Resona Asset Management Co. Ltd. Grows Holdings in The Charles Schwab Corporation (NYSE:SCHW)

Resona Asset Management Co. Ltd. boosted its holdings in The Charles Schwab Corporation (NYSE:SCHW) by 16.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 556,333 shares of the financial services provider’s stock after purchasing an additional 78,665 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Charles Schwab were worth $43,508,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Atwood & Palmer Inc. purchased a new position in Charles Schwab during the 1st quarter worth $25,000. Westside Investment Management Inc. raised its position in Charles Schwab by 75.0% during the 1st quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock worth $27,000 after buying an additional 150 shares during the last quarter. Stone House Investment Management LLC purchased a new position in Charles Schwab during the 1st quarter worth $31,000. WFA Asset Management Corp purchased a new position in Charles Schwab during the 1st quarter worth $33,000. Finally, Cornerstone Planning Group LLC raised its position in Charles Schwab by 90.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 463 shares of the financial services provider’s stock worth $36,000 after buying an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on SCHW. Piper Sandler upped their price objective on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 15th. The Goldman Sachs Group raised shares of Charles Schwab from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Friday, April 25th. Cowen reaffirmed a “buy” rating on shares of Charles Schwab in a research note on Tuesday, May 20th. UBS Group upped their price target on shares of Charles Schwab from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, April 22nd. Finally, Bank of America upped their price target on shares of Charles Schwab from $83.00 to $84.00 and gave the stock an “underperform” rating in a research note on Monday, July 21st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $99.35.

Insider Activity at Charles Schwab

In other Charles Schwab news, insider Paul V. Woolway sold 3,290 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $96.06, for a total transaction of $316,037.40. Following the sale, the insider directly owned 41,188 shares of the company’s stock, valued at $3,956,519.28. This trade represents a 7.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paula A. Sneed sold 8,647 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $88.06, for a total transaction of $761,454.82. Following the sale, the director directly owned 105,654 shares in the company, valued at $9,303,891.24. This represents a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 308,016 shares of company stock worth $29,341,433 over the last three months. Company insiders own 6.30% of the company’s stock.

Charles Schwab Price Performance

Shares of NYSE SCHW opened at $97.67 on Tuesday. The Charles Schwab Corporation has a 52 week low of $61.16 and a 52 week high of $99.59. The stock has a market cap of $177.47 billion, a price-to-earnings ratio of 26.26, a PEG ratio of 0.93 and a beta of 0.96. The company’s 50-day moving average price is $92.34 and its 200 day moving average price is $84.51. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.53.

Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. Charles Schwab had a net margin of 33.68% and a return on equity of 19.73%. The company had revenue of $5.85 billion for the quarter, compared to analysts’ expectations of $5.64 billion. During the same period last year, the company earned $0.73 EPS. The firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. As a group, research analysts forecast that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, August 8th. Charles Schwab’s dividend payout ratio (DPR) is currently 29.03%.

Charles Schwab declared that its Board of Directors has authorized a stock buyback program on Thursday, July 24th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.