Lakewood Capital Management LP purchased a new position in shares of The Charles Schwab Corporation (NYSE:SCHW – Free Report) during the second quarter, HoldingsChannel reports. The institutional investor purchased 134,000 shares of the financial services provider’s stock, valued at approximately $30,390,000. Charles Schwab accounts for 1.6% of Lakewood Capital Management LP’s investment portfolio, making the stock its 25th biggest position.
Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its stake 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 valued at $1,794,000 after acquiring an additional 19,195 shares during the last quarter. Sivia Capital Partners LLC boosted its position in shares of Charles Schwab by 21.6% in the second quarter. Sivia Capital Partners LLC now owns 4,553 shares of the financial services provider’s stock worth $415,000 after acquiring an additional 809 shares during the last quarter. United Bank boosted its position in shares of Charles Schwab by 7.1% in the second quarter. United Bank now owns 16,053 shares of the financial services provider’s stock worth $1,465,000 after acquiring an additional 1,070 shares during the last quarter. Nebula Research & Development LLC purchased a new stake in Charles Schwab in the second quarter valued at approximately $552,000. Finally, Main Street Financial Solutions LLC grew its holdings in Charles Schwab by 4.7% in the second quarter. Main Street Financial Solutions LLC now owns 6,828 shares of the financial services provider’s stock valued at $623,000 after purchasing an additional 305 shares during the period. Institutional investors and hedge funds own 84.38% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Charles Schwab in a research note on Thursday, June 18th. BMO Capital Markets cut shares of Charles Schwab from an “outperform” rating to a “market perform” rating and set a $105.00 price objective for the company. in a research note on Monday, July 20th. Piper Sandler set a $118.00 price objective on Charles Schwab in a report on Tuesday, July 21st. Wolfe Research reaffirmed an “outperform” rating and issued a $127.00 target price on shares of Charles Schwab in a research report on Tuesday, July 21st. Finally, Barclays lifted their target price on Charles Schwab from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $121.17.
Charles Schwab Trading Up 1.2%
NYSE SCHW opened at $113.63 on Tuesday. The Charles Schwab Corporation has a one year low of $83.96 and a one year high of $114.53. The company’s 50 day moving average price is $102.05 and its 200 day moving average price is $96.16. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.64 and a current ratio of 0.64. The firm has a market capitalization of $196.51 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 0.84 and a beta of 0.76.
Charles Schwab (NYSE:SCHW – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.06. Charles Schwab had a net margin of 38.79% and a return on equity of 24.53%. The firm had revenue of $7.07 billion for the quarter, compared to analysts’ expectations of $6.90 billion. During the same period in the previous year, the company posted $1.14 earnings per share. Charles Schwab’s revenue was up 20.9% compared to the same quarter last year. On average, sell-side analysts predict that The Charles Schwab Corporation will post 6.46 EPS for the current year.
Charles Schwab Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a dividend of $0.32 per share. The ex-dividend date is Friday, August 14th. This represents a $1.28 annualized dividend and a dividend yield of 1.1%. Charles Schwab’s payout ratio is presently 23.27%.
Insider Buying and Selling at Charles Schwab
In other Charles Schwab news, insider Nigel J. Murtagh sold 32,947 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $104.01, for a total transaction of $3,426,817.47. Following the transaction, the insider owned 57,972 shares in the company, valued at $6,029,667.72. The trade was a 36.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Peter J. Morgan III sold 6,952 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $102.03, for a total value of $709,312.56. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 398,984 shares of company stock worth $41,699,569. Corporate insiders own 6.30% of the company’s stock.
About Charles Schwab
Charles Schwab Corporation (NYSE: SCHW) is a diversified financial services firm that provides brokerage, banking, wealth management and advisory services to individual investors, independent investment advisors and institutional clients. Its primary offerings include retail brokerage accounts, online trading platforms, Schwab-branded mutual funds and exchange-traded funds (ETFs), retirement plan services, custodial services for independent Registered Investment Advisors (RIAs), and banking products through Charles Schwab Bank.
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