. The company had a trading volume of 12,859,422 shares, compared to its average volume of 10,012,337. The Charles Schwab Corporation has a one year low of $61.16 and a one year high of $99.59. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The firm's fifty day moving average price is $93.68 and its 200-day moving average price is $85.25. The stock 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 analysts' consensus estimates of $1.10 by $0.04. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The company had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.64 billion. During the same quarter in the previous year, the company posted $0.73 EPS. Charles Schwab's revenue for the quarter was up 24.8% on a year-over-year basis. On average, equities research analysts anticipate that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 24th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Charles Schwab Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders 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 dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, August 8th. Charles Schwab's payout ratio is 29.03%.

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.