Zimmer Partners LP Purchases Shares of 350,000 The Charles Schwab Corporation $SCHW

Zimmer Partners LP acquired a new stake in shares of The Charles Schwab Corporation (NYSE:SCHW) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 350,000 shares of the financial services provider’s stock, valued at approximately $27,398,000.

Other institutional investors have also recently made changes to their positions in the company. Atwood & Palmer Inc. purchased a new stake in shares of Charles Schwab during the first quarter valued at approximately $25,000. Westside Investment Management Inc. boosted its stake in shares of Charles Schwab by 75.0% during the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 150 shares during the period. Stone House Investment Management LLC purchased a new stake in shares of Charles Schwab during the first quarter valued at approximately $31,000. Activest Wealth Management boosted its stake 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 purchasing an additional 399 shares during the period. Finally, WFA Asset Management Corp purchased a new stake in shares of Charles Schwab during the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Insider Activity

In other news, insider Jonathan S. Beatty sold 6,144 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $96.81, for a total transaction of $594,800.64. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Walter W. Bettinger sold 173,876 shares of the firm’s stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $98.84, for a total value of $17,185,903.84. Following the transaction, the chairman owned 590,734 shares of the company’s stock, valued at $58,388,148.56. The trade was a 22.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 298,214 shares of company stock valued at $29,022,580. 6.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial increased their price objective on Charles Schwab from $107.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 15th. Bank of America raised their price target on Charles Schwab from $83.00 to $84.00 and gave the stock an “underperform” rating in a research note on Monday, July 21st. Raymond James Financial reaffirmed an “outperform” rating and issued a $99.00 price target on shares of Charles Schwab in a research note on Friday, July 18th. Wells Fargo & Company set a $102.00 price target on Charles Schwab and gave the stock an “overweight” rating in a research note on Friday, July 18th. Finally, Redburn Atlantic raised Charles Schwab from a “sell” rating to a “neutral” rating and raised their price target for the stock from $65.00 to $82.00 in a research note on Monday, June 9th. 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $99.60.

Charles Schwab Stock Performance

Shares of Charles Schwab stock opened at $93.50 on Tuesday. 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 firm has a market capitalization of $169.72 billion, a P/E ratio of 25.13, a P/E/G ratio of 0.91 and a beta of 0.96. The business has a fifty day simple moving average of $95.24 and a two-hundred day simple moving average of $86.47. The Charles Schwab Corporation has a 12 month low of $61.16 and a 12 month high of $99.59.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.10 by $0.04. The business had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The company’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 earnings per share. On average, equities analysts forecast that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

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

Charles Schwab Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.27 per share. The ex-dividend date was Friday, August 8th. This represents a $1.08 annualized dividend and a dividend yield of 1.2%. Charles Schwab’s dividend payout ratio (DPR) is presently 29.03%.

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.