The Charles Schwab Corporation $SCHW Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its position in The Charles Schwab Corporation (NYSE:SCHW) by 2.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,381,183 shares of the financial services provider’s stock after buying an additional 1,038,376 shares during the period. Geode Capital Management LLC’s holdings in Charles Schwab were worth $3,399,181,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Princeton Global Asset Management LLC acquired a new stake in shares of Charles Schwab in the 2nd quarter worth about $25,000. RMG Wealth Management LLC acquired a new stake in shares of Charles Schwab in the second quarter valued at $27,000. Mid American Wealth Advisory Group Inc. acquired a new position in shares of Charles Schwab in the 2nd quarter worth approximately $32,000. Hoese & Co LLP increased its holdings in shares of Charles Schwab by 131.6% in the second quarter. Hoese & Co LLP now owns 352 shares of the financial services provider’s stock valued at $32,000 after buying an additional 200 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC boosted its position in shares of Charles Schwab by 97.9% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 191 shares during the period. Institutional investors own 84.38% of the company’s stock.

Charles Schwab Price Performance

NYSE:SCHW opened at $96.05 on Wednesday. The company has a market cap of $174.35 billion, a P/E ratio of 22.49, a P/E/G ratio of 0.85 and a beta of 1.02. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.55 and a current ratio of 0.55. The stock’s 50-day simple moving average is $94.02 and its 200 day simple moving average is $92.19. The Charles Schwab Corporation has a 52-week low of $65.88 and a 52-week 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 (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 during the quarter, compared to the consensus estimate of $5.93 billion. During the same quarter last year, the firm posted $0.71 EPS. The company’s quarterly revenue was up 26.6% on a year-over-year basis. As a group, sell-side analysts forecast that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab declared that its board has approved a stock repurchase program 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 programs are usually a sign that the company’s board believes its stock is undervalued.

Charles Schwab Dividend Announcement

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

Insider Activity

In related news, insider Jonathan S. Beatty sold 6,144 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $96.81, for a total transaction of $594,800.64. Following the transaction, the insider directly owned 11,923 shares of the company’s stock, valued at $1,154,265.63. This represents a 34.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul V. Woolway sold 3,205 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $93.33, for a total transaction of $299,122.65. Following the completion of the transaction, the insider directly owned 34,778 shares in the company, valued at approximately $3,245,830.74. The trade was a 8.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 65,866 shares of company stock valued at $6,370,897 in the last ninety days. 6.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SCHW. Morgan Stanley upped their target price on Charles Schwab from $130.00 to $139.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Zacks Research cut Charles Schwab from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 17th. Cowen reiterated a “buy” rating on shares of Charles Schwab in a research note on Friday, October 17th. Citigroup increased their price target on shares of Charles Schwab from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, July 21st. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $99.00 target price on shares of Charles Schwab in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Charles Schwab presently has an average 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.