Red Spruce Capital LLC Sells 463 Shares of The Charles Schwab Corporation $SCHW

Red Spruce Capital LLC lowered its stake in The Charles Schwab Corporation (NYSE:SCHW) by 1.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 41,717 shares of the financial services provider’s stock after selling 463 shares during the period. Charles Schwab comprises 1.6% of Red Spruce Capital LLC’s holdings, making the stock its 18th largest position. Red Spruce Capital LLC’s holdings in Charles Schwab were worth $3,806,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bain Capital Public Equity Management II LLC bought a new stake in Charles Schwab in the first quarter valued at approximately $79,605,000. Independent Advisor Alliance lifted its position in Charles Schwab by 13.8% in the first quarter. Independent Advisor Alliance now owns 39,103 shares of the financial services provider’s stock valued at $3,061,000 after purchasing an additional 4,754 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Charles Schwab by 6.2% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,181,563 shares of the financial services provider’s stock valued at $92,493,000 after purchasing an additional 68,858 shares during the last quarter. United Services Automobile Association lifted its position in Charles Schwab by 14.1% in 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. Finally, World Investment Advisors lifted its position in Charles Schwab by 7.6% in the first quarter. World Investment Advisors now owns 163,007 shares of the financial services provider’s stock valued at $12,760,000 after purchasing an additional 11,505 shares during the last quarter. Institutional investors own 84.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Raymond James Financial reiterated an “outperform” rating and issued a $99.00 price objective on shares of Charles Schwab in a research report on Friday, July 18th. Piper Sandler boosted their target price on Charles Schwab from $80.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, July 15th. Barclays boosted their target price on Charles Schwab from $106.00 to $113.00 and gave the company an “overweight” rating in a research note on Friday, July 18th. Truist Financial boosted their target price on Charles Schwab from $107.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 15th. Finally, Keefe, Bruyette & Woods boosted their target price on Charles Schwab from $102.00 to $108.00 and gave the company an “outperform” rating in a research note on Monday, July 21st. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Charles Schwab currently has an average rating of “Moderate Buy” and an average target price of $99.60.

Charles Schwab Trading Down 0.5%

NYSE SCHW opened at $93.50 on Monday. The Charles Schwab Corporation has a 12 month low of $61.81 and a 12 month high of $99.59. The stock has a market cap of $169.72 billion, a P/E ratio of 25.13, a P/E/G ratio of 0.92 and a beta of 0.96. The stock’s fifty day moving average price is $95.41 and its 200-day moving average price is $86.87. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47.

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

Charles Schwab Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab’s dividend payout ratio is presently 29.03%.

Charles Schwab declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 24th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of the company’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total transaction of $4,851,552.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan S. Beatty sold 6,144 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 11,923 shares in the company, valued at approximately $1,154,265.63. The trade was a 34.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 298,214 shares of company stock valued at $29,022,580. Corporate 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.