Rhumbline Advisers Lowers Holdings in The Charles Schwab Corporation $SCHW

Rhumbline Advisers reduced its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW) by 0.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,061,161 shares of the financial services provider’s stock after selling 22,425 shares during the period. Rhumbline Advisers’ holdings in Charles Schwab were worth $279,300,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Charles Schwab by 15.4% in the first quarter. Vanguard Group Inc. now owns 148,395,252 shares of the financial services provider’s stock worth $11,616,380,000 after acquiring an additional 19,817,022 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Charles Schwab by 595.7% in the first quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider’s stock valued at $1,212,461,000 after purchasing an additional 13,262,309 shares during the period. Primecap Management Co. CA grew its stake in Charles Schwab by 229.3% during the 1st quarter. Primecap Management Co. CA now owns 14,002,078 shares of the financial services provider’s stock worth $1,096,083,000 after purchasing an additional 9,749,728 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Charles Schwab by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider’s stock worth $6,422,795,000 after purchasing an additional 8,954,248 shares during the period. Finally, Nuveen LLC acquired a new stake in Charles Schwab in the 1st quarter valued at about $440,699,000. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Charles Schwab

In related news, insider Paul V. Woolway sold 3,205 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $93.33, for a total transaction of $299,122.65. Following the transaction, the insider owned 34,778 shares in the company, valued at $3,245,830.74. This trade represents a 8.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jonathan S. Beatty sold 3,072 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $98.00, for a total value of $301,056.00. Following the completion of the sale, the insider owned 11,923 shares of the company’s stock, valued at approximately $1,168,454. This represents a 20.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 68,938 shares of company stock valued at $6,671,953 in the last three months. 6.30% of the stock is currently owned by company insiders.

Charles Schwab Trading Down 0.1%

Shares of Charles Schwab stock opened at $90.44 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 company has a fifty day simple moving average of $93.88 and a 200-day simple moving average of $92.68. The stock has a market cap of $160.71 billion, a price-to-earnings ratio of 21.18, 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 quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $5.93 billion. During the same period in the previous year, the company earned $0.71 earnings per share. Charles Schwab’s quarterly revenue was up 26.6% compared to the same quarter last year. On average, equities analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab announced that its Board of Directors has authorized a share buyback program on Friday, July 25th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Charles Schwab Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, November 14th. Charles Schwab’s payout ratio is presently 25.29%.

Analyst Ratings Changes

SCHW has been the subject of a number of analyst reports. Piper Sandler reissued a “neutral” rating on shares of Charles Schwab in a research report on Tuesday, October 14th. Morgan Stanley boosted their price target on shares of Charles Schwab from $130.00 to $139.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Cowen reissued a “buy” rating on shares of Charles Schwab in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Charles Schwab in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $114.00 target price on shares of Charles Schwab in a research note on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $106.45.

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.