The Charles Schwab Co. (NYSE:SCHW) is W.G. Shaheen & Associates DBA Whitney & Co’s 10th Largest Position

06 Dec 2023, 14:48 by Amy Steele · The Cerbat Gem

W.G. Shaheen & Associates DBA Whitney & Co raised its position in shares of The Charles Schwab Co. (NYSE:SCHW – Free Report) by 17.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 276,675 shares of the financial services provider’s stock after buying an additional 41,740 shares during the quarter. Charles Schwab accounts for 2.3% of W.G. Shaheen & Associates DBA Whitney & Co’s portfolio, making the stock its 10th largest position. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Charles Schwab were worth $15,682,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Quilter Plc purchased a new stake in Charles Schwab during the second quarter valued at about $424,700,000. Key Financial Inc lifted its position in shares of Charles Schwab by 144.3% in the second quarter. Key Financial Inc now owns 447 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 264 shares in the last quarter. AlphaMark Advisors LLC purchased a new stake in shares of Charles Schwab in the second quarter worth approximately $28,000. Worth Asset Management LLC purchased a new stake in shares of Charles Schwab in the first quarter worth approximately $32,000. Finally, Global Trust Asset Management LLC lifted its position in shares of Charles Schwab by 633.8% in the second quarter. Global Trust Asset Management LLC now owns 521 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 450 shares in the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.

Charles Schwab Stock Performance

SCHW traded up $1.22 during trading on Wednesday, reaching $63.45. 1,745,884 shares of the company’s stock were exchanged, compared to its average volume of 15,165,194. The Charles Schwab Co. has a fifty-two week low of $45.00 and a fifty-two week high of $86.63. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.87. The business has a 50 day moving average price of $54.26 and a 200 day moving average price of $57.05. The company has a market capitalization of $112.41 billion, a P/E ratio of 20.74, a PEG ratio of 2.79 and a beta of 0.99.

Charles Schwab (NYSE:SCHW – Get Free Report) last posted its quarterly earnings results on Monday, October 16th. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.02. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.62 billion. Charles Schwab had a net margin of 30.14% and a return on equity of 24.58%. The business’s revenue was down 16.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 earnings per share. As a group, analysts predict that The Charles Schwab Co. will post 3.16 earnings per share for the current fiscal year.

Charles Schwab Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, November 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.58%. Charles Schwab’s payout ratio is presently 33.33%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SCHW. Barclays increased their price target on shares of Charles Schwab from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 17th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Charles Schwab from $70.00 to $69.00 in a research report on Wednesday, October 11th. Jefferies Financial Group reduced their price target on shares of Charles Schwab from $66.00 to $62.00 in a research report on Tuesday, October 10th. Piper Sandler cut their price objective on shares of Charles Schwab from $86.00 to $75.00 and set an “overweight” rating on the stock in a research report on Monday, October 9th. Finally, UBS Group cut their price objective on shares of Charles Schwab from $80.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, October 16th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $68.85.

View Our Latest Stock Report on Charles Schwab

Insider Buying and Selling at Charles Schwab

In other Charles Schwab news, CFO Peter B. Crawford sold 3,792 shares of Charles Schwab stock in a transaction on Monday, September 18th. The stock was sold at an average price of $57.31, for a total transaction of $217,319.52. Following the completion of the transaction, the chief financial officer now directly owns 44,725 shares of the company’s stock, valued at $2,563,189.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Peter B. Crawford sold 3,792 shares of Charles Schwab stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $57.31, for a total value of $217,319.52. Following the completion of the transaction, the chief financial officer now directly owns 44,725 shares of the company’s stock, valued at $2,563,189.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Peter J. Morgan III sold 7,162 shares of Charles Schwab stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $60.72, for a total value of $434,876.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,194 shares of company stock valued at $2,163,280. 6.60% of the stock is currently owned by company insiders.

About Charles Schwab

(Free Report)

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. The company operates in two segments, Investor Services and Advisor Services.