Charles A. Ruffel, a director at Schwab Charles Corp (NYSE:SCHW), recently sold 2,998 shares of the company's common stock. The sale, executed on November 13, was completed at an average price of $78.6454 per share, resulting in a total transaction value of approximately $235,778. Following this sale, Ruffel holds 13,498.4634 shares directly. Additionally, he maintains indirect ownership of 3,450.569 shares through a 401(k) and 9,542.9876 shares via an IRA.
In other recent news, Charles Schwab (NYSE:SCHW) Corporation has reported a significant increase in its monthly activity for October 2024, with $24.6 billion in core net new assets. The company also saw a 5% year-over-year increase in revenue, reaching $4.8 billion for the third quarter of 2024. In addition, Charles Schwab announced a regular quarterly cash dividend of $0.25 per common share and dividends on several series of outstanding preferred stock.
The company is piloting expanded access to the overnight trading session, including stocks in the S&P 500 and Nasdaq-100. Analysts from Jefferies, Goldman Sachs (NYSE:GS), Citi, and Barclays (LON:BARC) have updated their outlooks on Charles Schwab, with Jefferies raising its price target to $84. The company anticipates a 2-3% revenue growth for 2024 and plans to introduce new retail alternatives in the fourth quarter.
Lastly, a leadership transition is underway at Charles Schwab, with CEO Walt Bettinger set to depart and Rick Wurster to assume the role in January 2024. These are recent developments for Charles Schwab Corporation.
InvestingPro Insights
The recent stock sale by Charles A. Ruffel comes at a time when Schwab Charles Corp (NYSE:SCHW) is experiencing significant market momentum. According to InvestingPro data, the company's stock has shown a strong 23.36% return over the last three months, with a 1-week price total return of 8.51%. This upward trend has pushed the stock to trade near its 52-week high, with the current price at 97.2% of that peak.
Despite the recent insider sale, Schwab's financial health appears robust. The company boasts a market capitalization of $146.65 billion and has maintained dividend payments for an impressive 36 consecutive years, as highlighted by an InvestingPro Tip. This consistent dividend history suggests a strong commitment to shareholder returns, which may be attractive to long-term investors.
However, investors should note that Schwab is currently trading at a relatively high earnings multiple, with a P/E ratio of 31.16. An InvestingPro Tip also indicates that the stock's RSI suggests it may be in overbought territory. These factors, combined with the director's recent sale, could prompt investors to carefully consider the stock's current valuation.
For those seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Schwab Charles Corp, providing deeper insights into the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.