DAVENPORT & Co LLC Sells 13,228 Shares of The Charles Schwab Corporation $SCHW

DAVENPORT & Co LLC reduced its stake in shares of The Charles Schwab Corporation (NYSE:SCHW) by 4.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 290,241 shares of the financial services provider’s stock after selling 13,228 shares during the period. DAVENPORT & Co LLC’s holdings in Charles Schwab were worth $26,426,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SCHW. Bain Capital Public Equity Management II LLC purchased a new stake in Charles Schwab in the first quarter worth $79,605,000. Independent Advisor Alliance grew its stake in shares of Charles Schwab by 13.8% during the 1st quarter. Independent Advisor Alliance now owns 39,103 shares of the financial services provider’s stock worth $3,061,000 after acquiring an additional 4,754 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Charles Schwab by 6.2% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,181,563 shares of the financial services provider’s stock worth $92,493,000 after acquiring an additional 68,858 shares during the last quarter. PFG Investments LLC raised its stake in Charles Schwab by 10.2% in the 2nd quarter. PFG Investments LLC now owns 5,951 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 550 shares during the period. Finally, United Services Automobile Association lifted its holdings in Charles Schwab by 14.1% during the first quarter. United Services Automobile Association now owns 39,512 shares of the financial services provider’s stock valued at $3,074,000 after purchasing an additional 4,869 shares during the last quarter. Institutional investors own 84.38% of the company’s stock.

Charles Schwab Price Performance

NYSE:SCHW opened at $93.98 on Tuesday. The Charles Schwab Corporation has a 52-week low of $64.16 and a 52-week high of $99.59. The stock has a fifty day moving average of $95.29 and a 200 day moving average of $88.82. 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 firm has a market capitalization of $170.59 billion, a price-to-earnings ratio of 25.26, a P/E/G ratio of 0.91 and a beta of 0.97.

Charles Schwab (NYSE:SCHW) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The business had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The company’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.73 EPS. On average, research analysts expect that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab’s dividend payout ratio (DPR) is currently 29.03%.

Charles Schwab declared that its board has initiated a share repurchase program 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 programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Bank of America boosted their price target on shares of Charles Schwab from $84.00 to $86.00 and gave the company an “underperform” rating in a research report on Thursday, October 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Charles Schwab from $102.00 to $108.00 and gave the company an “outperform” rating in a report on Monday, July 21st. JMP Securities increased their target price on Charles Schwab from $106.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Monday, July 21st. Truist Financial set a $112.00 price target on Charles Schwab in a research report on Thursday. Finally, Wells Fargo & Company set a $102.00 price objective on Charles Schwab and gave the stock an “overweight” rating in a report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $100.52.

Insiders Place Their Bets

In other news, Chairman Walter W. Bettinger sold 173,876 shares of Charles Schwab stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the completion of the sale, the chairman directly owned 590,734 shares of the company’s stock, valued at approximately $58,388,148.56. The trade was a 22.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total value of $4,851,552.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,128 shares of company stock worth $26,232,077. 6.30% of the stock is owned by corporate insiders.

Charles Schwab Company 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.