Verity Asset Management Inc. Sells 7,733 Shares of The Charles Schwab Corporation $SCHW

Verity Asset Management Inc. lessened its position in The Charles Schwab Corporation (NYSE:SCHW) by 51.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,191 shares of the financial services provider’s stock after selling 7,733 shares during the period. Verity Asset Management Inc.’s holdings in Charles Schwab were worth $656,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SCHW. Vanguard Group Inc. grew its holdings in Charles Schwab by 15.4% during the first quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider’s stock worth $11,616,380,000 after purchasing an additional 19,817,022 shares during the period. Wellington Management Group LLP boosted its stake in shares of Charles Schwab by 595.7% during the 1st quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider’s stock worth $1,212,461,000 after acquiring an additional 13,262,309 shares during the period. Primecap Management Co. CA boosted its stake in shares of Charles Schwab by 229.3% during the 1st quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider’s stock worth $1,096,083,000 after acquiring an additional 9,749,728 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Charles Schwab by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider’s stock worth $6,422,795,000 after acquiring an additional 8,954,248 shares during the period. Finally, Nuveen LLC bought a new position in shares of Charles Schwab during the 1st quarter worth approximately $440,699,000. Institutional investors own 84.38% of the company’s stock.

Charles Schwab Stock Performance

NYSE SCHW opened at $94.62 on Monday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $171.75 billion, a P/E ratio of 22.16, a P/E/G ratio of 0.85 and a beta of 0.97. The Charles Schwab Corporation has a 12-month low of $65.88 and a 12-month high of $99.59. The firm has a 50-day moving average price of $94.29 and a two-hundred day moving average price of $91.35.

Charles Schwab (NYSE:SCHW) last released its earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.06. Charles Schwab had a return on equity of 21.26% and a net margin of 35.93%.The firm had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.93 billion. During the same period in the prior year, the company posted $0.71 EPS. The company’s revenue was up 26.6% compared to the same quarter last year. Analysts anticipate that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a $0.27 dividend. The ex-dividend date of this dividend 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 declared that its board has approved a stock repurchase plan on Thursday, July 24th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. TD Cowen lifted their price objective on shares of Charles Schwab from $129.00 to $134.00 and gave the stock a “buy” rating in a research report on Friday, October 17th. Wells Fargo & Company set a $102.00 target price on shares of Charles Schwab and gave the stock an “overweight” rating in a report on Friday, July 18th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Charles Schwab from $119.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Truist Financial lifted their target price on shares of Charles Schwab from $112.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Finally, Raymond James Financial restated an “outperform” rating and set a $99.00 price objective on shares of Charles Schwab in a report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Charles Schwab has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

Insider Transactions at Charles Schwab

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total value of $4,851,552.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jonathan S. Beatty sold 6,144 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $96.81, for a total value of $594,800.64. Following the completion of the transaction, the insider owned 11,923 shares of the company’s stock, valued at $1,154,265.63. The trade was a 34.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 65,866 shares of company stock valued at $6,370,897. 6.30% of the stock is currently 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.