Providence Wealth Advisors LLC Sells 443 Shares of The Charles Schwab Co. (NYSE:SCHW)

Providence Wealth Advisors LLC trimmed its position in The Charles Schwab Co. (NYSE:SCHW) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 16,364 shares of the financial services provider’s stock after selling 443 shares during the quarter. Providence Wealth Advisors LLC’s holdings in Charles Schwab were worth $1,225,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Charles Schwab by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 128,578,230 shares of the financial services provider’s stock valued at $9,516,075,000 after acquiring an additional 1,187,384 shares during the last quarter. State Street Corp raised its stake in shares of Charles Schwab by 0.7% during the 3rd quarter. State Street Corp now owns 62,076,447 shares of the financial services provider’s stock worth $4,023,175,000 after purchasing an additional 414,949 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Charles Schwab by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 30,141,441 shares of the financial services provider’s stock worth $1,945,614,000 after buying an additional 445,304 shares during the last quarter. Franklin Resources Inc. grew its position in Charles Schwab by 15.0% during the third quarter. Franklin Resources Inc. now owns 24,261,234 shares of the financial services provider’s stock valued at $1,644,674,000 after buying an additional 3,157,923 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in Charles Schwab by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 20,455,266 shares of the financial services provider’s stock worth $1,513,894,000 after buying an additional 265,708 shares during the last quarter. 84.38% of the stock is owned by institutional investors and hedge funds.

Charles Schwab Stock Performance

Charles Schwab stock opened at $80.12 on Thursday. The Charles Schwab Co. has a 1-year low of $61.01 and a 1-year high of $84.50. The firm has a market cap of $145.30 billion, a P/E ratio of 26.80, a P/E/G ratio of 0.99 and a beta of 0.98. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average of $79.44 and a 200-day moving average of $75.14.

Charles Schwab (NYSE:SCHW) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.11. The company had revenue of $5.33 billion for the quarter, compared to analyst estimates of $5.19 billion. Charles Schwab had a return on equity of 18.20% and a net margin of 30.31%. The firm’s revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 earnings per share. Sell-side analysts expect that The Charles Schwab Co. will post 4.22 EPS for the current year.

Charles Schwab Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.08 annualized dividend and a yield of 1.35%. This is a positive change from Charles Schwab’s previous quarterly dividend of $0.25. Charles Schwab’s payout ratio is presently 36.12%.

Insiders Place Their Bets

In other Charles Schwab news, General Counsel Peter J. Morgan III sold 14,643 shares of the firm’s 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul V. Woolway sold 3,380 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $79.32, for a total transaction of $268,101.60. Following the sale, the insider now directly owns 57,818 shares of the company’s stock, valued at $4,586,123.76. The trade was a 5.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 501,087 shares of company stock worth $40,952,233. 6.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SCHW. Morgan Stanley increased their target price on shares of Charles Schwab from $84.00 to $91.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Citigroup raised their target price on Charles Schwab from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Piper Sandler increased their price target on Charles Schwab from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Barclays upped their price objective on shares of Charles Schwab from $95.00 to $96.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, UBS Group raised their price target on Charles Schwab from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $86.33.

Charles Schwab Company Profile

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.