Norges Bank Purchases Shares of 20,713,047 The Charles Schwab Corporation $SCHW

Norges Bank purchased a new position in The Charles Schwab Corporation (NYSE:SCHW) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 20,713,047 shares of the financial services provider’s stock, valued at approximately $1,889,858,000. Norges Bank owned approximately 1.14% of Charles Schwab at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Brighton Jones LLC grew its position in Charles Schwab by 380.5% in the fourth quarter. Brighton Jones LLC now owns 24,240 shares of the financial services provider’s stock worth $1,794,000 after acquiring an additional 19,195 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of Charles Schwab by 138.4% during the first quarter. Meeder Asset Management Inc. now owns 925 shares of the financial services provider’s stock valued at $72,000 after buying an additional 537 shares during the last quarter. Federated Hermes Inc. increased its holdings in Charles Schwab by 6.7% in the 1st quarter. Federated Hermes Inc. now owns 8,216 shares of the financial services provider’s stock valued at $643,000 after buying an additional 519 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Charles Schwab in the 1st quarter worth approximately $1,576,000. Finally, Harvest Fund Management Co. Ltd lifted its holdings in Charles Schwab by 19.6% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 6,702 shares of the financial services provider’s stock valued at $525,000 after purchasing an additional 1,096 shares during the last quarter. 84.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SCHW. Deutsche Bank Aktiengesellschaft upped their price target on Charles Schwab from $119.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, October 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Charles Schwab in a research report on Wednesday, October 8th. Truist Financial raised their price objective on shares of Charles Schwab from $112.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, October 17th. TD Cowen lifted their target price on Charles Schwab from $129.00 to $134.00 and gave the company a “buy” rating in a research report on Friday, October 17th. Finally, Morgan Stanley increased their price objective on shares of Charles Schwab from $130.00 to $139.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.45.

Charles Schwab Price Performance

Shares of NYSE SCHW opened at $91.86 on Friday. The Charles Schwab Corporation has a 1-year low of $65.88 and a 1-year high of $99.59. The business’s 50 day moving average is $93.81 and its 200-day moving average is $92.88. The firm has a market cap of $163.23 billion, a P/E ratio of 21.51, a price-to-earnings-growth ratio of 0.85 and a beta of 1.02. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.47.

Charles Schwab (NYSE:SCHW) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.06. The business had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $5.93 billion. Charles Schwab had a return on equity of 21.26% and a net margin of 35.93%.The firm’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.71 earnings per share. Equities research analysts predict that The Charles Schwab Corporation will post 4.22 earnings per share for the current year.

Charles Schwab Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, November 14th. Charles Schwab’s dividend payout ratio (DPR) is presently 25.29%.

Insider Activity

In related news, insider Paul V. Woolway sold 3,205 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $93.33, for a total value of $299,122.65. Following the completion of the sale, the insider directly owned 34,778 shares in the company, valued at $3,245,830.74. This represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jonathan S. Beatty sold 3,072 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $98.00, for a total value of $301,056.00. Following the completion of the sale, the insider owned 11,923 shares in the company, valued at $1,168,454. The trade was a 20.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 9,482 shares of company stock worth $905,295. Company insiders own 6.30% of the company’s stock.

Charles Schwab Company 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.