The Charles Schwab Corporation $SCHW Shares Sold by New Wave Wealth Advisors LLC

New Wave Wealth Advisors LLC cut its stake in shares of The Charles Schwab Corporation (NYSE:SCHW) by 25.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,556 shares of the financial services provider’s stock after selling 868 shares during the quarter. New Wave Wealth Advisors LLC’s holdings in Charles Schwab were worth $233,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pine Haven Investment Counsel Inc grew its stake in Charles Schwab by 0.3% during the second quarter. Pine Haven Investment Counsel Inc now owns 41,793 shares of the financial services provider’s stock worth $3,813,000 after buying an additional 110 shares during the period. Traveka Wealth LLC grew its stake in Charles Schwab by 4.3% during the second quarter. Traveka Wealth LLC now owns 2,841 shares of the financial services provider’s stock worth $259,000 after buying an additional 117 shares during the period. Bank of Stockton grew its stake in Charles Schwab by 1.2% during the second quarter. Bank of Stockton now owns 10,593 shares of the financial services provider’s stock worth $967,000 after buying an additional 123 shares during the period. Sheaff Brock Investment Advisors LLC grew its stake in Charles Schwab by 1.6% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,986 shares of the financial services provider’s stock worth $625,000 after buying an additional 129 shares during the period. Finally, HM Payson & Co. grew its stake in Charles Schwab by 0.7% during the first quarter. HM Payson & Co. now owns 19,271 shares of the financial services provider’s stock worth $1,509,000 after buying an additional 130 shares during the period. 84.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Charles Schwab

In related news, insider Nigel J. Murtagh sold 24,096 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $97.91, for a total value of $2,359,239.36. Following the completion of the transaction, the insider owned 58,999 shares in the company, valued at $5,776,592.09. This represents a 29.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Peter J. Morgan III sold 50,016 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 263,923 shares of company stock worth $25,932,955 over the last ninety days. Insiders own 6.30% of the company’s stock.

Charles Schwab Trading Down 3.4%

SCHW opened at $92.22 on Thursday. The stock has a market capitalization of $167.39 billion, a PE ratio of 24.79, a P/E/G ratio of 0.94 and a beta of 0.97. The firm’s fifty day moving average price is $95.50 and its 200 day moving average price is $88.36. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.55 and a quick ratio of 0.55. The Charles Schwab Corporation has a 12-month low of $62.41 and a 12-month high of $99.59.

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 the consensus estimate of $1.10 by $0.04. The firm had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.64 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.73 earnings per share. As a group, research analysts expect that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

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

Charles Schwab Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, August 8th. Charles Schwab’s dividend payout ratio is currently 29.03%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SCHW shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Charles Schwab from $114.00 to $113.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. Truist Financial boosted their target price on shares of Charles Schwab from $107.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, August 15th. Morgan Stanley reduced their target price on shares of Charles Schwab to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday. JMP Securities boosted their target price on shares of Charles Schwab from $106.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Monday, July 21st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Charles Schwab from $102.00 to $108.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. Sixteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.