VELA Investment Management LLC Sells 3,146 Shares of The Charles Schwab Co. (NYSE:SCHW)

VELA Investment Management LLC lessened its stake in The Charles Schwab Co. (NYSE:SCHW) by 11.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,344 shares of the financial services provider’s stock after selling 3,146 shares during the quarter. VELA Investment Management LLC’s holdings in Charles Schwab were worth $1,720,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Country Trust Bank purchased a new stake in shares of Charles Schwab during the 2nd quarter valued at approximately $26,000. American Capital Advisory LLC bought a new stake in Charles Schwab during the 2nd quarter valued at $27,000. Fortitude Family Office LLC boosted its holdings in shares of Charles Schwab by 97.5% in the second quarter. Fortitude Family Office LLC now owns 389 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 192 shares during the period. CGC Financial Services LLC purchased a new position in shares of Charles Schwab in the second quarter valued at $29,000. Finally, Mizuho Securities Co. Ltd. bought a new stake in shares of Charles Schwab during the 2nd quarter valued at $29,000. Hedge funds and other institutional investors own 84.38% of the company’s stock.

Insider Buying and Selling at Charles Schwab

In related news, CEO Walter W. Bettinger purchased 25,000 shares of Charles Schwab stock in a transaction that occurred on Wednesday, July 17th. The shares were acquired at an average cost of $66.26 per share, for a total transaction of $1,656,500.00. Following the transaction, the chief executive officer now directly owns 827,377 shares in the company, valued at $54,822,000.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Walter W. Bettinger purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was bought at an average cost of $66.26 per share, for a total transaction of $1,656,500.00. Following the acquisition, the chief executive officer now directly owns 827,377 shares of the company’s stock, valued at approximately $54,822,000.02. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bernard J. Clark sold 8,164 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $75.00, for a total transaction of $612,300.00. Following the completion of the sale, the insider now directly owns 121,666 shares in the company, valued at approximately $9,124,950. The disclosure for this sale can be found here. Insiders sold a total of 107,800 shares of company stock worth $7,145,364 over the last three months. Company insiders own 6.60% of the company’s stock.

Charles Schwab Price Performance

Shares of Charles Schwab stock opened at $63.69 on Friday. The firm has a market capitalization of $113.27 billion, a PE ratio of 26.65, a price-to-earnings-growth ratio of 1.22 and a beta of 0.97. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.65. The Charles Schwab Co. has a 12 month low of $48.66 and a 12 month high of $79.49. The business’s 50-day moving average price is $66.66 and its 200-day moving average price is $70.07.

Charles Schwab (NYSE:SCHW) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. The business had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Charles Schwab had a net margin of 26.30% and a return on equity of 18.14%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $0.75 earnings per share. Sell-side analysts forecast that The Charles Schwab Co. will post 3.05 EPS for the current fiscal year.

Charles Schwab Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.57%. The ex-dividend date was Friday, August 9th. Charles Schwab’s dividend payout ratio is presently 41.84%.

Analyst Upgrades and Downgrades

Several research analysts have commented on SCHW shares. Piper Sandler downgraded Charles Schwab from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $80.00 to $64.00 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $80.00 price objective on shares of Charles Schwab in a research note on Thursday, August 22nd. Barclays lowered their target price on shares of Charles Schwab from $77.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 17th. Jefferies Financial Group boosted their price target on shares of Charles Schwab from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Finally, StockNews.com downgraded Charles Schwab from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $74.00.

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.