Whalen Wealth Management Inc. Acquires New Holdings in The Charles Schwab Corporation $SCHW

Whalen Wealth Management Inc. acquired a new stake in The Charles Schwab Corporation (NYSE:SCHW) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 7,089 shares of the financial services provider’s stock, valued at approximately $647,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SCHW. Vanguard Group Inc. lifted its holdings in Charles Schwab by 15.4% in the 1st quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider’s stock valued at $11,616,380,000 after purchasing an additional 19,817,022 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Charles Schwab by 595.7% in the 1st quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider’s stock valued at $1,212,461,000 after purchasing an additional 13,262,309 shares in the last quarter. Primecap Management Co. CA lifted its holdings in Charles Schwab by 229.3% in the 1st quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider’s stock valued at $1,096,083,000 after purchasing an additional 9,749,728 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Charles Schwab by 12.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider’s stock valued at $6,422,795,000 after purchasing an additional 8,954,248 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Charles Schwab in the 1st quarter valued at about $440,699,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Charles Schwab Trading Down 1.1%

NYSE SCHW opened at $93.78 on Wednesday. The Charles Schwab Corporation has a one year low of $65.88 and a one year high of $99.59. The company’s 50 day moving average price is $94.36 and its 200 day moving average price is $90.87. 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 firm has a market capitalization of $170.23 billion, a price-to-earnings ratio of 21.96, a PEG ratio of 0.85 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 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 firm had revenue of $6.14 billion for the quarter, compared to analyst estimates of $5.93 billion. During the same quarter last year, the firm posted $0.71 earnings per share. Charles Schwab’s revenue for the quarter was up 26.6% compared to the same quarter last year. On average, sell-side analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab announced that its Board of Directors has initiated a stock 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 reacquire up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.27 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.08 annualized dividend and a yield of 1.2%. Charles Schwab’s dividend payout ratio (DPR) is presently 25.29%.

Insider Activity at Charles Schwab

In other Charles Schwab news, insider Paul V. Woolway sold 3,290 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $96.06, for a total value of $316,037.40. Following the completion of the sale, the insider owned 41,188 shares of the company’s stock, valued at $3,956,519.28. This trade represents a 7.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total transaction of $4,851,552.00. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 69,156 shares of company stock worth $6,686,934. Company insiders own 6.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on SCHW shares. BMO Capital Markets assumed coverage on shares of Charles Schwab in a report on Friday, October 3rd. They issued an “outperform” rating and a $110.00 target price on the stock. JMP Securities reiterated a “market outperform” rating and set a $110.00 price objective on shares of Charles Schwab in a report on Friday, October 17th. Truist Financial increased their price objective on shares of Charles Schwab from $112.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Piper Sandler reiterated a “neutral” rating on shares of Charles Schwab in a report on Tuesday, October 14th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $114.00 price objective on shares of Charles Schwab in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $106.00.

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.