Allstate Corp Makes New $3.51 Million Investment in The Charles Schwab Co. (NYSE:SCHW)

Allstate Corp bought a new position in The Charles Schwab Co. (NYSE:SCHW) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 47,483 shares of the financial services provider’s stock, valued at approximately $3,514,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its stake in Charles Schwab by 0.6% in the third quarter. Principal Financial Group Inc. now owns 6,673,901 shares of the financial services provider’s stock worth $432,536,000 after buying an additional 38,201 shares in the last quarter. United Bank raised its position in shares of Charles Schwab by 13.0% in the 3rd quarter. United Bank now owns 11,352 shares of the financial services provider’s stock worth $736,000 after acquiring an additional 1,309 shares in the last quarter. Bridgewater Associates LP purchased a new stake in shares of Charles Schwab during the 3rd quarter worth $1,754,000. Icon Wealth Advisors LLC boosted its position in Charles Schwab by 4.2% during the third quarter. Icon Wealth Advisors LLC now owns 5,514 shares of the financial services provider’s stock valued at $357,000 after purchasing an additional 222 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in Charles Schwab by 141.5% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,099,801 shares of the financial services provider’s stock valued at $71,278,000 after purchasing an additional 644,440 shares during the last quarter. Institutional investors own 84.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. TD Cowen upgraded shares of Charles Schwab from a “hold” rating to a “buy” rating and raised their target price for the company from $88.00 to $103.00 in a research note on Tuesday, February 18th. Wells Fargo & Company upgraded Charles Schwab from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $89.00 to $93.00 in a research note on Wednesday, January 22nd. Citigroup increased their price target on Charles Schwab from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Truist Financial boosted their price target on Charles Schwab from $90.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Charles Schwab from $81.00 to $93.00 and gave the company an “outperform” rating in a research report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Charles Schwab presently has an average rating of “Hold” and an average price target of $86.33.

Insider Activity

In related news, insider Paul V. Woolway sold 8,614 shares of Charles Schwab stock in a transaction on Monday, March 24th. The shares were sold at an average price of $80.00, for a total value of $689,120.00. Following the sale, the insider now owns 49,204 shares of the company’s stock, valued at approximately $3,936,320. This trade represents a 14.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Walter W. Bettinger sold 464,629 shares of the company’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $81.91, for a total transaction of $38,057,761.39. Following the transaction, the chairman now owns 827,377 shares of the company’s stock, valued at $67,770,450.07. This represents a 35.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 509,701 shares of company stock worth $41,641,353 in the last ninety days. Company insiders own 6.60% of the company’s stock.

Charles Schwab Stock Down 2.3 %

Shares of SCHW stock opened at $77.79 on Friday. The Charles Schwab Co. has a twelve month low of $61.01 and a twelve month high of $84.50. The stock has a market cap of $141.08 billion, a P/E ratio of 26.02, a P/E/G ratio of 0.99 and a beta of 0.98. The stock has a 50 day moving average of $79.55 and a 200 day moving average of $75.36. 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:SCHW) last posted its 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. Charles Schwab had a net margin of 30.31% and a return on equity of 18.20%. The firm had revenue of $5.33 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same period in the previous year, the firm earned $0.68 EPS. The business’s quarterly revenue was up 19.5% on a year-over-year basis. As a group, sell-side analysts expect that The Charles Schwab Co. will post 4.22 EPS for the current year.

Charles Schwab Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were paid a dividend of $0.27 per share. This is a positive change from Charles Schwab’s previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend was Friday, February 14th. Charles Schwab’s dividend payout ratio is presently 36.12%.

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.