Merit Financial Group LLC grew its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 21.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 54,670 shares of the financial services provider's stock after acquiring an additional 9,784 shares during the quarter. Merit Financial Group LLC's holdings in Charles Schwab were worth $4,988,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings 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 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 worth $27,000 after acquiring an additional 150 shares during the period. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Charles Schwab by 97.9% in the first quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 191 shares in the last quarter. Stone House Investment Management LLC acquired a new position in shares of Charles Schwab during the first quarter valued at approximately $31,000. Finally, Activest Wealth Management raised its holdings in Charles Schwab by 6,650.0% during the first quarter. Activest Wealth Management now owns 405 shares of the financial services provider's stock worth $32,000 after purchasing an additional 399 shares in the last quarter. 84.38% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the company. Morgan Stanley decreased their price target on Charles Schwab to $130.00 and set an "overweight" rating for the company in a research note on Wednesday, October 1st. Barclays lifted their target price on Charles Schwab from $106.00 to $113.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Charles Schwab in a research report on Saturday, September 27th. Zacks Research lowered shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $99.00 target price on shares of Charles Schwab in a report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Charles Schwab currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.52.
Read Our Latest Report on Charles Schwab
Charles Schwab Price Performance
NYSE SCHW opened at $93.98 on Tuesday. 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 $64.16 and a 1 year high of $99.59. The company has a market cap of $170.59 billion, a PE ratio of 25.26, a PEG ratio of 0.91 and a beta of 0.97. The stock's 50-day moving average price is $95.29 and its two-hundred day moving average price is $88.82.
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, topping 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 business had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same period last year, the firm posted $0.73 earnings per share. The firm's quarterly revenue was up 24.8% compared to the same quarter last year. On average, analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current year.
Charles Schwab Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab's payout ratio is 29.03%.
Charles Schwab declared that its Board of Directors has approved a share buyback plan on Thursday, July 24th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.
Insider Buying and Selling
In related news, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total value of $4,851,552.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Walter W. Bettinger sold 173,876 shares of Charles Schwab 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 transaction, the chairman directly owned 590,734 shares in the company, 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. 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 currently owned by company insiders.
Charles Schwab Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding SCHW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Charles Schwab Corporation (NYSE:SCHW - Free Report).
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