Proffitt & Goodson Inc. Cuts Stake in The Charles Schwab Co. (NYSE:SCHW)

Proffitt & Goodson Inc. lowered its stake in The Charles Schwab Co. (NYSE:SCHW) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,509 shares of the financial services provider’s stock after selling 188 shares during the period. Proffitt & Goodson Inc.’s holdings in Charles Schwab were worth $922,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Country Trust Bank purchased a new stake in Charles Schwab in the second quarter worth $26,000. Fortitude Family Office LLC lifted its position in Charles Schwab by 97.5% during the 2nd quarter. Fortitude Family Office LLC now owns 389 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 192 shares during the period. CGC Financial Services LLC bought a new stake in Charles Schwab during the second quarter worth about $29,000. Frazier Financial Advisors LLC purchased a new stake in Charles Schwab in the fourth quarter worth about $30,000. Finally, Wetzel Investment Advisors Inc. bought a new position in shares of Charles Schwab during the fourth quarter valued at approximately $31,000. 84.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Charles Schwab

In related news, President Richard A. Wurster purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was bought at an average price of $62.05 per share, for a total transaction of $620,500.00. Following the completion of the transaction, the president now owns 144,228 shares in the company, valued at approximately $8,949,347.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, President Richard A. Wurster purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was bought at an average cost of $62.05 per share, for a total transaction of $620,500.00. Following the completion of the transaction, the president now directly owns 144,228 shares in the company, valued at $8,949,347.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $61.96, for a total transaction of $557,640.00. Following the transaction, the director now owns 567,057 shares in the company, valued at approximately $35,134,851.72. The disclosure for this sale can be found here. Insiders sold 185,231 shares of company stock worth $12,638,320 over the last 90 days. 6.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SCHW has been the subject of several analyst reports. 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 report on Wednesday, July 17th. StockNews.com cut shares of Charles Schwab from a “hold” rating to a “sell” rating in a report on Friday, May 24th. TD Cowen reiterated a “hold” rating and issued a $71.00 target price (down previously from $88.00) on shares of Charles Schwab in a research note on Wednesday, July 17th. UBS Group reduced their price target on shares of Charles Schwab from $91.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Finally, Piper Sandler cut 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. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $74.00.

Charles Schwab Price Performance

Shares of NYSE SCHW traded down $0.30 during mid-day trading on Thursday, reaching $64.27. The company’s stock had a trading volume of 19,981,439 shares, compared to its average volume of 8,057,912. The stock has a fifty day moving average of $68.62 and a two-hundred day moving average of $70.02. The firm has a market capitalization of $114.30 billion, a PE ratio of 26.80, a P/E/G ratio of 1.24 and a beta of 0.99. The Charles Schwab Co. has a 52 week low of $48.66 and a 52 week high of $79.49. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.42 and a quick ratio of 0.42.

Charles Schwab (NYSE:SCHW) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. Charles Schwab had a net margin of 26.30% and a return on equity of 18.14%. The company had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.68 billion. During the same period last year, the company posted $0.75 earnings per share. Charles Schwab’s quarterly revenue was up .7% on a year-over-year basis. As a group, sell-side analysts anticipate that The Charles Schwab Co. will post 3.06 EPS for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Friday, August 9th. Charles Schwab’s payout ratio is 41.84%.

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.