New York Life Investment Management LLC Trims Stock Position in The Charles Schwab Corporation $SCHW

New York Life Investment Management LLC lowered its stake in shares of The Charles Schwab Corporation (NYSE:SCHW) by 6.6% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 232,276 shares of the financial services provider’s stock after selling 16,510 shares during the period. New York Life Investment Management LLC’s holdings in Charles Schwab were worth $21,193,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC raised its stake in shares of Charles Schwab by 26.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 190,538 shares of the financial services provider’s stock valued at $17,387,000 after buying an additional 40,275 shares during the last quarter. Bain Capital Public Equity Management II LLC purchased a new position in shares of Charles Schwab in the 1st quarter valued at about $79,605,000. Independent Advisor Alliance increased its stake in shares of Charles Schwab by 13.8% in the 1st quarter. Independent Advisor Alliance now owns 39,103 shares of the financial services provider’s stock valued at $3,061,000 after purchasing an additional 4,754 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Charles Schwab by 6.2% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,181,563 shares of the financial services provider’s stock valued at $92,493,000 after purchasing an additional 68,858 shares in the last quarter. Finally, PFG Investments LLC increased its stake in shares of Charles Schwab by 10.2% in the 2nd quarter. PFG Investments LLC now owns 5,951 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Charles Schwab Price Performance

NYSE:SCHW opened at $94.76 on Tuesday. The Charles Schwab Corporation has a 12 month low of $65.88 and a 12 month high of $99.59. The stock has a 50 day moving average of $94.40 and a two-hundred day moving average of $90.73. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47. The firm has a market cap of $172.01 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 0.85 and a beta of 0.97.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.25 by $0.06. Charles Schwab had a return on equity of 21.26% and a net margin of 35.93%.The company had revenue of $6.14 billion during the quarter, compared to analyst estimates of $5.93 billion. During the same period in the previous year, the business earned $0.71 EPS. Charles Schwab’s quarterly revenue was up 26.6% on a year-over-year basis. On average, analysts expect that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

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

Charles Schwab announced that its board has initiated a share repurchase plan on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SCHW shares. JPMorgan Chase & Co. lifted their price target on Charles Schwab from $119.00 to $121.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Piper Sandler restated a “neutral” rating on shares of Charles Schwab in a research note on Tuesday, October 14th. Citigroup lifted their price target on Charles Schwab from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, July 21st. Cowen restated a “buy” rating on shares of Charles Schwab in a research note on Friday, October 17th. Finally, BMO Capital Markets started coverage on Charles Schwab in a research note on Friday, October 3rd. They issued an “outperform” rating and a $110.00 price target for the company. One equities research 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 given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $106.00.

Insider Activity

In other news, insider Jonathan S. Beatty sold 6,144 shares of the company’s stock in a transaction that occurred on 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 represents a 34.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total value of $4,851,552.00. The disclosure for this sale can be found here. Insiders sold 69,156 shares of company stock worth $6,686,934 over the last ninety days. Corporate insiders own 6.30% of the company’s stock.

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.