Persistent Asset Partners Ltd Takes Position in The Charles Schwab Corporation $SCHW

Persistent Asset Partners Ltd purchased a new position in shares of The Charles Schwab Corporation (NYSE:SCHW) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 7,043 shares of the financial services provider’s stock, valued at approximately $643,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SCHW. Princeton Global Asset Management LLC bought a new position in Charles Schwab during the second quarter worth about $25,000. RMG Wealth Management LLC purchased a new stake in shares of Charles Schwab during the 2nd quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC boosted its holdings in Charles Schwab by 97.9% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock worth $30,000 after buying an additional 191 shares during the period. Stone House Investment Management LLC purchased a new position in Charles Schwab in the 1st quarter valued at approximately $31,000. Finally, Activest Wealth Management raised its holdings in Charles Schwab by 6,650.0% during the 1st quarter. Activest Wealth Management now owns 405 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 399 shares during the period. 84.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SCHW shares. Bank of America lifted their price target on Charles Schwab from $84.00 to $86.00 and gave the company an “underperform” rating in a research report on Thursday, October 2nd. Zacks Research lowered Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. Barclays increased their price target on shares of Charles Schwab from $114.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Charles Schwab in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Charles Schwab from $119.00 to $121.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $106.45.

Insider Buying and Selling

In related 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul V. Woolway sold 3,205 shares of Charles Schwab stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $93.33, for a total value of $299,122.65. Following the sale, the insider directly owned 34,778 shares of the company’s stock, valued at approximately $3,245,830.74. This trade represents a 8.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 68,938 shares of company stock worth $6,671,953. Corporate insiders own 6.30% of the company’s stock.

Charles Schwab Stock Down 1.0%

Shares of NYSE SCHW opened at $94.37 on Friday. 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 business has a 50-day moving average of $94.06 and a 200-day moving average of $92.43. The firm has a market capitalization of $167.70 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 0.85 and a beta of 1.02. The Charles Schwab Corporation has a 12 month low of $65.88 and a 12 month high of $99.59.

Charles Schwab (NYSE:SCHW) last announced its earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.06. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The business had revenue of $6.38 billion during the quarter, compared to analyst estimates of $5.93 billion. During the same period in the previous year, the business posted $0.71 earnings per share. Charles Schwab’s revenue for the quarter was up 26.6% on a year-over-year basis. Sell-side analysts expect that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.27 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.08 annualized dividend and a yield of 1.1%. Charles Schwab’s payout ratio is 25.29%.

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