Schwab Reports Monthly Activity Highlights; Core Net New Assets Brought To The Company By New And Existing Clients Totaled $33.4B. Net New Assets Excluding Mutual Fund Clearing Totaled $31.1B
Portfolio Pulse from Benzinga Newsdesk
The Charles Schwab Corporation (SCHW) reported significant growth in its February 2024 Monthly Activity Report, with core net new assets totaling $33.4 billion and total client assets reaching $8.88 trillion, marking a 20% increase from the previous year. The company anticipates a 5% to 6% sequential revenue growth and a nearly four percentage points expansion in adjusted pre-tax profit margin for Q1 2024, driven by rising equity markets, stronger client trading activity, and the impact of late 2023 cost savings.
March 14, 2024 | 1:01 pm
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Charles Schwab's February 2024 report highlights significant asset growth and a positive outlook for Q1 2024, with expected revenue growth and profit margin expansion.
The positive report from Charles Schwab, including substantial asset growth and an optimistic revenue and profit margin outlook for Q1 2024, is likely to instill confidence in investors. The reported 20% year-over-year growth in client assets and the anticipated revenue and profit margin expansion due to strong market performance and trading activity suggest a strong financial position and operational efficiency, which are positive indicators for the stock's short-term performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100