Summit Wealth & Retirement Planning Inc. Purchases 1,236 Shares of The Charles Schwab Corporation $SCHW

Summit Wealth & Retirement Planning Inc. grew its holdings in The Charles Schwab Corporation (NYSE:SCHW) by 40.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 4,297 shares of the financial services provider’s stock after acquiring an additional 1,236 shares during the quarter. Summit Wealth & Retirement Planning Inc.’s holdings in Charles Schwab were worth $392,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Princeton Global Asset Management LLC bought a new position in Charles Schwab in the 2nd quarter worth approximately $25,000. RMG Wealth Management LLC acquired a new stake in shares of Charles Schwab in the second quarter worth $27,000. CBIZ Investment Advisory Services LLC increased its position in 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 worth $30,000 after acquiring an additional 191 shares during the period. Stone House Investment Management LLC bought a new position in Charles Schwab during the first quarter worth $31,000. Finally, Activest Wealth Management raised its stake in Charles Schwab by 6,650.0% during the 1st quarter. Activest Wealth Management now owns 405 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 399 shares during the last quarter. Institutional investors and hedge funds own 84.38% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SCHW shares. Keefe, Bruyette & Woods boosted their price objective on shares of Charles Schwab from $109.00 to $111.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Raymond James Financial reissued an “outperform” rating and set a $99.00 target price on shares of Charles Schwab in a research report on Friday, July 18th. Deutsche Bank Aktiengesellschaft upped their price target on Charles Schwab from $119.00 to $120.00 and gave the company a “buy” rating in a report on Friday, October 17th. TD Cowen raised their price objective on Charles Schwab from $129.00 to $134.00 and gave the stock a “buy” rating in a research report on Friday, October 17th. Finally, Piper Sandler reissued a “neutral” rating on shares of Charles Schwab in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.45.

Charles Schwab Trading Up 1.2%

Shares of SCHW opened at $95.33 on Friday. The Charles Schwab Corporation has a 1 year low of $65.88 and a 1 year high of $99.59. 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 stock has a 50 day simple moving average of $94.03 and a 200-day simple moving average of $91.76. The stock has a market cap of $173.05 billion, a PE ratio of 22.33, a PEG ratio of 0.85 and a beta of 1.02.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 EPS for the quarter, beating the consensus estimate of $1.25 by $0.06. Charles Schwab had a return on equity of 21.26% and a net margin of 35.93%.The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $5.93 billion. During the same quarter in the previous year, the firm earned $0.71 EPS. Charles Schwab’s quarterly revenue was up 26.6% on a year-over-year basis. On average, sell-side analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Dividend Announcement

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 paid a $0.27 dividend. 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 payout ratio is currently 25.29%.

Charles Schwab declared that its Board of Directors has approved a stock repurchase program on Thursday, July 24th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Charles Schwab

In other Charles Schwab news, insider Jonathan S. Beatty sold 6,144 shares of the business’s stock in a transaction dated 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 $1,154,265.63. The trade was a 34.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total transaction of $4,851,552.00. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 65,866 shares of company stock valued at $6,370,897. 6.30% of the stock is owned by 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.