Courier Capital LLC Trims Stake in The Charles Schwab Corporation $SCHW

Courier Capital LLC reduced its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,746 shares of the financial services provider’s stock after selling 841 shares during the period. Courier Capital LLC’s holdings in Charles Schwab were worth $3,900,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SCHW. Brighton Jones LLC boosted 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 worth $1,794,000 after purchasing an additional 19,195 shares during the period. GAMMA Investing LLC boosted its position in shares of Charles Schwab by 28.2% during the first quarter. GAMMA Investing LLC now owns 27,122 shares of the financial services provider’s stock worth $2,123,000 after acquiring an additional 5,973 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Charles Schwab by 9.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,087,355 shares of the financial services provider’s stock worth $85,118,000 after acquiring an additional 95,336 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Charles Schwab during the first quarter worth $1,021,000. Finally, Ritholtz Wealth Management boosted its position in shares of Charles Schwab by 17.6% during the first quarter. Ritholtz Wealth Management now owns 20,662 shares of the financial services provider’s stock worth $1,617,000 after acquiring an additional 3,089 shares during the last quarter. 84.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SCHW. Bank of America upped their target price on shares of Charles Schwab from $84.00 to $86.00 and gave the stock an “underperform” rating in a research report on Thursday, October 2nd. JMP Securities upped their target price on shares of Charles Schwab from $106.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Monday, July 21st. Piper Sandler upped their target price on shares of Charles Schwab from $80.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 15th. Wells Fargo & Company set a $102.00 target price on shares of Charles Schwab and gave the stock an “overweight” rating in a research report on Friday, July 18th. Finally, William Blair lowered shares of Charles Schwab from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Charles Schwab currently has an average rating of “Moderate Buy” and a consensus price target of $100.57.

Insider Activity at Charles Schwab

In other Charles Schwab news, insider Jonathan S. Beatty sold 6,144 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $96.81, for a total transaction of $594,800.64. Following the transaction, the insider directly owned 11,923 shares in the company, valued at $1,154,265.63. This represents a 34.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the firm’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total transaction of $4,851,552.00. The disclosure for this sale can be found here. Insiders sold 267,128 shares of company stock worth $26,232,077 over the last quarter. Corporate insiders own 6.30% of the company’s stock.

Charles Schwab Trading Up 1.7%

Shares of SCHW opened at $93.50 on Tuesday. The Charles Schwab Corporation has a twelve month low of $65.88 and a twelve month high of $99.59. The company has a market cap of $169.72 billion, a P/E ratio of 25.13, a P/E/G ratio of 0.89 and a beta of 0.97. 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 company’s fifty day simple moving average is $94.90 and its 200-day simple moving average is $89.30.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. The company had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.64 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The firm’s revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 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, August 22nd. Shareholders of record on Friday, August 8th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, August 8th. Charles Schwab’s dividend payout ratio is presently 29.03%.

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

About Charles Schwab

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.