South Dakota Investment Council Sells 2,600 Shares of The Charles Schwab Corporation $SCHW

South Dakota Investment Council reduced its position in The Charles Schwab Corporation (NYSE:SCHW) by 13.9% in the 2nd quarter, Holdings Channel reports. The firm owned 16,056 shares of the financial services provider’s stock after selling 2,600 shares during the quarter. South Dakota Investment Council’s holdings in Charles Schwab were worth $1,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Princeton Global Asset Management LLC bought a new position in Charles Schwab in the second quarter worth $25,000. RMG Wealth Management LLC bought a new position in shares of Charles Schwab during the second quarter valued at $27,000. CBIZ Investment Advisory Services LLC lifted its holdings in shares of Charles Schwab by 97.9% during the first quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 191 shares during the period. Stone House Investment Management LLC bought a new position in shares of Charles Schwab during the first quarter valued at $31,000. Finally, Activest Wealth Management lifted its holdings in shares of Charles Schwab by 6,650.0% during the first quarter. Activest Wealth Management now owns 405 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 399 shares during the period. 84.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Citigroup lifted their price objective on Charles Schwab from $105.00 to $110.00 and gave the company a “buy” rating in a report on Monday, July 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Charles Schwab in a report on Wednesday, October 8th. Wells Fargo & Company set a $102.00 price objective on Charles Schwab and gave the company an “overweight” rating in a report on Friday, July 18th. JPMorgan Chase & Co. lifted 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. Finally, Piper Sandler reissued a “neutral” rating on shares of Charles Schwab in a report on Tuesday, October 14th. One 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 given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $106.45.

Insider Buying and Selling

In related news, insider Jonathan S. Beatty sold 6,144 shares of Charles Schwab stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $96.81, for a total value of $594,800.64. Following the completion of the sale, the insider directly owned 11,923 shares in the company, valued at $1,154,265.63. This trade represents a 34.01% 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 the SEC website. Also, General Counsel Peter J. Morgan III sold 50,016 shares of Charles Schwab stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total value of $4,851,552.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 65,866 shares of company stock worth $6,370,897 over the last three months. 6.30% of the stock is currently owned by company insiders.

Charles Schwab Stock Performance

Charles Schwab stock opened at $93.18 on Tuesday. The stock has a 50-day simple moving average of $94.23 and a 200 day simple moving average of $91.46. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. The Charles Schwab Corporation has a 12-month low of $65.88 and a 12-month high of $99.59. The stock has a market capitalization of $169.15 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 0.85 and a beta of 0.97.

Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.06. The business had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $5.93 billion. Charles Schwab had a return on equity of 21.26% and a net margin of 35.93%.The firm’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.71 earnings per share. On average, research analysts anticipate that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, November 14th. Charles Schwab’s dividend payout ratio (DPR) is presently 25.29%.

Charles Schwab declared that its board has initiated a stock buyback program on Thursday, July 24th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

About Charles Schwab

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.