VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in The Charles Schwab Corporation $SCHW

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of The Charles Schwab Corporation (NYSE:SCHW) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 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 made changes to their positions in SCHW. Pine Haven Investment Counsel Inc boosted its holdings in Charles Schwab by 0.3% during the second quarter. Pine Haven Investment Counsel Inc now owns 41,793 shares of the financial services provider’s stock worth $3,813,000 after purchasing an additional 110 shares during the last quarter. Traveka Wealth LLC boosted its holdings in Charles Schwab by 4.3% during the second quarter. Traveka Wealth LLC now owns 2,841 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 117 shares during the last quarter. Tlwm boosted its holdings in Charles Schwab by 0.7% during the second quarter. Tlwm now owns 17,687 shares of the financial services provider’s stock worth $1,614,000 after purchasing an additional 120 shares during the last quarter. Bank of Stockton boosted its holdings in Charles Schwab by 1.2% during the second quarter. Bank of Stockton now owns 10,593 shares of the financial services provider’s stock worth $967,000 after purchasing an additional 123 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC boosted its holdings in Charles Schwab by 1.6% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,986 shares of the financial services provider’s stock worth $625,000 after purchasing an additional 129 shares during the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Charles Schwab Stock Performance

NYSE SCHW opened at $94.17 on Monday. The company’s 50 day moving average is $94.68 and its 200-day moving average is $89.76. The Charles Schwab Corporation has a 12-month low of $65.88 and a 12-month high of $99.59. 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 firm has a market cap of $170.93 billion, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 0.88 and a beta of 0.97.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.06. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The company had revenue of $6.14 billion for the quarter, compared to analyst estimates of $5.93 billion. During the same quarter in the previous year, the firm posted $0.71 earnings per share. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. Sell-side analysts predict that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were given a $0.27 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. Charles Schwab’s payout ratio is 25.29%.

Charles Schwab announced that its board 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 reacquire up to 11.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on SCHW. Piper Sandler restated a “neutral” rating on shares of Charles Schwab in a report on Tuesday, October 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Charles Schwab in a report on Wednesday, October 8th. BMO Capital Markets assumed coverage on shares of Charles Schwab in a report on Friday, October 3rd. They set an “outperform” rating and a $110.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $110.00 price objective on shares of Charles Schwab in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Charles Schwab from $119.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $104.70.

Insider Buying and Selling

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of the business’s stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total value of $4,851,552.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul V. Woolway sold 3,205 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $3,245,830.74. This trade represents a 8.44% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,128 shares of company stock valued at $26,232,077. Corporate insiders own 6.30% of the company’s stock.

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.