Patten & Patten Inc. TN Has $9.74 Million Stock Position in The Charles Schwab Corporation $SCHW

Patten & Patten Inc. TN grew its stake in shares of The Charles Schwab Corporation (NYSE:SCHW) by 0.2% during the 2nd quarter, Holdings Channel reports. The firm owned 106,724 shares of the financial services provider’s stock after buying an additional 213 shares during the period. Patten & Patten Inc. TN’s holdings in Charles Schwab were worth $9,737,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SCHW. Brighton Jones LLC increased its position in shares of Charles Schwab by 380.5% during the 4th quarter. Brighton Jones LLC now owns 24,240 shares of the financial services provider’s stock worth $1,794,000 after purchasing an additional 19,195 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Charles Schwab by 28.2% during the 1st quarter. GAMMA Investing LLC now owns 27,122 shares of the financial services provider’s stock worth $2,123,000 after acquiring an additional 5,973 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Charles Schwab by 9.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,087,355 shares of the financial services provider’s stock worth $85,118,000 after acquiring an additional 95,336 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Charles Schwab during the 1st quarter worth approximately $1,021,000. Finally, Cyndeo Wealth Partners LLC increased its holdings in shares of Charles Schwab by 4.6% during the 1st quarter. Cyndeo Wealth Partners LLC now owns 3,763 shares of the financial services provider’s stock worth $295,000 after acquiring an additional 166 shares during the last quarter. Institutional investors and hedge funds own 84.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on SCHW shares. Keefe, Bruyette & Woods boosted their target price on Charles Schwab from $102.00 to $108.00 and gave the stock an “outperform” rating in a report on Monday, July 21st. Barclays reissued an “overweight” rating and set a $114.00 target price on shares of Charles Schwab in a report on Wednesday, October 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Charles Schwab in a report on Wednesday, October 8th. Morgan Stanley decreased their target price on Charles Schwab to $130.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Finally, Citigroup boosted their target price on Charles Schwab from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Charles Schwab presently has an average rating of “Moderate Buy” and a consensus price target of $101.85.

Charles Schwab Stock Performance

Shares of NYSE SCHW opened at $94.51 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.55 and a quick ratio of 0.55. The stock’s fifty day moving average price is $94.79 and its two-hundred day moving average price is $89.37. The Charles Schwab Corporation has a one year low of $65.88 and a one year high of $99.59. The firm has a market cap of $171.55 billion, a price-to-earnings ratio of 25.41, a P/E/G ratio of 0.89 and a beta of 0.97.

Charles Schwab (NYSE:SCHW) last issued its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.14 EPS 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 for the quarter, compared to analyst estimates of $5.64 billion. During the same period in the prior year, the firm posted $0.73 EPS. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. On average, equities analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Dividend Announcement

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

Charles Schwab announced that its board has authorized a share repurchase plan on Thursday, July 24th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other 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 approximately $58,388,148.56. This represents a 22.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Nigel J. Murtagh sold 24,096 shares of the company’s 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 owned 58,999 shares of the company’s stock, valued at approximately $5,776,592.09. The trade was a 29.00% 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 worth $26,232,077. 6.30% of the stock is owned by insiders.

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.