Public Sector Pension Investment Board Sells 65,321 Shares of The Charles Schwab Corporation (NYSE:SCHW)

Public Sector Pension Investment Board decreased its position in shares of The Charles Schwab Corporation (NYSE:SCHW) by 12.5% during the 1st quarter, Holdings Channel reports. The fund owned 455,604 shares of the financial services provider’s stock after selling 65,321 shares during the quarter. Public Sector Pension Investment Board’s holdings in Charles Schwab were worth $35,665,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Atwood & Palmer Inc. bought a new position in Charles Schwab in the first quarter valued at approximately $25,000. Westside Investment Management Inc. raised its holdings in shares of Charles Schwab by 75.0% in the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 150 shares during the last quarter. WFA Asset Management Corp acquired a new position in Charles Schwab during the first quarter worth $33,000. Cornerstone Planning Group LLC increased its holdings in Charles Schwab by 90.5% during the first 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 last quarter. Finally, Beacon Capital Management LLC increased its holdings in Charles Schwab by 53.1% during the first 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 last quarter. Institutional investors own 84.38% of the company’s stock.

Charles Schwab Stock Up 1.1%

Charles Schwab stock opened at $97.05 on Monday. The company has a market capitalization of $176.34 billion, a PE ratio of 26.09, a PEG ratio of 0.93 and a beta of 0.96. The firm’s fifty day moving average is $92.15 and its 200 day moving average is $84.40. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.53. The Charles Schwab Corporation has a 12-month low of $61.16 and a 12-month high of $99.59.

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

Charles Schwab Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders 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 yield of 1.1%. The ex-dividend date of this dividend is Friday, August 8th. Charles Schwab’s payout ratio is currently 29.03%.

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

Analyst Ratings Changes

SCHW has been the topic of several research reports. Cowen reiterated a “buy” rating on shares of Charles Schwab in a report on Tuesday, May 20th. Morgan Stanley upped their price objective on shares of Charles Schwab from $117.00 to $131.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. Piper Sandler increased their target price on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, July 15th. TD Securities increased 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. Finally, Keefe, Bruyette & Woods increased their target price on shares of Charles Schwab from $102.00 to $108.00 and gave the stock an “outperform” rating in a report on Monday, July 21st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and sixteen have given 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 price target of $99.35.

Insider Activity

In related news, insider Jonathan M. Craig sold 47,500 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $88.46, for a total transaction of $4,201,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nigel J. Murtagh sold 24,096 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following the transaction, the insider owned 58,999 shares of the company’s stock, valued at approximately $5,776,592.09. The trade was a 29.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 308,016 shares of company stock worth $29,341,433. Company insiders own 6.30% of the company’s stock.

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.