Pallas Capital Advisors LLC Sells 2,562 Shares of The Charles Schwab Corporation $SCHW

Pallas Capital Advisors LLC decreased its stake in The Charles Schwab Corporation (NYSE:SCHW) by 14.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,435 shares of the financial services provider’s stock after selling 2,562 shares during the period. Pallas Capital Advisors LLC’s holdings in Charles Schwab were worth $1,408,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Charles Schwab by 15.4% during the 1st quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider’s stock worth $11,616,380,000 after acquiring an additional 19,817,022 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Charles Schwab by 12.3% during the first 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. Northern Trust Corp boosted its stake in shares of Charles Schwab by 10.8% during the first quarter. Northern Trust Corp now owns 17,440,301 shares of the financial services provider’s stock valued at $1,365,227,000 after purchasing an additional 1,700,384 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Charles Schwab by 16.0% during the first quarter. Alliancebernstein L.P. now owns 17,115,759 shares of the financial services provider’s stock valued at $1,339,822,000 after purchasing an additional 2,355,309 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Charles Schwab by 5.0% during the first quarter. Invesco Ltd. now owns 15,586,450 shares of the financial services provider’s stock valued at $1,220,107,000 after purchasing an additional 743,906 shares in the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Charles Schwab Trading Up 1.3%

NYSE SCHW opened at $93.30 on Friday. The business has a 50 day simple moving average of $95.38 and a 200 day simple moving average of $87.13. The Charles Schwab Corporation has a one year low of $62.41 and a one year high of $99.59. The stock has a market capitalization of $169.35 billion, a P/E ratio of 25.08, a P/E/G ratio of 0.91 and a beta of 0.96. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.55 and a quick ratio of 0.55.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $5.85 billion for the quarter, compared to analysts’ expectations of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.73 EPS. Research analysts expect that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab declared that its Board of Directors has authorized a share repurchase 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 purchase up to 11.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Charles Schwab Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab’s payout ratio is 29.03%.

Insider Transactions at Charles Schwab

In other news, insider Jonathan S. Beatty sold 6,144 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $96.81, for a total value of $594,800.64. Following the completion of the sale, the insider directly owned 11,923 shares in the company, valued at $1,154,265.63. This trade represents a 34.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul V. Woolway sold 3,205 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $95.20, for a total value of $305,116.00. Following the completion of the transaction, the insider owned 37,983 shares in the company, valued at approximately $3,615,981.60. The trade was a 7.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,213 shares of company stock valued at $26,232,180. 6.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SCHW has been the subject of a number of research reports. JMP Securities raised their price objective on shares of Charles Schwab from $106.00 to $110.00 and gave the company a “market outperform” rating in a report on Monday, July 21st. Morgan Stanley upped their price target on shares of Charles Schwab from $117.00 to $131.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Raymond James Financial reissued an “outperform” rating and issued a $99.00 price objective on shares of Charles Schwab in a research note on Friday, July 18th. Bank of America boosted their price objective 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. Finally, Citigroup lifted their target price on Charles Schwab from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, July 21st. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $100.00.

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.