Pacific Heights Asset Management LLC Boosts Position in The Charles Schwab Corporation (NYSE:SCHW)

by · The Cerbat Gem

Pacific Heights Asset Management LLC grew its holdings in shares of The Charles Schwab Corporation (NYSE:SCHW – Free Report) by 70.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 188,000 shares of the financial services provider’s stock after purchasing an additional 78,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in Charles Schwab were worth $14,717,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Atwood & Palmer Inc. acquired a new position in shares of Charles Schwab during the 1st quarter valued at $25,000. Westside Investment Management Inc. raised its position in Charles Schwab by 75.0% in the first quarter. Westside Investment Management Inc. now owns 350 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 150 shares during the period. WFA Asset Management Corp acquired a new position in shares of Charles Schwab during the first quarter worth about $33,000. Beacon Capital Management LLC boosted its position in shares of Charles Schwab by 53.1% in the first quarter. Beacon Capital Management LLC now owns 487 shares of the financial services provider’s stock worth $38,000 after buying an additional 169 shares during the period. Finally, Murphy & Mullick Capital Management Corp purchased a new stake in shares of Charles Schwab in the fourth quarter worth about $38,000. Institutional investors and hedge funds own 84.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SCHW. Citigroup upgraded Charles Schwab from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $102.00 in a report on Wednesday, April 2nd. Morgan Stanley increased their price objective on shares of Charles Schwab from $76.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, May 13th. Redburn Atlantic raised shares of Charles Schwab from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $65.00 to $82.00 in a research report on Monday, June 9th. Truist Financial upped their target price on shares of Charles Schwab from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Finally, Barclays dropped their price target on shares of Charles Schwab from $96.00 to $84.00 and set an “overweight” rating on the stock in a research note on Monday, April 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Charles Schwab presently has an average rating of “Moderate Buy” and a consensus target price of $89.40.

Check Out Our Latest Analysis on SCHW

Charles Schwab Stock Performance

Shares of SCHW stock opened at $91.20 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market capitalization of $165.71 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 0.98 and a beta of 0.93. The Charles Schwab Corporation has a one year low of $61.01 and a one year high of $92.15. The company’s 50-day simple moving average is $87.22 and its 200-day simple moving average is $80.68.

Charles Schwab (NYSE:SCHW – Get Free Report) last released its earnings results on Thursday, April 17th. The financial services provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.03. Charles Schwab had a return on equity of 18.31% and a net margin of 31.71%. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.46 billion. During the same quarter last year, the business posted $0.74 EPS. Equities analysts anticipate that The Charles Schwab Corporation will post 4.22 earnings per share for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Friday, May 9th. Charles Schwab’s dividend payout ratio is presently 32.73%.

Insider Buying and Selling

In related news, General Counsel Peter J. Morgan III sold 10,176 shares of the business’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $87.39, for a total transaction of $889,280.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul V. Woolway sold 10,129 shares of the firm’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $90.01, for a total transaction of $911,711.29. Following the completion of the transaction, the insider directly owned 39,154 shares in the company, valued at $3,524,251.54. This represents a 20.55% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,905 shares of company stock worth $10,530,833. Company insiders own 6.30% of the company’s stock.

About Charles Schwab

(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.

Featured Articles

Want to see what other hedge funds are holding SCHW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Charles Schwab Corporation (NYSE:SCHW – Free Report).