QRG Capital Management Inc. Purchases 2,580 Shares of The Charles Schwab Corporation $SCHW

QRG Capital Management Inc. boosted its holdings in The Charles Schwab Corporation (NYSE:SCHW) by 9.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,654 shares of the financial services provider’s stock after acquiring an additional 2,580 shares during the quarter. QRG Capital Management Inc.’s holdings in Charles Schwab were worth $2,706,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SCHW. ZWJ Investment Counsel Inc. bought a new position in shares of Charles Schwab during the second quarter valued at $208,000. Intrinsic Value Partners LLC raised its position in Charles Schwab by 1.9% in the 2nd quarter. Intrinsic Value Partners LLC now owns 55,283 shares of the financial services provider’s stock worth $5,044,000 after buying an additional 1,045 shares during the last quarter. Segment Wealth Management LLC bought a new position in Charles Schwab during the 2nd quarter valued at about $217,000. Ascent Group LLC boosted its holdings in shares of Charles Schwab by 7.9% during the 2nd quarter. Ascent Group LLC now owns 102,401 shares of the financial services provider’s stock valued at $9,343,000 after acquiring an additional 7,499 shares during the last quarter. Finally, Whelan Financial grew its stake in shares of Charles Schwab by 31.7% in the second quarter. Whelan Financial now owns 7,781 shares of the financial services provider’s stock worth $710,000 after acquiring an additional 1,875 shares during the period. Institutional investors own 84.38% of the company’s stock.

Charles Schwab Price Performance

NYSE SCHW opened at $93.98 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 Charles Schwab Corporation has a 12 month low of $64.16 and a 12 month high of $99.59. The stock has a market cap of $170.59 billion, a price-to-earnings ratio of 25.26, a PEG ratio of 0.91 and a beta of 0.97. The company’s 50 day moving average is $95.29 and its two-hundred day moving average is $88.82.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data 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. The firm had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.64 billion. Charles Schwab had a net margin of 33.68% and a return on equity of 19.30%. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.73 earnings per share. As a group, 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 has approved a stock repurchase program on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Charles Schwab Announces Dividend

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

Insider Buying and Selling at Charles Schwab

In related news, General Counsel Peter J. Morgan III sold 50,016 shares of Charles Schwab stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $97.00, for a total transaction of $4,851,552.00. The sale was disclosed in a filing with the SEC, which is accessible through 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 stock was sold at an average price of $96.81, for a total value of $594,800.64. Following the completion of the transaction, the insider owned 11,923 shares of the company’s stock, valued at $1,154,265.63. The trade was a 34.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,128 shares of company stock valued at $26,232,077. 6.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays increased their price objective on shares of Charles Schwab from $106.00 to $113.00 and gave the company an “overweight” rating in a research report on Friday, July 18th. Bank of America boosted their price target on Charles Schwab from $84.00 to $86.00 and gave the company an “underperform” rating in a research note on Thursday, October 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Charles Schwab in a research note on Saturday, September 27th. JMP Securities raised their price objective on shares of Charles Schwab from $106.00 to $110.00 and gave the stock a “market outperform” rating in a report on Monday, July 21st. Finally, William Blair cut shares of Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.52.

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.