Pinnacle Associates Ltd. Has $1.83 Million Stock Holdings in The Charles Schwab Corporation (NYSE:SCHW)

Pinnacle Associates Ltd. decreased its position in shares of The Charles Schwab Corporation (NYSE:SCHW) by 3.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 23,388 shares of the financial services provider’s stock after selling 793 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Charles Schwab were worth $1,831,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Atwood & Palmer Inc. acquired a new stake in Charles Schwab in the first quarter worth about $25,000. Westside Investment Management Inc. grew its position in shares of 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 period. WFA Asset Management Corp acquired a new position in shares of Charles Schwab during the 1st quarter worth about $33,000. Cornerstone Planning Group LLC grew its position in shares of 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 period. Finally, Beacon Capital Management LLC grew its position in shares of Charles Schwab by 53.1% during the 1st quarter. Beacon Capital Management LLC now owns 487 shares of the financial services provider’s stock worth $38,000 after buying an additional 169 shares during the period. Institutional investors and hedge funds own 84.38% of the company’s stock.

Charles Schwab Stock Up 0.6%

NYSE:SCHW opened at $97.05 on Friday. The firm has a market capitalization of $176.33 billion, a price-to-earnings ratio of 26.09, a price-to-earnings-growth ratio of 0.93 and a beta of 0.93. The Charles Schwab Corporation has a twelve month low of $61.15 and a twelve month high of $98.28. The stock’s 50 day moving average price is $90.34 and its two-hundred day moving average price is $82.88. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.53.

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

Charles Schwab Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Friday, August 8th. Charles Schwab’s payout ratio is presently 29.03%.

Charles Schwab declared that its board has authorized a share repurchase program on Thursday, July 24th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SCHW. JPMorgan Chase & Co. boosted their target price on Charles Schwab from $92.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 21st. Barclays lifted their price objective on Charles Schwab from $106.00 to $113.00 and gave the company an “overweight” rating in a report on Friday, July 18th. UBS Group lifted their price objective on Charles Schwab from $95.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, April 22nd. William Blair cut Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 3rd. Finally, Bank of America lifted their price objective on Charles Schwab from $83.00 to $84.00 and gave the company an “underperform” rating in a report on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.65.

Insider Buying and Selling at Charles Schwab

In related news, insider Nigel J. Murtagh sold 20,872 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider directly owned 58,999 shares of the company’s stock, valued at approximately $5,310,499.99. The trade was a 26.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul V. Woolway sold 10,129 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $90.01, for a total value of $911,711.29. Following the transaction, the insider directly owned 39,154 shares in the company, valued at $3,524,251.54. The trade was a 20.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 116,313 shares of company stock worth $10,264,091 in the last three months. 6.30% of the stock is owned by insiders.

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.