Welch & Forbes LLC Increases Stock Holdings in The Charles Schwab Corporation $SCHW

Welch & Forbes LLC lifted its position in The Charles Schwab Corporation (NYSE:SCHW) by 13.4% in the second quarter, HoldingsChannel reports. The firm owned 4,657 shares of the financial services provider’s stock after buying an additional 550 shares during the period. Welch & Forbes LLC’s holdings in Charles Schwab were worth $425,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Pine Haven Investment Counsel Inc grew its holdings in shares of Charles Schwab by 0.3% in the second quarter. Pine Haven Investment Counsel Inc now owns 41,793 shares of the financial services provider’s stock valued at $3,813,000 after purchasing an additional 110 shares during the period. Principle Wealth Partners LLC grew its holdings in shares of Charles Schwab by 2.0% in the second quarter. Principle Wealth Partners LLC now owns 5,890 shares of the financial services provider’s stock valued at $537,000 after purchasing an additional 113 shares during the period. Traveka Wealth LLC lifted its position in Charles Schwab by 4.3% in the second quarter. Traveka Wealth LLC now owns 2,841 shares of the financial services provider’s stock valued at $259,000 after buying an additional 117 shares during the last quarter. Leavell Investment Management Inc. lifted its position in Charles Schwab by 1.0% in the second quarter. Leavell Investment Management Inc. now owns 12,173 shares of the financial services provider’s stock valued at $1,111,000 after buying an additional 118 shares during the last quarter. Finally, Tlwm lifted its position in Charles Schwab by 0.7% in the second quarter. Tlwm now owns 17,687 shares of the financial services provider’s stock valued at $1,614,000 after buying an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Truist Financial upped their target price on shares of Charles Schwab from $112.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, October 17th. Citigroup upped their target price on shares of Charles Schwab from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Charles Schwab from $119.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, October 17th. BMO Capital Markets assumed coverage on shares of Charles Schwab in a research report on Friday, October 3rd. They issued an “outperform” rating and a $110.00 target price on the stock. Finally, Morgan Stanley upped their target price on shares of Charles Schwab from $130.00 to $139.00 and gave the company an “overweight” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Charles Schwab presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.45.

Insider Transactions at Charles Schwab

In related news, insider Jonathan S. Beatty sold 6,144 shares of the firm’s stock in a transaction that occurred 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 sale, the insider owned 11,923 shares of the company’s stock, valued at $1,154,265.63. This trade represents a 34.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul V. Woolway sold 3,205 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $93.33, for a total transaction of $299,122.65. Following the completion of the sale, the insider directly owned 34,778 shares in the company, valued at approximately $3,245,830.74. This trade represents a 8.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 65,866 shares of company stock valued at $6,370,897. 6.30% of the stock is currently owned by corporate insiders.

Charles Schwab Stock Down 1.4%

Shares of SCHW opened at $93.18 on Tuesday. The stock has a market capitalization of $169.15 billion, a PE ratio of 21.82, a P/E/G ratio of 0.85 and a beta of 0.97. The Charles Schwab Corporation has a 1 year low of $65.88 and a 1 year high of $99.59. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.55 and a current ratio of 0.55. The company’s 50-day simple moving average is $94.23 and its 200-day simple moving average is $91.46.

Charles Schwab (NYSE:SCHW) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.06. The business had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $5.93 billion. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The business’s quarterly revenue was up 26.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.71 earnings per share. Analysts forecast that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, November 14th. Charles Schwab’s dividend payout ratio is currently 25.29%.

Charles Schwab announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 24th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.