Bank of America Forecasts Strong Price Appreciation for Charles Schwab (NYSE:SCHW) Stock

Charles Schwab (NYSE:SCHW) had its target price lifted by analysts at Bank of America from $88.00 to $91.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “underperform” rating on the financial services provider’s stock. Bank of America‘s target price suggests a potential downside of 4.57% from the company’s previous close.

Other analysts have also recently issued research reports about the company. TD Cowen upped their price objective on Charles Schwab from $129.00 to $134.00 and gave the company a “buy” rating in a research note on Friday, October 17th. Zacks Research downgraded Charles Schwab from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. JPMorgan Chase & Co. upped their price objective on Charles Schwab from $119.00 to $121.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Barclays raised their target price on Charles Schwab from $114.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. Finally, Morgan Stanley upped their price target on shares of Charles Schwab from $130.00 to $139.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $107.37.

Charles Schwab Stock Up 1.3%

Shares of SCHW traded up $1.20 during trading on Wednesday, reaching $95.36. The company’s stock had a trading volume of 2,302,183 shares, compared to its average volume of 9,629,846. The company has a market cap of $169.45 billion, a price-to-earnings ratio of 22.33, a P/E/G ratio of 0.84 and a beta of 0.96. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average of $93.65 and a two-hundred day moving average of $93.30. Charles Schwab has a twelve month low of $65.88 and a twelve month high of $99.59.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.06. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $5.93 billion. Charles Schwab had a net margin of 35.93% and a return on equity of 21.02%. The firm’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same period last year, the business earned $0.71 EPS. On average, sell-side analysts predict that Charles Schwab will post 4.22 EPS for the current fiscal year.

Insider Activity at Charles Schwab

In other news, insider Paul V. Woolway sold 3,205 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $93.33, for a total transaction of $299,122.65. Following the transaction, the insider owned 34,778 shares in the company, valued at $3,245,830.74. This represents a 8.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan S. Beatty sold 3,072 shares of Charles Schwab stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $98.00, for a total transaction of $301,056.00. Following the completion of the sale, the insider directly owned 11,923 shares of the company’s stock, valued at approximately $1,168,454. The trade was a 20.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On Charles Schwab

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Charles Schwab in the 2nd quarter valued at $1,889,858,000. Wellington Management Group LLP raised its position in Charles Schwab by 595.7% in the first quarter. Wellington Management Group LLP now owns 15,488,777 shares of the financial services provider’s stock worth $1,212,461,000 after purchasing an additional 13,262,309 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Charles Schwab by 12.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 82,048,984 shares of the financial services provider’s stock worth $6,422,795,000 after purchasing an additional 8,954,248 shares during the period. Brown Advisory Inc. boosted its holdings in Charles Schwab by 88.4% during the second quarter. Brown Advisory Inc. now owns 12,162,260 shares of the financial services provider’s stock valued at $1,109,687,000 after purchasing an additional 5,708,208 shares in the last quarter. Finally, Primecap Management Co. CA grew its stake in shares of Charles Schwab by 35.9% in the 2nd quarter. Primecap Management Co. CA now owns 19,034,806 shares of the financial services provider’s stock valued at $1,736,736,000 after purchasing an additional 5,032,728 shares during the period. Institutional investors and hedge funds own 84.38% of the company’s stock.

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.