Elefante Mark B Purchases Shares of 42,214 The Charles Schwab Corporation $SCHW

Elefante Mark B acquired a new stake in The Charles Schwab Corporation (NYSE:SCHW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 42,214 shares of the financial services provider’s stock, valued at approximately $3,895,000. Charles Schwab makes up 1.7% of Elefante Mark B’s portfolio, making the stock its 27th largest position.

A number of other hedge funds have also recently made changes to their positions in SCHW. Geode Capital Management LLC raised its holdings in shares of Charles Schwab by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 37,667,640 shares of the financial services provider’s stock worth $3,747,646,000 after acquiring an additional 98,242 shares in the last quarter. Swiss Life Asset Management Ltd grew its holdings in shares of Charles Schwab by 4.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 407,179 shares of the financial services provider’s stock valued at $40,681,000 after purchasing an additional 16,482 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Charles Schwab in the fourth quarter worth $35,233,000. Norges Bank purchased a new stake in Charles Schwab during the fourth quarter valued at $1,994,189,000. Finally, Seaview Investment Managers LLC bought a new position in Charles Schwab during the fourth quarter valued at $8,027,000. Institutional investors own 84.38% of the company’s stock.

Charles Schwab Stock Up 0.1%

Shares of NYSE:SCHW opened at $112.36 on Monday. The Charles Schwab Corporation has a 1 year low of $83.96 and a 1 year high of $112.40. The business has a 50 day simple moving average of $101.59 and a two-hundred day simple moving average of $96.09. The firm has a market capitalization of $194.31 billion, a PE ratio of 20.43, a price-to-earnings-growth ratio of 0.84 and a beta of 0.76. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.64 and a quick ratio of 0.64.

Charles Schwab (NYSE:SCHW) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.06. Charles Schwab had a return on equity of 24.53% and a net margin of 38.79%.The firm had revenue of $7.07 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the prior year, the business posted $1.14 earnings per share. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, equities analysts predict that The Charles Schwab Corporation will post 6.46 EPS for the current year.

Charles Schwab Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 14th. Charles Schwab’s dividend payout ratio is 23.27%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Charles Schwab from $133.00 to $136.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Compass Point assumed coverage on Charles Schwab in a research report on Monday, August 3rd. They issued a “buy” rating and a $135.00 price target for the company. Argus raised their price objective on Charles Schwab from $108.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Piper Sandler set a $118.00 target price on Charles Schwab in a research report on Tuesday, July 21st. Finally, TD Cowen increased their price target on Charles Schwab from $108.00 to $109.00 and gave the company a “buy” rating in a report on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $121.17.

Insiders Place Their Bets

In related news, insider Dennis Howard sold 2,198 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $110.00, for a total value of $241,780.00. Following the transaction, the insider owned 6,980 shares of the company’s stock, valued at $767,800. This trade represents a 23.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Walter W. Bettinger sold 93,408 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $104.64, for a total transaction of $9,774,213.12. Following the completion of the transaction, the chairman directly owned 529,346 shares in the company, valued at $55,390,765.44. This represents a 15.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 398,984 shares of company stock valued at $41,699,569. Insiders own 6.30% of the company’s stock.

Charles Schwab Company Profile

Charles Schwab Corporation (NYSE: SCHW) is a diversified financial services firm that provides brokerage, banking, wealth management and advisory services to individual investors, independent investment advisors and institutional clients. Its primary offerings include retail brokerage accounts, online trading platforms, Schwab-branded mutual funds and exchange-traded funds (ETFs), retirement plan services, custodial services for independent Registered Investment Advisors (RIAs), and banking products through Charles Schwab Bank.