Spire Wealth Management Cuts Stock Position in The Charles Schwab Corporation $SCHW

Spire Wealth Management lowered its stake in The Charles Schwab Corporation (NYSE:SCHW) by 57.6% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 58,346 shares of the financial services provider’s stock after selling 79,243 shares during the period. Spire Wealth Management’s holdings in Charles Schwab were worth $5,190,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in Charles Schwab by 380.5% in the 4th quarter. Brighton Jones LLC now owns 24,240 shares of the financial services provider’s stock valued at $1,794,000 after acquiring an additional 19,195 shares in the last quarter. Mather Group LLC. lifted its position in Charles Schwab by 4.5% in the 1st quarter. Mather Group LLC. now owns 6,185 shares of the financial services provider’s stock valued at $484,000 after acquiring an additional 266 shares in the last quarter. DAVENPORT & Co LLC lifted its position in Charles Schwab by 14.6% in the 1st quarter. DAVENPORT & Co LLC now owns 303,469 shares of the financial services provider’s stock valued at $23,732,000 after acquiring an additional 38,724 shares in the last quarter. Arbor Trust Wealth Advisors LLC lifted its holdings in shares of Charles Schwab by 14.5% during the 1st quarter. Arbor Trust Wealth Advisors LLC now owns 11,355 shares of the financial services provider’s stock valued at $889,000 after buying an additional 1,441 shares during the period. Finally, Coastline Trust Co lifted its holdings in shares of Charles Schwab by 0.5% during the 1st quarter. Coastline Trust Co now owns 31,035 shares of the financial services provider’s stock valued at $2,429,000 after buying an additional 157 shares during the period. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Wall Street Analysts Forecast Growth

SCHW has been the topic of several research analyst reports. BMO Capital Markets initiated coverage on Charles Schwab in a report on Friday, October 3rd. They set an “outperform” rating and a $110.00 price target on the stock. Morgan Stanley lowered their price target on Charles Schwab to $130.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. William Blair cut Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 3rd. Citigroup increased their price target on Charles Schwab from $105.00 to $110.00 and gave the company a “buy” rating in a report on Monday, July 21st. Finally, Piper Sandler reissued a “neutral” rating on shares of Charles Schwab in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $106.00.

Insider Buying and Selling

In other Charles Schwab news, General Counsel Peter J. Morgan III sold 50,016 shares of the business’s 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan S. Beatty sold 6,144 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $96.81, for a total value of $594,800.64. Following the transaction, the insider owned 11,923 shares of the company’s stock, valued at $1,154,265.63. This trade represents a 34.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 69,156 shares of company stock worth $6,686,934. Corporate insiders own 6.30% of the company’s stock.

Charles Schwab Trading Up 0.8%

Shares of SCHW stock opened at $94.59 on Thursday. The Charles Schwab Corporation has a 52-week low of $65.88 and a 52-week high of $99.59. 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 firm has a market capitalization of $171.70 billion, a PE ratio of 22.15, a PEG ratio of 0.84 and a beta of 0.97. The stock has a fifty day simple moving average of $94.34 and a two-hundred day simple moving average of $90.99.

Charles Schwab (NYSE:SCHW) last issued its earnings results on Thursday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.06. Charles Schwab had a return on equity of 21.26% and a net margin of 35.93%.The firm had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $5.93 billion. During the same period in the previous year, the firm posted $0.71 earnings per share. The business’s revenue was up 26.6% compared to the same quarter last year. On average, analysts predict that The Charles Schwab Corporation will post 4.22 EPS for the current fiscal year.

Charles Schwab Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.27 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.08 annualized dividend and a yield of 1.1%. Charles Schwab’s dividend payout ratio (DPR) is currently 25.29%.

Charles Schwab declared that its Board of Directors has approved a share 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 reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

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.