The Charles Schwab Corporation $SCHW Shares Sold by Bowen Hanes & Co. Inc.

Key Points

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Bowen Hanes & Co. Inc. trimmed its position in The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 74.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,606 shares of the financial services provider's stock after selling 445,325 shares during the quarter. Bowen Hanes & Co. Inc.'s holdings in Charles Schwab were worth $11,789,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Charles Schwab by 15.4% in the 1st quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider's stock worth $11,616,380,000 after purchasing an additional 19,817,022 shares during the period. Wellington Management Group LLP boosted its stake in Charles Schwab by 595.7% in the 1st quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider's stock worth $1,212,461,000 after purchasing an additional 13,262,309 shares during the period. Primecap Management Co. CA boosted its stake in Charles Schwab by 229.3% in the 1st quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider's stock worth $1,096,083,000 after purchasing an additional 9,749,728 shares during the period. Kovitz Investment Group Partners LLC boosted its stake in Charles Schwab by 354.5% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 11,005,881 shares of the financial services provider's stock worth $814,545,000 after purchasing an additional 8,584,173 shares during the period. Finally, Nuveen LLC bought a new position in Charles Schwab in the 1st quarter worth approximately $440,699,000. 84.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Charles Schwab

In related news, insider Paul V. Woolway sold 3,290 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $96.06, for a total value of $316,037.40. Following the sale, the insider directly owned 41,188 shares in the company, valued at approximately $3,956,519.28. The trade was a 7.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nigel J. Murtagh sold 24,096 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 58,999 shares of the company's stock, valued at approximately $5,776,592.09. This represents a 29.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 250,340 shares of company stock worth $24,250,303 in the last 90 days. Insiders own 6.30% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays increased their target price on Charles Schwab from $106.00 to $113.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Truist Financial increased their target price on Charles Schwab from $107.00 to $112.00 and gave the company a "buy" rating in a research report on Friday, August 15th. Morgan Stanley increased their target price on Charles Schwab from $117.00 to $131.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. William Blair downgraded Charles Schwab from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. Finally, Citigroup raised their price target on Charles Schwab from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Sixteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $99.60.

Charles Schwab Stock Down 0.2%

Shares of SCHW stock traded down $0.1690 during trading hours on Friday, reaching $95.6510. 12,859,422 shares of the company's stock were exchanged, compared to its average volume of 10,012,337. The Charles Schwab Corporation has a 1 year low of $61.16 and a 1 year high of $99.59. The stock has a market cap of $173.63 billion, a PE ratio of 25.71, a PEG ratio of 0.94 and a beta of 0.96. 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 stock's fifty day moving average price is $93.68 and its two-hundred day moving average price is $85.25.

Charles Schwab (NYSE:SCHW - Get Free Report) last released its earnings results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, topping 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 firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the previous year, the company posted $0.73 earnings per share. The company's revenue was up 24.8% compared to the same quarter last year. Research analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab declared that its Board of Directors has authorized a share 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 reacquire up to 11.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Charles Schwab Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, August 8th. Charles Schwab's payout ratio is currently 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.