State of Michigan Retirement System Has $29.50 Million Stock Position in The Charles Schwab Co. (NYSE:SCHW)

State of Michigan Retirement System boosted its holdings in shares of The Charles Schwab Co. (NYSE:SCHW) by 0.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 407,766 shares of the financial services provider’s stock after buying an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Charles Schwab were worth $29,498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Investment Research & Advisory Group Inc. lifted its holdings in Charles Schwab by 1.0% during the 4th quarter. Investment Research & Advisory Group Inc. now owns 58,979 shares of the financial services provider’s stock valued at $4,058,000 after purchasing an additional 607 shares during the last quarter. Morningstar Investment Services LLC boosted its holdings in shares of Charles Schwab by 98.0% during the 4th quarter. Morningstar Investment Services LLC now owns 4,691,362 shares of the financial services provider’s stock worth $326,284,000 after buying an additional 2,322,156 shares during the period. Brown Advisory Inc. grew its stake in Charles Schwab by 24.3% in the 4th quarter. Brown Advisory Inc. now owns 4,393,223 shares of the financial services provider’s stock valued at $302,254,000 after buying an additional 857,734 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Charles Schwab by 22.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 883,379 shares of the financial services provider’s stock valued at $60,776,000 after acquiring an additional 160,719 shares during the period. Finally, Retirement Systems of Alabama lifted its position in Charles Schwab by 13.0% during the fourth quarter. Retirement Systems of Alabama now owns 1,329,388 shares of the financial services provider’s stock worth $91,462,000 after acquiring an additional 152,967 shares during the last quarter. Institutional investors own 84.38% of the company’s stock.

Charles Schwab Price Performance

Charles Schwab stock traded up $0.73 during midday trading on Tuesday, reaching $74.15. The company’s stock had a trading volume of 4,320,787 shares, compared to its average volume of 7,314,505. The stock has a market cap of $131.79 billion, a PE ratio of 30.94, a price-to-earnings-growth ratio of 1.14 and a beta of 0.99. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.69. The Charles Schwab Co. has a 52 week low of $48.66 and a 52 week high of $79.49. The business has a 50-day moving average price of $74.40 and a 200-day moving average price of $69.86.

Charles Schwab (NYSE:SCHW) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.01. The business had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.71 billion. Charles Schwab had a net margin of 26.14% and a return on equity of 19.25%. On average, sell-side analysts predict that The Charles Schwab Co. will post 3.25 EPS for the current year.

Charles Schwab Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Thursday, May 9th. Charles Schwab’s payout ratio is 41.84%.

Insider Activity at Charles Schwab

In other news, Chairman Charles R. Schwab sold 89,275 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $74.62, for a total value of $6,661,700.50. Following the completion of the transaction, the chairman now owns 30,641,981 shares of the company’s stock, valued at $2,286,504,622.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Charles R. Schwab sold 89,275 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $74.62, for a total value of $6,661,700.50. Following the completion of the sale, the chairman now directly owns 30,641,981 shares in the company, valued at $2,286,504,622.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Peter B. Crawford sold 5,481 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $75.51, for a total value of $413,870.31. Following the transaction, the chief financial officer now directly owns 60,567 shares of the company’s stock, valued at $4,573,414.17. The disclosure for this sale can be found here. Insiders have sold a total of 658,663 shares of company stock valued at $48,997,146 in the last 90 days. 6.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on Charles Schwab from $89.00 to $81.00 and set an “overweight” rating on the stock in a research note on Friday, May 31st. Morgan Stanley boosted their target price on shares of Charles Schwab from $65.00 to $71.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Citigroup upped their price target on shares of Charles Schwab from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Piper Sandler raised their target price on shares of Charles Schwab from $75.00 to $78.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Finally, Barclays lifted their price target on shares of Charles Schwab from $74.00 to $75.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Charles Schwab has an average rating of “Hold” and an average target price of $75.56.

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.