The Charles Schwab Corporation $SCHW Shares Sold by CX Institutional

Key Points

• CX Institutional reduced its stake in The Charles Schwab Corporation by 28.4%, selling 51,347 shares and holding 129,566 shares valued at $11.82 million as of their latest SEC filing.
• Charles Schwab's board approved a $20 billion share repurchase program, signaling belief that the company’s stock is undervalued, while the company reported a 24.8% year-over-year revenue growth.
• Insider trading activity includes significant sales by Nigel J. Murtagh and Peter J. Morgan III, with insiders collectively selling 267,213 shares worth over $26 million in the last three months.

CX Institutional reduced its position in shares of The Charles Schwab Corporation (NYSE:SCHW - Free Report) by 28.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 129,566 shares of the financial services provider's stock after selling 51,347 shares during the period. CX Institutional's holdings in Charles Schwab were worth $11,822,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in Charles Schwab by 380.5% in the fourth quarter. Brighton Jones LLC now owns 24,240 shares of the financial services provider's stock valued at $1,794,000 after purchasing an additional 19,195 shares during the period. Centaurus Financial Inc. raised its holdings in shares of Charles Schwab by 6.0% in the 4th quarter. Centaurus Financial Inc. now owns 26,908 shares of the financial services provider's stock valued at $1,991,000 after purchasing an additional 1,512 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Charles Schwab by 5.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 992,019 shares of the financial services provider's stock worth $73,419,000 after purchasing an additional 54,716 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Charles Schwab by 12.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 6,076 shares of the financial services provider's stock valued at $476,000 after buying an additional 652 shares in the last quarter. Finally, Neville Rodie & Shaw Inc. boosted its position in shares of Charles Schwab by 30.6% during the 1st quarter. Neville Rodie & Shaw Inc. now owns 7,050 shares of the financial services provider's stock worth $552,000 after acquiring an additional 1,650 shares in the last quarter. 84.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Charles Schwab

In other Charles Schwab news, insider Nigel J. Murtagh sold 24,096 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total value of $2,359,239.36. Following the sale, the insider directly owned 58,999 shares in the company, valued at approximately $5,776,592.09. This trade represents a 29.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total transaction of $4,851,552.00. The disclosure for this sale can be found here. In the last three months, insiders sold 267,213 shares of company stock worth $26,232,180. Corporate insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Raymond James Financial restated an "outperform" rating and set a $99.00 price objective on shares of Charles Schwab in a research report on Friday, July 18th. JMP Securities lifted their price target on shares of Charles Schwab from $106.00 to $110.00 and gave the company a "market outperform" rating in a research report on Monday, July 21st. Wells Fargo & Company set a $102.00 target price on shares of Charles Schwab and gave the stock an "overweight" rating in a research report on Friday, July 18th. Deutsche Bank Aktiengesellschaft dropped their price objective on Charles Schwab from $114.00 to $113.00 and set a "buy" rating for the company in a research report on Tuesday, September 16th. Finally, Truist Financial lifted their price target on Charles Schwab from $107.00 to $112.00 and gave the company a "buy" rating in a report on Friday, August 15th. Sixteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $100.00.

Charles Schwab Trading Up 2.6%

Charles Schwab stock opened at $94.75 on Friday. The firm's 50 day moving average price is $95.55 and its two-hundred day moving average price is $87.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market cap of $171.99 billion, a price-to-earnings ratio of 25.47, a price-to-earnings-growth ratio of 0.91 and a beta of 0.96. The Charles Schwab Corporation has a 1 year low of $62.41 and a 1 year high of $99.59.

Charles Schwab (NYSE:SCHW - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. The company had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The business's quarterly revenue was up 24.8% on a year-over-year basis. During the same period last year, the business earned $0.73 EPS. On average, research analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab declared that its board has approved a share repurchase program on Thursday, July 24th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Charles Schwab Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid a $0.27 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.1%. Charles Schwab's payout ratio is currently 29.03%.

Charles Schwab 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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.