ProVise Management Group LLC Grows Stock Position in The Charles Schwab Co. (NYSE:SCHW)

ProVise Management Group LLC raised its holdings in The Charles Schwab Co. (NYSE:SCHW) by 4.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 158,557 shares of the financial services provider’s stock after buying an additional 6,330 shares during the quarter. ProVise Management Group LLC’s holdings in Charles Schwab were worth $11,684,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Country Trust Bank acquired a new stake in shares of Charles Schwab during the second quarter worth about $26,000. American Capital Advisory LLC acquired a new stake in shares of Charles Schwab during the second quarter worth about $27,000. Fortitude Family Office LLC lifted its holdings in shares of Charles Schwab by 97.5% during the second quarter. Fortitude Family Office LLC now owns 389 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 192 shares during the period. CGC Financial Services LLC acquired a new stake in shares of Charles Schwab during the second quarter worth about $29,000. Finally, Mizuho Securities Co. Ltd. acquired a new stake in shares of Charles Schwab during the second quarter worth about $29,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Charles Schwab Stock Performance

Shares of Charles Schwab stock opened at $63.56 on Thursday. The Charles Schwab Co. has a 52 week low of $48.66 and a 52 week high of $79.49. The business’s fifty day simple moving average is $64.70 and its 200-day simple moving average is $69.98. The firm has a market cap of $112.96 billion, a PE ratio of 26.59, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.65.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. Charles Schwab had a return on equity of 18.14% and a net margin of 26.30%. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.68 billion. During the same quarter in the prior year, the company posted $0.75 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts forecast that The Charles Schwab Co. will post 3.05 earnings per share for the current year.

Charles Schwab Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.57%. The ex-dividend date was Friday, August 9th. Charles Schwab’s payout ratio is 41.84%.

Insider Buying and Selling

In related news, insider Jonathan S. Beatty sold 780 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $75.00, for a total transaction of $58,500.00. Following the transaction, the insider now owns 18,069 shares of the company’s stock, valued at approximately $1,355,175. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Walter W. Bettinger purchased 25,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were bought at an average price of $66.26 per share, for a total transaction of $1,656,500.00. Following the acquisition, the chief executive officer now directly owns 827,377 shares in the company, valued at $54,822,000.02. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan S. Beatty sold 780 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $75.00, for a total value of $58,500.00. Following the sale, the insider now owns 18,069 shares in the company, valued at approximately $1,355,175. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,636 shares of company stock valued at $5,880,654. Corporate insiders own 6.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SCHW. TD Cowen reiterated a “hold” rating and set a $71.00 price target (down from $88.00) on shares of Charles Schwab in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft lifted their price target on Charles Schwab from $79.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Barclays reduced their price target on Charles Schwab from $77.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 17th. Piper Sandler cut Charles Schwab from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $80.00 to $64.00 in a research report on Monday, July 29th. Finally, Morgan Stanley reduced their price target on Charles Schwab from $71.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Charles Schwab presently has an average rating of “Hold” and an average price target of $73.75.

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.