Abacus Planning Group Inc. Acquires 391 Shares of The Charles Schwab Corporation $SCHW

Abacus Planning Group Inc. raised its stake in The Charles Schwab Corporation (NYSE:SCHW) by 12.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 3,649 shares of the financial services provider’s stock after buying an additional 391 shares during the period. Abacus Planning Group Inc.’s holdings in Charles Schwab were worth $333,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Atwood & Palmer Inc. bought a new stake in Charles Schwab in the first quarter valued at approximately $25,000. Westside Investment Management Inc. raised its position in Charles Schwab by 75.0% in the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock valued at $27,000 after buying an additional 150 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its position in Charles Schwab by 97.9% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock valued at $30,000 after buying an additional 191 shares during the last quarter. Stone House Investment Management LLC bought a new stake in Charles Schwab in the 1st quarter valued at approximately $31,000. Finally, Activest Wealth Management boosted its position in Charles Schwab by 6,650.0% during the 1st quarter. Activest Wealth Management now owns 405 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 399 shares during the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Charles Schwab Stock Up 1.5%

Shares of SCHW opened at $94.13 on Friday. The stock has a market capitalization of $170.87 billion, a PE ratio of 25.30, a P/E/G ratio of 0.90 and a beta of 0.97. 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 firm’s 50 day moving average is $95.37 and its 200-day moving average is $88.57. The Charles Schwab Corporation has a 12 month low of $64.07 and a 12 month high of $99.59.

Charles Schwab (NYSE:SCHW) last released its earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, beating 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 period in the prior year, the company posted $0.73 EPS. The company’s revenue was up 24.8% compared to the same quarter last year. Equities research analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab declared that its Board of Directors has approved a share buyback 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 purchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Charles Schwab Announces Dividend

The firm 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. The ex-dividend date was Friday, August 8th. This represents a $1.08 annualized dividend and a yield of 1.1%. Charles Schwab’s dividend payout ratio is presently 29.03%.

Insider Buying and Selling

In related news, Chairman Walter W. Bettinger sold 173,876 shares of the company’s stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the completion of the sale, the chairman directly owned 590,734 shares in the company, valued at $58,388,148.56. This represents a 22.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jonathan S. Beatty sold 6,144 shares of the firm’s stock in a transaction dated 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 in the company, valued at $1,154,265.63. This trade represents a 34.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,128 shares of company stock worth $26,232,077. 6.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SCHW has been the subject of a number of analyst reports. Piper Sandler raised their target price on shares of Charles Schwab from $80.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 15th. Weiss Ratings restated a “hold (c+)” rating on shares of Charles Schwab in a report on Saturday, September 27th. Morgan Stanley lowered their target price on Charles Schwab to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday. Wells Fargo & Company set a $102.00 price target on Charles Schwab and gave the company an “overweight” rating in a research report on Friday, July 18th. Finally, Citigroup boosted 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. Seventeen research analysts have rated the stock with 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 stock currently has an average rating of “Moderate Buy” and an average price target of $100.52.

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.