Hazlett Burt & Watson Inc. Acquires 2,777 Shares of The Charles Schwab Corporation $SCHW

Hazlett Burt & Watson Inc. grew its holdings in The Charles Schwab Corporation (NYSE:SCHW) by 535.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,296 shares of the financial services provider’s stock after acquiring an additional 2,777 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Charles Schwab were worth $298,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SCHW. Vanguard Group Inc. increased its holdings in shares of Charles Schwab by 15.4% in the first quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider’s stock worth $11,616,380,000 after acquiring an additional 19,817,022 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Charles Schwab by 595.7% in the first quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider’s stock worth $1,212,461,000 after acquiring an additional 13,262,309 shares in the last quarter. Primecap Management Co. CA increased its holdings in shares of Charles Schwab by 229.3% in the first quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider’s stock worth $1,096,083,000 after acquiring an additional 9,749,728 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Charles Schwab by 12.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider’s stock worth $6,422,795,000 after acquiring an additional 8,954,248 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Charles Schwab in the first quarter worth about $440,699,000. 84.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Truist Financial set a $112.00 price objective on Charles Schwab in a research report on Thursday, October 2nd. Raymond James Financial reaffirmed an “outperform” rating and set a $99.00 price objective on shares of Charles Schwab in a research report on Friday, July 18th. William Blair cut Charles Schwab from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 3rd. Keefe, Bruyette & Woods upped their price objective on Charles Schwab from $102.00 to $108.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. Finally, Barclays reaffirmed an “overweight” rating and set a $114.00 price objective on shares of Charles Schwab in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Charles Schwab currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.57.

Charles Schwab Stock Performance

Shares of NYSE SCHW opened at $92.08 on Monday. The stock has a 50 day moving average price of $94.97 and a 200 day moving average price of $89.19. The Charles Schwab Corporation has a 52 week low of $65.88 and a 52 week high of $99.59. 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 stock has a market capitalization of $167.15 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 0.89 and a beta of 0.97.

Charles Schwab (NYSE:SCHW) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $5.64 billion. During the same period in the prior year, the firm posted $0.73 earnings per share. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. Analysts predict that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab’s dividend payout ratio (DPR) is presently 29.03%.

Charles Schwab declared that its Board of Directors has authorized a share buyback program on Thursday, July 24th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Paul V. Woolway sold 3,205 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $93.33, for a total value of $299,122.65. Following the completion of the sale, the insider directly owned 34,778 shares of the company’s stock, valued at $3,245,830.74. This trade represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Walter W. Bettinger sold 173,876 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total value of $17,185,903.84. Following the completion of the sale, the chairman directly owned 590,734 shares of the company’s stock, valued at approximately $58,388,148.56. The trade was a 22.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,128 shares of company stock valued at $26,232,077. Insiders own 6.30% of the company’s stock.

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.