M&G PLC Reduces Stock Position in The Charles Schwab Corporation $SCHW

M&G PLC trimmed its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW) by 11.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,848 shares of the financial services provider’s stock after selling 14,538 shares during the quarter. M&G PLC’s holdings in Charles Schwab were worth $10,451,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Forsta AP Fonden raised its position in Charles Schwab by 14.3% during the second quarter. Forsta AP Fonden now owns 445,401 shares of the financial services provider’s stock valued at $40,638,000 after purchasing an additional 55,700 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Charles Schwab during the 2nd quarter valued at $1,444,000. National Pension Service lifted its position in Charles Schwab by 22.0% in the second quarter. National Pension Service now owns 3,840,019 shares of the financial services provider’s stock worth $350,363,000 after buying an additional 692,603 shares during the last quarter. Verus Capital Partners LLC boosted its stake in Charles Schwab by 14.3% during the second quarter. Verus Capital Partners LLC now owns 2,973 shares of the financial services provider’s stock worth $271,000 after buying an additional 373 shares during the period. Finally, Fagan Associates Inc. increased its position in Charles Schwab by 3.3% during the second quarter. Fagan Associates Inc. now owns 74,838 shares of the financial services provider’s stock valued at $6,828,000 after acquiring an additional 2,415 shares during the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Charles Schwab Stock Performance

Shares of Charles Schwab stock opened at $97.71 on Thursday. The company has a market capitalization of $173.63 billion, a PE ratio of 22.88, a P/E/G ratio of 0.85 and a beta of 1.02. The company has a 50-day simple moving average of $94.06 and a two-hundred day simple moving average of $92.23. The Charles Schwab Corporation has a one year low of $65.88 and a one 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.

Charles Schwab (NYSE:SCHW) last issued its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.06. Charles Schwab had a net margin of 35.93% and a return on equity of 21.26%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $5.93 billion. During the same quarter in the previous year, the firm earned $0.71 EPS. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. Research analysts expect that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, November 14th. Charles Schwab’s dividend payout ratio is currently 25.29%.

Charles Schwab declared that its Board of Directors has authorized a share repurchase 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 repurchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

SCHW has been the subject of several analyst reports. Zacks Research lowered shares of Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. BMO Capital Markets began coverage on Charles Schwab in a research note on Friday, October 3rd. They set an “outperform” rating and a $110.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on Charles Schwab from $119.00 to $121.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Deutsche Bank Aktiengesellschaft increased their target price on Charles Schwab from $119.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, October 17th. Finally, Piper Sandler reissued a “neutral” rating on shares of Charles Schwab in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Charles Schwab has an average rating of “Moderate Buy” and an average price target of $106.45.

Insider Activity

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of Charles Schwab stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total transaction of $4,851,552.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul V. Woolway sold 3,205 shares of the business’s stock in a transaction 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 sale, the insider directly owned 34,778 shares in the company, valued at $3,245,830.74. This trade represents a 8.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 65,866 shares of company stock worth $6,370,897. Insiders own 6.30% of the company’s stock.

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.