SCS Capital Management LLC Invests $926,000 in The Charles Schwab Corporation $SCHW

SCS Capital Management LLC purchased a new position in shares of The Charles Schwab Corporation (NYSE:SCHW) during the 1st quarter, Holdings Channel.com reports. The firm purchased 11,830 shares of the financial services provider’s stock, valued at approximately $926,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SCHW. Vanguard Group Inc. raised its stake in Charles Schwab by 15.4% during the 1st 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 raised its stake in Charles Schwab by 595.7% during the 1st quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider’s stock worth $1,212,461,000 after acquiring an additional 13,262,309 shares in the last quarter. Primecap Management Co. CA raised 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 acquiring an additional 9,749,728 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake 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 acquiring an additional 8,954,248 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Charles Schwab during the 1st quarter worth $440,699,000. 84.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Charles Schwab

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of the business’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total transaction of $4,851,552.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Walter W. Bettinger sold 173,876 shares of the business’s stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total transaction of $17,185,903.84. Following the transaction, the chairman owned 590,734 shares in the company, valued at approximately $58,388,148.56. This trade represents a 22.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 298,214 shares of company stock valued at $29,022,580. Insiders own 6.30% of the company’s stock.

Charles Schwab Trading Down 1.5%

Shares of Charles Schwab stock opened at $92.23 on Thursday. The Charles Schwab Corporation has a 52-week low of $61.16 and a 52-week high of $99.59. 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 company’s 50-day simple moving average is $95.31 and its 200-day simple moving average is $86.56. The firm has a market cap of $167.43 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 0.92 and a beta of 0.96.

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

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

Charles Schwab Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were paid 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 was Friday, August 8th. Charles Schwab’s payout ratio is 29.03%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SCHW shares. Raymond James Financial reiterated an “outperform” rating and set a $99.00 price target on shares of Charles Schwab in a research note on Friday, July 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Charles Schwab from $102.00 to $108.00 and gave the company an “outperform” rating in a research note on Monday, July 21st. TD Securities upped their target price on shares of Charles Schwab from $95.00 to $113.00 and gave the company a “buy” rating in a report on Tuesday, May 20th. Morgan Stanley upped their target price on shares of Charles Schwab from $117.00 to $131.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Finally, Bank of America upped their target price on shares of Charles Schwab from $83.00 to $84.00 and gave the company an “underperform” rating in a report on Monday, July 21st. Sixteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.60.

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.