The Charles Schwab Corporation (NYSE:SCHW) Stock Position Lessened by Provident Trust Co.

Provident Trust Co. lowered its stake in The Charles Schwab Corporation (NYSE:SCHW) by 1.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,597,735 shares of the financial services provider’s stock after selling 48,343 shares during the quarter. Charles Schwab accounts for 6.7% of Provident Trust Co.’s portfolio, making the stock its 7th largest position. Provident Trust Co. owned about 0.25% of Charles Schwab worth $359,911,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its position in shares of Charles Schwab by 380.5% in the fourth 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 in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Charles Schwab in the fourth quarter valued at about $441,000. Catalyst Funds Management Pty Ltd purchased a new position in shares of Charles Schwab in the fourth quarter valued at about $207,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Charles Schwab by 40.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 164,133 shares of the financial services provider’s stock worth $12,148,000 after purchasing an additional 47,380 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in Charles Schwab by 31.7% in the 4th quarter. Corient Private Wealth LLC now owns 837,432 shares of the financial services provider’s stock worth $61,939,000 after purchasing an additional 201,752 shares in the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Analyst Ratings Changes

SCHW has been the topic of several research analyst reports. TD Securities boosted their target price on shares of Charles Schwab from $95.00 to $113.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. Wells Fargo & Company boosted their price target on shares of Charles Schwab from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler boosted their price target on shares of Charles Schwab from $74.00 to $80.00 in a research note on Thursday, April 17th. JMP Securities boosted their target price on Charles Schwab from $94.00 to $106.00 and gave the stock a “market outperform” rating in a research report on Monday. Finally, Truist Financial boosted their target price on Charles Schwab from $97.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Charles Schwab has an average rating of “Moderate Buy” and an average price target of $93.30.

Insiders Place Their Bets

In other Charles Schwab news, General Counsel Peter J. Morgan III sold 10,176 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $87.39, for a total value of $889,280.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nigel J. Murtagh sold 20,872 shares of the company’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $90.01, for a total transaction of $1,878,688.72. Following the completion of the transaction, the insider owned 58,999 shares in the company, valued at approximately $5,310,499.99. The trade was a 26.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 119,905 shares of company stock valued at $10,530,833. Insiders own 6.30% of the company’s stock.

Charles Schwab Trading Up 0.8%

Shares of SCHW opened at $92.75 on Tuesday. The Charles Schwab Corporation has a twelve month low of $61.01 and a twelve month high of $93.35. The company has a market cap of $168.52 billion, a P/E ratio of 28.11, a P/E/G ratio of 0.97 and a beta of 0.93. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.53. The company’s fifty day simple moving average is $88.72 and its 200-day simple moving average is $81.62.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.03. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.46 billion. Charles Schwab had a net margin of 31.71% and a return on equity of 18.31%. During the same period in the prior year, the company posted $0.74 EPS. As a group, analysts expect that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were paid a $0.27 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.08 dividend on an annualized basis and a yield of 1.16%. Charles Schwab’s payout ratio is 32.73%.

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.