Summit Financial LLC Has $2.02 Million Stake in The Charles Schwab Co. (NYSE:SCHW)

Summit Financial LLC lifted its position in shares of The Charles Schwab Co. (NYSE:SCHW) by 19.5% during the second quarter, Holdings Channel.com reports. The firm owned 27,457 shares of the financial services provider’s stock after purchasing an additional 4,473 shares during the period. Summit Financial LLC’s holdings in Charles Schwab were worth $2,023,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in Charles Schwab by 33.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 69,360,233 shares of the financial services provider’s stock valued at $4,771,985,000 after buying an additional 17,369,091 shares during the last quarter. Norges Bank purchased a new stake in Charles Schwab in the 4th quarter valued at $950,192,000. Boston Partners raised its position in Charles Schwab by 424.7% in the 4th quarter. Boston Partners now owns 4,451,090 shares of the financial services provider’s stock valued at $305,400,000 after buying an additional 3,602,830 shares during the last quarter. Morningstar Investment Services LLC raised its position in Charles Schwab by 98.0% in the 4th quarter. Morningstar Investment Services LLC now owns 4,691,362 shares of the financial services provider’s stock valued at $326,284,000 after buying an additional 2,322,156 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Charles Schwab by 19.7% in the 4th quarter. Franklin Resources Inc. now owns 9,472,698 shares of the financial services provider’s stock valued at $651,722,000 after buying an additional 1,558,975 shares during the last quarter. 84.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group increased their price target on Charles Schwab from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Monday, July 8th. JPMorgan Chase & Co. reduced their price objective on Charles Schwab from $82.00 to $78.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. StockNews.com downgraded Charles Schwab from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $80.00 price objective on shares of Charles Schwab in a research note on Thursday, August 22nd. Finally, Piper Sandler downgraded Charles Schwab from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $64.00 in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $74.00.

Charles Schwab Stock Up 0.3 %

SCHW stock opened at $65.10 on Monday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.42 and a current ratio of 0.42. The company has a market capitalization of $115.78 billion, a price-to-earnings ratio of 27.24, a PEG ratio of 1.22 and a beta of 0.99. The Charles Schwab Co. has a fifty-two week low of $48.66 and a fifty-two week high of $79.49. The stock has a fifty day moving average of $67.41 and a 200-day moving average of $70.15.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.01. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.68 billion. Charles Schwab had a return on equity of 18.14% and a net margin of 26.30%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.75 EPS. As a group, equities research analysts predict that The Charles Schwab Co. will post 3.05 earnings per share for the current year.

Charles Schwab Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, August 9th. Charles Schwab’s payout ratio is presently 41.84%.

Insider Buying and Selling at Charles Schwab

In other Charles Schwab news, insider Bernard J. Clark sold 8,164 shares of Charles Schwab stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $75.00, for a total transaction of $612,300.00. Following the completion of the transaction, the insider now owns 121,666 shares of the company’s stock, valued at approximately $9,124,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Bernard J. Clark sold 8,164 shares of Charles Schwab stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $75.00, for a total transaction of $612,300.00. Following the completion of the sale, the insider now owns 121,666 shares in the company, valued at approximately $9,124,950. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Richard A. Wurster purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were acquired at an average price of $62.05 per share, with a total value of $620,500.00. Following the transaction, the president now owns 144,228 shares in the company, valued at approximately $8,949,347.40. The disclosure for this purchase can be found here. Insiders sold 107,800 shares of company stock valued at $7,145,364 in the last quarter. 6.60% of the stock is currently owned by corporate insiders.

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.