Canada Pension Plan Investment Board Purchases 185,388 Shares of The Charles Schwab Co. (NYSE:SCHW)

Canada Pension Plan Investment Board grew its position in The Charles Schwab Co. (NYSE:SCHW) by 12.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,693,022 shares of the financial services provider’s stock after acquiring an additional 185,388 shares during the quarter. Canada Pension Plan Investment Board owned 0.10% of Charles Schwab worth $124,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Intech Investment Management LLC raised its stake in shares of Charles Schwab by 21.1% in the second quarter. Intech Investment Management LLC now owns 25,194 shares of the financial services provider’s stock valued at $1,857,000 after acquiring an additional 4,395 shares during the period. ProVise Management Group LLC raised its position in Charles Schwab by 4.2% in the 2nd quarter. ProVise Management Group LLC now owns 158,557 shares of the financial services provider’s stock worth $11,684,000 after purchasing an additional 6,330 shares during the period. XTX Topco Ltd bought a new stake in Charles Schwab in the second quarter worth about $3,000,000. WCG Wealth Advisors LLC boosted its position in shares of Charles Schwab by 6.3% during the second quarter. WCG Wealth Advisors LLC now owns 79,483 shares of the financial services provider’s stock valued at $5,857,000 after buying an additional 4,734 shares during the period. Finally, Seven Eight Capital LP purchased a new stake in shares of Charles Schwab in the second quarter worth approximately $1,756,000. 84.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Charles Schwab

In other news, insider Jonathan S. Beatty sold 780 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $75.00, for a total transaction of $58,500.00. Following the sale, the insider now owns 18,069 shares of the company’s stock, valued at approximately $1,355,175. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Charles Schwab news, CEO Walter W. Bettinger purchased 25,000 shares of the 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 completion of the transaction, the chief executive officer now owns 827,377 shares of the company’s stock, valued at approximately $54,822,000.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jonathan S. Beatty sold 780 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $75.00, for a total value of $58,500.00. Following the completion of the sale, the insider now owns 18,069 shares of the company’s stock, valued at $1,355,175. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,636 shares of company stock worth $6,457,104. 6.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on SCHW. Piper Sandler cut shares of Charles Schwab from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $64.00 in a research report on Monday, July 29th. Jefferies Financial Group raised their price target on Charles Schwab from $85.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, July 8th. 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. UBS Group cut their target price on Charles Schwab from $91.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Charles Schwab from $82.00 to $78.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Charles Schwab presently has an average rating of “Hold” and a consensus target price of $73.75.

Charles Schwab Stock Up 1.0 %

Charles Schwab stock opened at $65.38 on Friday. The business’s 50-day simple moving average is $64.28 and its two-hundred day simple moving average is $69.93. The company has a market cap of $116.27 billion, a PE ratio of 27.36, a PEG ratio of 1.19 and a beta of 0.97. The Charles Schwab Co. has a fifty-two week low of $48.66 and a fifty-two week high of $79.49. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.42 and a current ratio of 0.42.

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

Charles Schwab Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.53%. The ex-dividend date was Friday, August 9th. Charles Schwab’s dividend payout ratio (DPR) is 41.84%.

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.