Wells Fargo & Company Cuts Charles Schwab (NYSE:SCHW) Price Target to $89.00

Charles Schwab (NYSE:SCHW) had its target price cut by equities researchers at Wells Fargo & Company from $90.00 to $89.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 22.78% from the stock’s previous close.

SCHW has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their target price on Charles Schwab from $87.00 to $93.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. Raymond James dropped their target price on Charles Schwab from $76.00 to $73.00 in a report on Tuesday, October 15th. Piper Sandler raised their target price on Charles Schwab from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Barclays upgraded Charles Schwab from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $74.00 to $95.00 in a report on Monday, December 9th. Finally, Morgan Stanley lifted their price target on Charles Schwab from $68.00 to $74.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Charles Schwab has a consensus rating of “Moderate Buy” and an average price target of $81.63.

Charles Schwab Stock Down 0.2 %

Charles Schwab stock traded down $0.17 during mid-day trading on Tuesday, reaching $72.49. The stock had a trading volume of 291,418 shares, compared to its average volume of 7,236,610. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.47 and a current ratio of 0.47. Charles Schwab has a fifty-two week low of $59.67 and a fifty-two week high of $83.35. The stock’s 50-day simple moving average is $77.60 and its 200-day simple moving average is $70.59. The firm has a market capitalization of $129.01 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 1.76 and a beta of 0.99.

Charles Schwab (NYSE:SCHW) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. Charles Schwab had a return on equity of 16.92% and a net margin of 27.47%. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter last year, the firm posted $0.77 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, sell-side analysts forecast that Charles Schwab will post 3.12 EPS for the current fiscal year.

Insider Activity

In other news, insider Jonathan S. Beatty sold 2,300 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $82.01, for a total value of $188,623.00. Following the completion of the transaction, the insider now directly owns 18,069 shares in the company, valued at approximately $1,481,838.69. This represents a 11.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Charles R. Schwab sold 62,345 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $72.52, for a total value of $4,521,259.40. Following the completion of the transaction, the chairman now owns 60,619,371 shares of the company’s stock, valued at $4,396,116,784.92. The trade was a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,968 shares of company stock worth $8,842,821. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Charles Schwab

A number of hedge funds and other institutional investors have recently modified their holdings of SCHW. Capital Performance Advisors LLP bought a new stake in shares of Charles Schwab in the 3rd quarter valued at about $25,000. Washington Trust Advisors Inc. lifted its stake in shares of Charles Schwab by 62.6% in the 3rd quarter. Washington Trust Advisors Inc. now owns 387 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 149 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Charles Schwab in the 3rd quarter valued at about $31,000. Future Financial Wealth Managment LLC bought a new stake in shares of Charles Schwab in the 3rd quarter valued at about $32,000. Finally, Planning Capital Management Corp bought a new stake in shares of Charles Schwab in the 3rd quarter valued at about $33,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

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.