RFG Advisory LLC Raises Position in The Charles Schwab Corporation $SCHW

RFG Advisory LLC raised its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW) by 30.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,299 shares of the financial services provider’s stock after acquiring an additional 3,347 shares during the quarter. RFG Advisory LLC’s holdings in Charles Schwab were worth $1,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of 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 1st quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider’s stock worth $6,422,795,000 after acquiring an additional 8,954,248 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Charles Schwab by 10.8% during the 1st quarter. Northern Trust Corp now owns 17,440,301 shares of the financial services provider’s stock worth $1,365,227,000 after acquiring an additional 1,700,384 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Charles Schwab by 16.0% during the 1st quarter. Alliancebernstein L.P. now owns 17,115,759 shares of the financial services provider’s stock worth $1,339,822,000 after acquiring an additional 2,355,309 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Charles Schwab by 5.0% during the 1st quarter. Invesco Ltd. now owns 15,586,450 shares of the financial services provider’s stock worth $1,220,107,000 after acquiring an additional 743,906 shares during the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Insider Buying and Selling

In other Charles Schwab news, Chairman Walter W. Bettinger sold 173,876 shares of Charles Schwab stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total value of $17,185,903.84. Following the sale, the chairman directly owned 590,734 shares in the company, valued at approximately $58,388,148.56. The trade was a 22.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nigel J. Murtagh sold 24,096 shares of the business’s stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following the completion of the sale, the insider owned 58,999 shares in the company, valued at approximately $5,776,592.09. This trade represents a 29.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,128 shares of company stock worth $26,232,077 in the last 90 days. 6.30% of the stock is owned by company insiders.

Charles Schwab Stock Performance

Shares of NYSE SCHW opened at $93.38 on Friday. 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 company has a market cap of $169.51 billion, a P/E ratio of 25.10, a P/E/G ratio of 0.89 and a beta of 0.97. The firm’s fifty day moving average is $94.74 and its two-hundred day moving average is $89.47. The Charles Schwab Corporation has a 52-week low of $65.88 and a 52-week high of $99.59.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.06. The company had revenue of $6.14 billion for the quarter, compared to the consensus estimate of $5.93 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. Charles Schwab’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.71 EPS. As a group, analysts anticipate that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab announced that its board has authorized a share repurchase program 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 repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Charles Schwab Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on SCHW. JMP Securities lifted their price target on shares of Charles Schwab from $106.00 to $110.00 and gave the stock a “market outperform” rating in a research note on Monday, July 21st. Bank of America raised their price objective on shares of Charles Schwab from $84.00 to $86.00 and gave the company an “underperform” rating in a research report on Thursday, October 2nd. Morgan Stanley decreased their price objective on shares of Charles Schwab to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Charles Schwab from $114.00 to $113.00 and set a “buy” rating on the stock in a research report on Tuesday, September 16th. Finally, Truist Financial set a $112.00 price objective on shares of Charles Schwab in a research report on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.85.

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.