Charles Schwab (NYSE:SCHW) Hits New 1-Year High Following Analyst Upgrade

Shares of The Charles Schwab Co. (NYSE:SCHWGet Free Report) hit a new 52-week high on Wednesday after Truist Financial raised their price target on the stock from $90.00 to $91.00. Truist Financial currently has a buy rating on the stock. Charles Schwab traded as high as $84.50 and last traded at $83.51, with a volume of 59325916 shares changing hands. The stock had previously closed at $81.17.

A number of other brokerages have also recently weighed in on SCHW. Raymond James dropped their price target on Charles Schwab from $76.00 to $73.00 in a research report on Tuesday, October 15th. JMP Securities restated a “market outperform” rating and issued a $94.00 price target (up previously from $84.00) on shares of Charles Schwab in a research report on Monday, December 9th. Jefferies Financial Group raised their price target on Charles Schwab from $84.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, December 9th. The Goldman Sachs Group raised their price target on Charles Schwab from $67.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, UBS Group lifted their price objective on Charles Schwab from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $84.56.

Read Our Latest Stock Analysis on Charles Schwab

Insiders Place Their Bets

In other news, General Counsel Peter J. Morgan III sold 14,643 shares of Charles Schwab stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $80.70, for a total value of $1,181,690.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Arun Sarin sold 8,548 shares of Charles Schwab stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $81.82, for a total value of $699,397.36. Following the completion of the transaction, the director now directly owns 18,617 shares in the company, valued at $1,523,242.94. This represents a 31.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,514 shares of company stock valued at $3,859,731. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Charles Schwab

Hedge funds and other institutional investors have recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its position in Charles Schwab by 78.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 19,773 shares of the financial services provider’s stock worth $1,281,000 after acquiring an additional 8,721 shares in the last quarter. Procyon Advisors LLC lifted its position in Charles Schwab by 5.4% during the 3rd quarter. Procyon Advisors LLC now owns 3,437 shares of the financial services provider’s stock worth $222,000 after acquiring an additional 176 shares in the last quarter. Creative Planning lifted its position in Charles Schwab by 18.3% during the 3rd quarter. Creative Planning now owns 511,376 shares of the financial services provider’s stock worth $31,891,000 after acquiring an additional 79,166 shares in the last quarter. Swedbank AB lifted its position in Charles Schwab by 3.7% during the 3rd quarter. Swedbank AB now owns 605,261 shares of the financial services provider’s stock worth $39,227,000 after acquiring an additional 21,699 shares in the last quarter. Finally, Sumitomo Life Insurance Co. lifted its position in Charles Schwab by 2.8% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 14,666 shares of the financial services provider’s stock worth $951,000 after acquiring an additional 396 shares in the last quarter. 84.38% of the stock is owned by institutional investors and hedge funds.

Charles Schwab Stock Down 0.8 %

The firm has a 50-day moving average of $78.06 and a 200 day moving average of $72.18. The stock has a market capitalization of $145.29 billion, a price-to-earnings ratio of 27.30, a price-to-earnings-growth ratio of 1.02 and a beta of 0.99. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.59.

Charles Schwab (NYSE:SCHWGet Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. Charles Schwab had a return on equity of 18.20% and a net margin of 30.31%. The company had revenue of $5.33 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the previous year, the business earned $0.68 EPS. Charles Schwab’s revenue for the quarter was up 19.5% compared to the same quarter last year. On average, sell-side analysts anticipate that The Charles Schwab Co. will post 4.18 earnings per share for the current year.

Charles Schwab Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, February 14th. This is an increase from Charles Schwab’s previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a yield of 1.32%. Charles Schwab’s payout ratio is currently 33.44%.

About Charles Schwab

(Get Free Report)

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.

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