Summit Investment Advisors Inc. Purchases 1,669 Shares of The Charles Schwab Corporation $SCHW

Summit Investment Advisors Inc. raised its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW) by 11.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,235 shares of the financial services provider’s stock after purchasing an additional 1,669 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Charles Schwab were worth $1,271,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Princeton Global Asset Management LLC purchased a new position in Charles Schwab in the 2nd quarter valued at approximately $25,000. RMG Wealth Management LLC bought a new position in shares of Charles Schwab in the second quarter worth $27,000. Mid American Wealth Advisory Group Inc. purchased a new position in shares of Charles Schwab in the second quarter valued at $32,000. Hoese & Co LLP raised its stake in shares of Charles Schwab by 131.6% during the 2nd quarter. Hoese & Co LLP now owns 352 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 200 shares during the period. Finally, CBIZ Investment Advisory Services LLC lifted its holdings in Charles Schwab by 97.9% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 191 shares in the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Charles Schwab Price Performance

SCHW stock opened at $96.05 on Wednesday. The firm has a 50 day simple moving average of $94.02 and a two-hundred day simple moving average of $92.19. The stock has a market cap of $174.35 billion, a PE ratio of 22.49, a P/E/G ratio of 0.85 and a beta of 1.02. The Charles Schwab Corporation has a one year low of $65.88 and a one year high of $99.59. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.55 and a quick ratio of 0.55.

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

Charles Schwab announced that its Board of Directors has initiated 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 reacquire up to 11.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Charles Schwab Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.08 annualized dividend and a yield of 1.1%. Charles Schwab’s payout ratio is 25.29%.

Insider Transactions at Charles Schwab

In other news, insider Paul V. Woolway sold 3,205 shares of the 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 transaction, the insider directly owned 34,778 shares in the company, valued at approximately $3,245,830.74. This represents a 8.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $4,851,552.00. The SEC filing for this sale provides additional information. In the last three months, insiders sold 65,866 shares of company stock worth $6,370,897. 6.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SCHW has been the subject of a number of recent analyst reports. Zacks Research lowered Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. BMO Capital Markets initiated coverage on shares of Charles Schwab in a research note on Friday, October 3rd. They set an “outperform” rating and a $110.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on shares of Charles Schwab from $109.00 to $111.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Truist Financial raised their price target on shares of Charles Schwab from $112.00 to $113.00 and gave the company a “buy” rating in a report on Friday, October 17th. Finally, Citigroup upped their price target on shares of Charles Schwab from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, July 21st. One investment 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $106.45.

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.