VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 186,000 The Charles Schwab Corporation $SCHW

Key Points

• The Virginia Retirement Systems purchased 186,000 shares of The Charles Schwab Corporation, valued at approximately $16.97 million, during the second quarter, as revealed in the most recent SEC filing.
• Bank of America and Wells Fargo have recently adjusted their price targets for Charles Schwab's stock, with targets set at $86.00 and $102.00, respectively.
• Charles Schwab has initiated a $20 billion share repurchase plan, allowing the company to buy back up to 11.6% of its stock, which reflects the board's belief that the shares are undervalued.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in The Charles Schwab Corporation (NYSE:SCHW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 186,000 shares of the financial services provider's stock, valued at approximately $16,971,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. United Bank boosted its position in Charles Schwab by 7.1% in the second quarter. United Bank now owns 16,053 shares of the financial services provider's stock valued at $1,465,000 after buying an additional 1,070 shares in the last quarter. Quotient Wealth Partners LLC boosted its position in Charles Schwab by 33.4% in the second quarter. Quotient Wealth Partners LLC now owns 6,125 shares of the financial services provider's stock valued at $559,000 after buying an additional 1,532 shares in the last quarter. Koshinski Asset Management Inc. boosted its position in Charles Schwab by 3.9% in the second quarter. Koshinski Asset Management Inc. now owns 13,708 shares of the financial services provider's stock valued at $1,251,000 after buying an additional 512 shares in the last quarter. Citizens Business Bank boosted its position in Charles Schwab by 3.2% in the second quarter. Citizens Business Bank now owns 69,115 shares of the financial services provider's stock valued at $6,306,000 after buying an additional 2,160 shares in the last quarter. Finally, Hoese & Co LLP boosted its position in Charles Schwab by 131.6% in the second quarter. Hoese & Co LLP now owns 352 shares of the financial services provider's stock valued at $32,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 84.38% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on SCHW. Bank of America raised their target price on shares of Charles Schwab from $84.00 to $86.00 and gave the company an "underperform" rating in a research report on Thursday, October 2nd. Wells Fargo & Company set a $102.00 price target on shares of Charles Schwab and gave the company an "overweight" rating in a research note on Friday, July 18th. Zacks Research downgraded shares of Charles Schwab from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Truist Financial raised their price target on shares of Charles Schwab from $112.00 to $113.00 and gave the company a "buy" rating in a research note on Friday. Finally, Piper Sandler reaffirmed a "neutral" rating on shares of Charles Schwab in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $104.70.

Insider Transactions at Charles Schwab

In other Charles Schwab news, insider Jonathan S. Beatty sold 6,144 shares of Charles Schwab stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $96.81, for a total value of $594,800.64. Following the completion of the sale, the insider directly owned 11,923 shares of the company's stock, valued at approximately $1,154,265.63. The trade was a 34.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul V. Woolway sold 3,205 shares of Charles Schwab stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $93.33, for a total transaction of $299,122.65. Following the completion of the sale, the insider directly owned 34,778 shares of the company's stock, valued at approximately $3,245,830.74. This trade represents a 8.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,128 shares of company stock valued at $26,232,077. 6.30% of the stock is owned by insiders.

Charles Schwab Price Performance

Shares of NYSE SCHW opened at $94.17 on Monday. The Charles Schwab Corporation has a twelve month low of $65.88 and a twelve month high of $99.59. The firm has a fifty day simple moving average of $94.68 and a 200 day simple moving average of $89.76. The company has a market capitalization of $170.93 billion, a PE ratio of 22.05, a P/E/G ratio of 0.88 and a beta of 0.97. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47.

Charles Schwab (NYSE:SCHW - Get Free Report) last announced its earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.06. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The business had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.93 billion. During the same quarter last year, the firm earned $0.71 earnings per share. Charles Schwab's quarterly revenue was up 26.6% on a year-over-year basis. On average, sell-side analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid a $0.27 dividend. 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 25.29%.

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 shares. This buyback authorization allows the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

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.

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