24,368 Shares in The Charles Schwab Corporation $SCHW Bought by Somerville Kurt F

Somerville Kurt F acquired a new stake in The Charles Schwab Corporation (NYSE:SCHW) during the second quarter, Holdings Channel.com reports. The fund acquired 24,368 shares of the financial services provider’s stock, valued at approximately $2,223,000.

A number of other large investors have also recently made changes to their positions in the business. Sax Wealth Advisors LLC lifted its stake in shares of Charles Schwab by 2.5% in the second quarter. Sax Wealth Advisors LLC now owns 8,794 shares of the financial services provider’s stock valued at $802,000 after buying an additional 214 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of Charles Schwab in the second quarter valued at $245,000. Canopy Partners LLC lifted its stake in shares of Charles Schwab by 1.7% in the second quarter. Canopy Partners LLC now owns 17,292 shares of the financial services provider’s stock valued at $1,578,000 after buying an additional 296 shares in the last quarter. Shell Asset Management Co. lifted its stake in shares of Charles Schwab by 60.1% in the second quarter. Shell Asset Management Co. now owns 27,855 shares of the financial services provider’s stock valued at $2,541,000 after buying an additional 10,457 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in shares of Charles Schwab by 65.3% in the second quarter. Kingswood Wealth Advisors LLC now owns 8,956 shares of the financial services provider’s stock valued at $817,000 after buying an additional 3,539 shares in the last quarter. 84.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on SCHW shares. Bank of America raised their price objective on shares of Charles Schwab from $84.00 to $86.00 and gave the company an “underperform” rating in a research note on Thursday, October 2nd. Raymond James Financial reaffirmed an “outperform” rating and issued a $99.00 price objective on shares of Charles Schwab in a research note on Friday, July 18th. Keefe, Bruyette & Woods increased their target price on shares of Charles Schwab from $102.00 to $108.00 and gave the company an “outperform” rating in a report on Monday, July 21st. Citigroup increased their target price on shares of Charles Schwab from $105.00 to $110.00 and gave the company a “buy” rating in a report on Monday, July 21st. Finally, Wells Fargo & Company set a $102.00 target price on shares of Charles Schwab and gave the company an “overweight” rating in a report on Friday, July 18th. One research 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 given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.52.

Charles Schwab Stock Performance

NYSE SCHW opened at $93.94 on Wednesday. The Charles Schwab Corporation has a 52-week low of $64.26 and a 52-week high of $99.59. The company has a 50-day simple moving average of $95.21 and a 200 day simple moving average of $88.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market capitalization 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 posted 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. 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 during the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter last year, the company posted $0.73 earnings per share. The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. On average, research analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current year.

Charles Schwab Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a dividend of $0.27 per share. 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 (DPR) is 29.03%.

Charles Schwab declared that its board has authorized 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 buy up to 11.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Charles Schwab

In other news, General Counsel Peter J. Morgan III sold 50,016 shares of Charles Schwab stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $97.00, for a total value of $4,851,552.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul V. Woolway sold 3,205 shares of Charles Schwab stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $93.33, for a total transaction of $299,122.65. Following the completion of the transaction, the insider owned 34,778 shares of the company’s stock, valued at $3,245,830.74. The trade was a 8.44% 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 valued at $26,232,077 in 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.