The Charles Schwab Corporation $SCHW Shares Sold by AIA Group Ltd

Key Points

• AIA Group cut its Charles Schwab stake by 22.7% in the third quarter, selling 35,471 shares; it held 120,960 shares valued at $11.8 million at the time of its filing.
• Schwab reported quarterly EPS of $1.69, beating estimates of $1.66, while revenue of $7.17 billion was slightly below consensus but up 16.9% year over year.
• Analysts gave Schwab a consensus “Moderate Buy” rating and an average price target of $119.91; the company also announced a quarterly dividend of $0.32 per share.

AIA Group Ltd decreased its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 22.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,960 shares of the financial services provider's stock after selling 35,471 shares during the period. AIA Group Ltd's holdings in Charles Schwab were worth $11,823,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in SCHW. Third View Private Wealth LLC boosted its position in Charles Schwab by 19.9% in the third quarter. Third View Private Wealth LLC now owns 6,367 shares of the financial services provider's stock valued at $622,000 after buying an additional 1,058 shares in the last quarter. Provenance Wealth Advisors LLC grew its stake in Charles Schwab by 8,400.0% during the third quarter. Provenance Wealth Advisors LLC now owns 2,720 shares of the financial services provider's stock worth $266,000 after buying an additional 2,688 shares during the last quarter. Lyell Wealth Management LP increased its holdings in shares of Charles Schwab by 4.7% during the third quarter. Lyell Wealth Management LP now owns 8,455 shares of the financial services provider's stock worth $826,000 after buying an additional 377 shares in the last quarter. Associated Banc Corp acquired a new stake in shares of Charles Schwab during the third quarter worth approximately $48,279,000. Finally, Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in shares of Charles Schwab during the third quarter worth approximately $10,751,000. 84.38% of the stock is owned by institutional investors and hedge funds.

Charles Schwab Stock Performance

Shares of Charles Schwab stock opened at $89.30 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a market cap of $154.43 billion, a P/E ratio of 14.47, a P/E/G ratio of 0.79 and a beta of 0.77. The firm has a 50 day simple moving average of $99.56 and a 200 day simple moving average of $97.54. The Charles Schwab Corporation has a fifty-two week low of $83.96 and a fifty-two week high of $114.53.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.03. The firm had revenue of $7.17 billion for the quarter, compared to the consensus estimate of $7.18 billion. Charles Schwab had a return on equity of 25.79% and a net margin of 39.33%. The business's revenue for the quarter was up 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.31 EPS. Sell-side analysts predict that The Charles Schwab Corporation will post 6.41 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, November 13th. This represents a $1.28 dividend on an annualized basis and a yield of 1.4%. Charles Schwab's dividend payout ratio is presently 21.84%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SCHW shares. Zacks Research downgraded Charles Schwab from a "strong-buy" rating to a "hold" rating in a report on Monday, September 14th. Piper Sandler decreased their price target on Charles Schwab from $118.00 to $100.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. Jefferies Financial Group set a $120.00 price target on Charles Schwab in a report on Friday, October 16th. Wolfe Research reiterated an "outperform" rating and issued a $127.00 price objective (up from $123.00) on shares of Charles Schwab in a research report on Tuesday, July 21st. Finally, Argus lifted their price objective on Charles Schwab from $108.00 to $114.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Charles Schwab presently has a consensus rating of "Moderate Buy" and an average price target of $119.91.

Insider Buying and Selling

In related news, insider Nigel J. Murtagh sold 24,778 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $109.01, for a total value of $2,701,049.78. Following the transaction, the insider directly owned 57,972 shares in the company, valued at $6,319,527.72. This represents a 29.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Dennis Howard sold 2,198 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $110.00, for a total transaction of $241,780.00. Following the completion of the transaction, the insider owned 6,980 shares in the company, valued at $767,800. This represents a 23.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 285,734 shares of company stock worth $32,073,309. 6.30% of the stock is currently owned by company insiders.

Charles Schwab Company Profile

The Charles Schwab Corporation NYSE: SCHW is a financial services company that provides investment, wealth management, banking and related services to individual investors, financial professionals and institutional clients. Through its brokerage business, Schwab offers trading and custody services for stocks, exchange-traded funds, mutual funds, options, fixed-income securities and other investments, along with retirement accounts and investment research tools.

The company also provides advisory and wealth management services, including managed portfolios, financial planning and support for registered investment advisors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.