Wrapmanager Inc. Takes $509,000 Position in The Charles Schwab Corporation $SCHW

Wrapmanager Inc. acquired a new position in The Charles Schwab Corporation (NYSE:SCHW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,584 shares of the financial services provider’s stock, valued at approximately $509,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SCHW. Princeton Global Asset Management LLC acquired a new position in shares of Charles Schwab during the 2nd quarter worth $25,000. RMG Wealth Management LLC bought a new stake in Charles Schwab in the second quarter worth $27,000. Mid American Wealth Advisory Group Inc. bought a new stake in Charles Schwab in the second quarter worth $32,000. Hoese & Co LLP increased its position in Charles Schwab by 131.6% during the second quarter. Hoese & Co LLP now owns 352 shares of the financial services provider’s stock worth $32,000 after buying an additional 200 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC raised its holdings in Charles Schwab by 97.9% during the first quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock valued at $30,000 after buying an additional 191 shares in the last quarter. Institutional investors own 84.38% of the company’s stock.

Insider Activity

In other news, insider Paul V. Woolway sold 3,205 shares of the company’s stock in a transaction dated 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 transaction, the insider owned 34,778 shares of the company’s stock, valued at approximately $3,245,830.74. This represents a 8.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan S. Beatty sold 6,144 shares of the business’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $96.81, for a total value of $594,800.64. Following the transaction, the insider owned 11,923 shares in the company, valued at $1,154,265.63. This represents a 34.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 65,866 shares of company stock valued at $6,370,897. Insiders own 6.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SCHW. BMO Capital Markets initiated coverage on Charles Schwab in a research note on Friday, October 3rd. They set an “outperform” rating and a $110.00 price target for the company. Piper Sandler restated a “neutral” rating on shares of Charles Schwab in a report on Tuesday, October 14th. Citigroup increased their price target on Charles Schwab from $105.00 to $110.00 and gave the company a “buy” rating in a report on Monday, July 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Charles Schwab in a research report on Wednesday, October 8th. Finally, Bank of America upped their price objective on shares of Charles Schwab from $84.00 to $86.00 and gave the stock an “underperform” rating in a report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Charles Schwab presently has an average rating of “Moderate Buy” and an average price target of $106.45.

Charles Schwab Stock Down 2.4%

Shares of SCHW stock opened at $95.33 on Friday. 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 $169.40 billion, a PE ratio of 22.33, a price-to-earnings-growth ratio of 0.85 and a beta of 1.02. The stock has a 50 day moving average of $94.01 and a 200-day moving average of $92.25.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.06. The business had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $5.93 billion. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. Charles Schwab’s quarterly revenue was up 26.6% on a year-over-year basis. During the same quarter last year, the company posted $0.71 earnings per share. On average, equities 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 allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Charles Schwab Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, November 14th. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. Charles Schwab’s payout ratio is presently 25.29%.

Charles Schwab 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.