Convergence Investment Partners LLC Grows Stake in The Charles Schwab Corporation $SCHW

Convergence Investment Partners LLC raised its holdings in The Charles Schwab Corporation (NYSE:SCHW) by 39.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,293 shares of the financial services provider’s stock after buying an additional 9,937 shares during the quarter. Convergence Investment Partners LLC’s holdings in Charles Schwab were worth $3,317,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC lifted its stake in 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 acquiring an additional 19,195 shares during the period. Sivia Capital Partners LLC increased its position in Charles Schwab by 21.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,553 shares of the financial services provider’s stock valued at $415,000 after purchasing an additional 809 shares during the period. United Bank raised its holdings in Charles Schwab by 7.1% in the 2nd quarter. United Bank now owns 16,053 shares of the financial services provider’s stock worth $1,465,000 after purchasing an additional 1,070 shares in the last quarter. Nebula Research & Development LLC bought a new position in Charles Schwab in the 2nd quarter worth $552,000. Finally, Main Street Financial Solutions LLC lifted its position in shares of Charles Schwab by 4.7% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,828 shares of the financial services provider’s stock worth $623,000 after purchasing an additional 305 shares during the period. 84.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SCHW has been the topic of a number of research reports. Zacks Research raised shares of Charles Schwab from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 9th. Piper Sandler increased their price target on shares of Charles Schwab from $105.00 to $112.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Jefferies Financial Group lowered their price objective on shares of Charles Schwab from $122.00 to $118.00 and set a “buy” rating for the company in a report on Monday, April 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Charles Schwab in a research report on Thursday, June 18th. Finally, Argus set a $108.00 target price on Charles Schwab in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.65.

Insider Activity

In other Charles Schwab news, insider Jonathan S. Beatty sold 2,000 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $100.01, for a total value of $200,020.00. Following the sale, the insider owned 13,738 shares in the company, valued at approximately $1,373,937.38. This represents a 12.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank C. Herringer sold 2,520 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $90.60, for a total transaction of $228,312.00. Following the transaction, the director directly owned 177,508 shares of the company’s stock, valued at $16,082,224.80. This represents a 1.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,520 shares of company stock worth $622,392 in the last three months. 6.30% of the stock is currently owned by insiders.

Charles Schwab Stock Performance

Shares of SCHW stock opened at $102.92 on Tuesday. The Charles Schwab Corporation has a 12 month low of $83.96 and a 12 month high of $107.50. The stock has a market cap of $178.99 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 0.85 and a beta of 0.77. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.48. The company’s fifty day moving average price is $93.07 and its 200-day moving average price is $95.34.

Charles Schwab Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 8th. Charles Schwab’s dividend payout ratio (DPR) is 25.40%.

Charles Schwab Profile

Charles Schwab Corporation (NYSE: SCHW) is a diversified financial services firm that provides brokerage, banking, wealth management and advisory services to individual investors, independent investment advisors and institutional clients. Its primary offerings include retail brokerage accounts, online trading platforms, Schwab-branded mutual funds and exchange-traded funds (ETFs), retirement plan services, custodial services for independent Registered Investment Advisors (RIAs), and banking products through Charles Schwab Bank.