Charles Schwab (NYSE:SCHW) Price Target Raised to $86.00 at Bank of America

Charles Schwab (NYSE:SCHW) had its price objective lifted by Bank of America from $84.00 to $86.00 in a research report sent to investors on Thursday morning,Benzinga reports. Bank of America currently has an underperform rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on SCHW. Piper Sandler raised their price target on Charles Schwab from $80.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 15th. Zacks Research downgraded Charles Schwab from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. Barclays raised their price target on Charles Schwab from $106.00 to $113.00 and gave the stock an “overweight” rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods raised their price target on Charles Schwab from $102.00 to $108.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. Finally, Truist Financial set a $112.00 target price on Charles Schwab in a research note on Thursday. Sixteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Charles Schwab has an average rating of “Moderate Buy” and a consensus price target of $100.05.

Charles Schwab Trading Up 0.5%

NYSE:SCHW opened at $92.75 on Thursday. The stock’s 50 day moving average price is $95.42 and its 200 day moving average price is $88.46. The company has a market capitalization of $168.36 billion, a PE ratio of 24.93, a P/E/G ratio of 0.91 and a beta of 0.97. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.47. Charles Schwab has a 52-week low of $62.41 and a 52-week high of $99.59.

Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.64 billion. Charles Schwab had a return on equity of 19.30% and a net margin of 33.68%.The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 EPS. On average, research analysts anticipate that Charles Schwab will post 4.22 EPS for the current year.

Charles Schwab declared that its board has authorized a share buyback program on Thursday, July 24th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Charles Schwab Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 8th. Charles Schwab’s payout ratio is 29.03%.

Insider Buying and Selling

In other news, insider Jonathan S. Beatty sold 6,144 shares of the business’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $96.81, for a total value of $594,800.64. Following the completion of the transaction, the insider directly owned 11,923 shares of the company’s stock, valued at $1,154,265.63. The trade was a 34.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Walter W. Bettinger sold 173,876 shares of the business’s stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $98.84, for a total value of $17,185,903.84. Following the completion of the transaction, the chairman directly owned 590,734 shares of the company’s stock, valued at approximately $58,388,148.56. This trade represents a 22.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,128 shares of company stock valued at $26,232,077. Company insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On Charles Schwab

Several institutional investors and hedge funds have recently modified their holdings of SCHW. Atwood & Palmer Inc. purchased a new stake in shares of Charles Schwab in the first quarter worth about $25,000. Princeton Global Asset Management LLC purchased a new stake in shares of Charles Schwab in the second quarter worth about $25,000. Westside Investment Management Inc. boosted its position in shares of Charles Schwab by 75.0% in the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock worth $27,000 after buying an additional 150 shares during the period. RMG Wealth Management LLC purchased a new stake in shares of Charles Schwab in the second quarter worth about $27,000. Finally, CBIZ Investment Advisory Services LLC boosted its position in shares of Charles Schwab by 97.9% in the first quarter. CBIZ Investment Advisory Services LLC now owns 386 shares of the financial services provider’s stock worth $30,000 after buying an additional 191 shares during the period. Hedge funds and other institutional investors own 84.38% of the company’s stock.

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.