Elefante Mark B Buys New Position in The Charles Schwab Corporation $SCHW

Elefante Mark B bought a new stake in shares of The Charles Schwab Corporation (NYSE:SCHW) in the second quarter, Holdings Channel reports. The firm bought 6,940 shares of the financial services provider’s stock, valued at approximately $633,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SCHW. Westside Investment Management Inc. boosted its holdings in Charles Schwab by 75.0% during the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 150 shares during the period. RMG Wealth Management LLC purchased a new position in Charles Schwab during the 2nd quarter valued at about $27,000. CBIZ Investment Advisory Services LLC boosted its holdings in Charles Schwab by 97.9% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 191 shares during the period. Stone House Investment Management LLC purchased a new position in Charles Schwab during the 1st quarter valued at about $31,000. Finally, Activest Wealth Management grew its position in shares of Charles Schwab by 6,650.0% during the first quarter. Activest Wealth Management now owns 405 shares of the financial services provider’s stock worth $32,000 after buying an additional 399 shares in the last quarter. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Charles Schwab Stock Performance

Shares of SCHW opened at $93.50 on Tuesday. The stock has a 50 day moving average price of $94.90 and a 200 day moving average price of $89.30. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $169.72 billion, a price-to-earnings ratio of 25.13, a price-to-earnings-growth ratio of 0.89 and a beta of 0.97. The Charles Schwab Corporation has a 52-week low of $65.88 and a 52-week high of $99.59.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The firm 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 firm’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.73 earnings per share. Research analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab announced that its Board of Directors has authorized 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 buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Charles Schwab Announces Dividend

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

Insider Transactions at Charles Schwab

In related news, insider Paul V. Woolway sold 3,290 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $96.06, for a total value of $316,037.40. Following the completion of the transaction, the insider directly owned 41,188 shares of the company’s stock, valued at $3,956,519.28. This represents a 7.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nigel J. Murtagh sold 24,096 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 58,999 shares of the company’s stock, valued at $5,776,592.09. This trade represents a 29.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,128 shares of company stock valued at $26,232,077 over the last three months. 6.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on SCHW. BMO Capital Markets began coverage on Charles Schwab in a research report on Friday, October 3rd. They set an “outperform” rating and a $110.00 price objective for the company. JMP Securities boosted their price objective on Charles Schwab from $106.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Monday, July 21st. Citigroup boosted their price objective on Charles Schwab from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, July 21st. Bank of America boosted their price objective on Charles Schwab from $84.00 to $86.00 and gave the stock an “underperform” rating in a research report on Thursday, October 2nd. Finally, Truist Financial set a $112.00 price objective on Charles Schwab in a research report on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.57.

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.