Canopy Partners LLC Boosts Stake in The Charles Schwab Corporation $SCHW

Canopy Partners LLC raised its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW) by 1.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 17,292 shares of the financial services provider’s stock after acquiring an additional 296 shares during the period. Canopy Partners LLC’s holdings in Charles Schwab were worth $1,578,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Shell Asset Management Co. grew its position in Charles Schwab by 60.1% during the second quarter. Shell Asset Management Co. now owns 27,855 shares of the financial services provider’s stock worth $2,541,000 after buying an additional 10,457 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in Charles Schwab by 65.3% during the second quarter. Kingswood Wealth Advisors LLC now owns 8,956 shares of the financial services provider’s stock worth $817,000 after buying an additional 3,539 shares in the last quarter. TriaGen Wealth Management LLC purchased a new position in Charles Schwab during the second quarter worth about $345,000. KLP Kapitalforvaltning AS grew its position in Charles Schwab by 4.0% during the second quarter. KLP Kapitalforvaltning AS now owns 614,372 shares of the financial services provider’s stock worth $56,055,000 after buying an additional 23,900 shares in the last quarter. Finally, RMG Wealth Management LLC purchased a new position in Charles Schwab during the second quarter worth about $27,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SCHW. Raymond James Financial reiterated an “outperform” rating and issued a $99.00 price objective on shares of Charles Schwab in a report on Friday, July 18th. Deutsche Bank Aktiengesellschaft cut their price objective on Charles Schwab from $114.00 to $113.00 and set a “buy” rating for the company in a report on Tuesday, September 16th. Morgan Stanley cut their price objective on Charles Schwab to $130.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Charles Schwab in a report on Saturday, September 27th. Finally, William Blair cut Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 3rd. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.52.

Charles Schwab Trading Down 0.1%

NYSE SCHW opened at $93.94 on Wednesday. The Charles Schwab Corporation has a 1-year low of $64.26 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 moving average of $95.21 and a 200-day moving average of $88.86. The firm has a market cap of $170.53 billion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 0.91 and a beta of 0.97.

Charles Schwab (NYSE:SCHW) last released its earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The company had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.64 billion. During the same quarter in the previous year, the company posted $0.73 EPS. Charles Schwab’s revenue for the quarter was up 24.8% 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 year.

Charles Schwab Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.08 dividend on an annualized basis and a yield of 1.1%. Charles Schwab’s dividend payout ratio is presently 29.03%.

Charles Schwab declared that its board has approved a share repurchase plan on Thursday, July 24th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Charles Schwab

In other Charles Schwab news, insider Nigel J. Murtagh sold 24,096 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $97.91, for a total transaction of $2,359,239.36. Following the completion of the transaction, the insider owned 58,999 shares of the company’s stock, valued at $5,776,592.09. This represents a 29.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jonathan S. Beatty sold 6,144 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $1,154,265.63. The trade was a 34.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,128 shares of company stock worth $26,232,077 over the last three months. 6.30% of the stock is owned by corporate insiders.

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.