Charles Schwab (NYSE:SCHW) Given New $61.00 Price Target at Bank of America

Charles Schwab (NYSE:SCHW) had its target price cut by equities research analysts at Bank of America from $63.00 to $61.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the financial services provider’s stock. Bank of America‘s price target indicates a potential downside of 15.89% from the company’s previous close.

A number of other research firms have also recently weighed in on SCHW. JPMorgan Chase & Co. lifted their price objective on Charles Schwab from $86.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday. Piper Sandler lifted their price target on shares of Charles Schwab from $64.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday. Raymond James dropped their price target on shares of Charles Schwab from $76.00 to $73.00 in a research report on Tuesday. Morgan Stanley lowered their target price on shares of Charles Schwab from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Monday, October 7th. Finally, Wells Fargo & Company increased their price target on Charles Schwab from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Charles Schwab has a consensus rating of “Hold” and a consensus price target of $73.24.

Charles Schwab Stock Performance

SCHW stock traded up $0.56 during midday trading on Wednesday, reaching $72.52. 6,165,842 shares of the company’s stock traded hands, compared to its average volume of 8,073,364. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.65. Charles Schwab has a 52-week low of $48.66 and a 52-week high of $79.49. The stock has a market cap of $128.97 billion, a P/E ratio of 30.09, a PEG ratio of 1.43 and a beta of 0.97. The stock’s 50-day moving average is $64.42 and its 200 day moving average is $69.49.

Charles Schwab (NYSE:SCHW) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.75 by $0.02. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.78 billion. Charles Schwab had a return on equity of 18.14% and a net margin of 26.30%. Charles Schwab’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 EPS. As a group, analysts anticipate that Charles Schwab will post 3.06 EPS for the current year.

Insider Buying and Selling

In related news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $64.05, for a total value of $576,450.00. Following the completion of the sale, the director now directly owns 554,929 shares in the company, valued at $35,543,202.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Charles Schwab news, Director Carolyn Schwab-Pomerantz sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $64.05, for a total value of $576,450.00. Following the completion of the sale, the director now owns 554,929 shares of the company’s stock, valued at $35,543,202.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Charles R. Schwab sold 67,386 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $65.11, for a total value of $4,387,502.46. Following the transaction, the chairman now directly owns 60,619,371 shares in the company, valued at approximately $3,946,927,245.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 98,856 shares of company stock worth $6,398,604. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Charles Schwab

A number of large investors have recently made changes to their positions in SCHW. Indiana Trust & Investment Management Co lifted its holdings in Charles Schwab by 18.6% during the 3rd quarter. Indiana Trust & Investment Management Co now owns 1,275 shares of the financial services provider’s stock valued at $83,000 after buying an additional 200 shares in the last quarter. Sumitomo Life Insurance Co. raised its stake in shares of Charles Schwab by 2.8% during the third quarter. Sumitomo Life Insurance Co. now owns 14,666 shares of the financial services provider’s stock valued at $951,000 after acquiring an additional 396 shares in the last quarter. Stableford Capital II LLC raised its stake in shares of Charles Schwab by 7.9% during the third quarter. Stableford Capital II LLC now owns 35,737 shares of the financial services provider’s stock valued at $2,419,000 after acquiring an additional 2,617 shares in the last quarter. Roberts Wealth Advisors LLC boosted its holdings in shares of Charles Schwab by 4.1% in the third quarter. Roberts Wealth Advisors LLC now owns 23,050 shares of the financial services provider’s stock valued at $1,496,000 after purchasing an additional 905 shares during the period. Finally, Jamison Private Wealth Management Inc. grew its stake in Charles Schwab by 3.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 126,421 shares of the financial services provider’s stock worth $8,193,000 after purchasing an additional 3,891 shares in the last quarter. 84.38% of the stock is owned by hedge funds and other institutional investors.

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.