The Charles Schwab Corporation released its Monthly Activity
Report today. Company highlights for the month of February 2024
include:
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- Core net new assets brought to the company by new and existing
clients totaled $33.4 billion. Net new assets excluding mutual fund
clearing totaled $31.1 billion.
- Total client assets were $8.88 trillion as of month-end
February, up 20% from February 2023 and up 4% versus January
2024.
- Transactional sweep cash ended February 2024 at $403.2 billion,
representing a decrease of $2.9 billion versus the prior
month.
- With the company’s diversified financial model benefiting from
rising equity markets and stronger client trading activity to start
the year, the company anticipates first quarter sequential revenue
growth of approximately 5% to 6% and adjusted(1) pre-tax profit
margin expansion of nearly four percentage points versus the fourth
quarter as the full impact of the late 2023 incremental cost
savings are realized.
(1)
Adjusted pre-tax profit margin is
calculated as total net revenues less adjusted total expenses,
which exclude acquisition and integration-related costs,
amortization of acquired intangible assets, and restructuring
costs, as a percentage of total net revenues. 1Q24 GAAP pre-tax
profit margin is currently expected to expand by more than 900
basis points versus 4Q23. This sequential improvement is driven by
a combination of business performance and lower expected non-GAAP
adjustments during the first quarter of 2024. 4Q23 adjustments
totaled $413 million, including $216 million in pre-tax
restructuring costs.
Forward-Looking Statements
This press release contains forward-looking statements relating
to first quarter revenue and adjusted pre-tax profit margin. These
forward-looking statements reflect management’s expectations as of
the date hereof. Achievement of these expectations is subject to
risks and uncertainties that could cause actual results to differ
materially from the expressed expectations.
Important factors that may cause such differences include, but
are not limited to, client use of the company’s advisory solutions
and other products and services; general market conditions,
including the level of interest rates and equity valuations; client
cash allocation decisions; client sensitivity to rates; level of
client assets, including cash balances; competitive pressures on
pricing; balance sheet positioning relative to changes in interest
rates; interest earning asset mix and growth; the level and mix of
client trading activity; market volatility; securities lending; and
margin loan balances. Other important factors include the company’s
ability to support client activity levels, monetize client assets,
and manage expenses; developments in litigation or regulatory
matters; and other factors set forth in the company’s most recent
report on Form 10-K.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 35.1 million active brokerage
accounts, 5.3 million workplace plan participant accounts, 1.9
million banking accounts, and $8.88 trillion in client assets as of
February 29, 2024. Through its operating subsidiaries, the company
provides a full range of wealth management, securities brokerage,
banking, asset management, custody, and financial advisory services
to individual investors and independent investment advisors. Its
broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD
Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC,
https://www.sipc.org), and their affiliates offer a complete range
of investment services and products including an extensive
selection of mutual funds; financial planning and investment
advice; retirement plan and equity compensation plan services;
referrals to independent, fee-based investment advisors; and
custodial, operational and trading support for independent,
fee-based investment advisors through Schwab Advisor Services. Its
primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC
and an Equal Housing Lender), provides banking and lending services
and products. More information is available at
https://www.aboutschwab.com. TD Ameritrade, Inc. and TD Ameritrade
Clearing, Inc. are separate but affiliated companies and
subsidiaries of TD Ameritrade Holding LLC. TD Ameritrade Holding
LLC is a wholly owned subsidiary of The Charles Schwab Corporation.
TD Ameritrade is a trademark jointly owned by TD Ameritrade IP
Company, Inc. and The Toronto-Dominion Bank.
The Charles Schwab Corporation Monthly Activity Report
For February 2024
2023
2024
Change Feb Mar
Apr May Jun
Jul Aug Sep
Oct Nov Dec
Jan Feb Mo.
Yr. Market Indices (at month
end) Dow Jones Industrial Average®
32,657
33,274
34,098
32,908
34,408
35,560
34,722
33,508
33,053
35,951
37,690
38,150
38,996
2
%
19
%
Nasdaq Composite®
11,456
12,222
12,227
12,935
13,788
14,346
14,035
13,219
12,851
14,226
15,011
15,164
16,092
6
%
40
%
Standard & Poor’s® 500
3,970
4,109
4,169
4,180
4,450
4,589
4,508
4,288
4,194
4,568
4,770
4,846
5,096
5
%
28
%
Client Assets (in billions of dollars) Beginning Client
Assets
7,480.6
7,380.2
7,580.0
7,631.5
7,650.2
8,015.8
8,241.0
8,094.7
7,824.5
7,653.4
8,180.6
8,516.6
8,558.1
Net New Assets (1)
41.7
72.9
13.6
24.6
33.8
12.9
8.1
27.2
5.0
19.2
42.1
14.8
31.7
114
%
(24
%)
Net Market (Losses) Gains
(142.1
)
126.9
37.9
(5.9
)
331.8
212.3
(154.4
)
(297.4
)
(176.1
)
508.0
293.9
26.7
289.7
Total Client Assets (at month end)
7,380.2
7,580.0
7,631.5
7,650.2
8,015.8
8,241.0
8,094.7
7,824.5
7,653.4
8,180.6
8,516.6
8,558.1
8,879.5
4
%
20
%
Core Net New Assets (1,2)
41.7
53.9
(2.3
)
20.7
33.8
13.7
4.9
27.1
11.3
21.7
43.1
17.2
33.4
94
%
(20
%)
Receiving Ongoing Advisory Services (at month end) Investor
Services
515.5
526.2
530.7
526.3
547.5
560.6
552.2
533.0
522.2
557.0
581.4
584.1
601.8
3
%
17
%
Advisor Services (3)
3,289.6
3,369.3
3,394.9
3,377.8
3,527.8
3,619.8
3,554.2
3,448.0
3,380.3
3,604.4
3,757.4
3,780.4
3,902.5
3
%
19
%
Client Accounts (at month end, in thousands) Active
Brokerage Accounts
34,010
34,120
34,248
34,311
34,382
34,434
34,440
34,540
34,571
34,672
34,838
35,017
35,127
-
3
%
Banking Accounts
1,733
1,746
1,757
1,768
1,781
1,792
1,798
1,799
1,812
1,825
1,838
1,856
1,871
1
%
8
%
Workplace Plan Participant Accounts (4)
4,839
4,845
4,869
4,962
5,003
5,030
5,037
5,141
5,212
5,212
5,221
5,226
5,268
1
%
9
%
Client Activity New Brokerage Accounts (in thousands)
320
378
331
314
315
303
311
280
284
286
340
366
345
(6
%)
8
%
Client Cash as a Percentage of Client Assets (5,6)
11.6
%
11.2
%
10.8
%
10.9
%
10.5
%
10.2
%
10.4
%
10.8
%
11.2
%
10.7
%
10.5
%
10.5
%
10.2
%
(30) bp (140) bp Derivative Trades as a Percentage of Total Trades
23.5
%
22.8
%
23.4
%
23.5
%
23.9
%
23.0
%
24.4
%
24.2
%
23.2
%
23.1
%
21.8
%
21.8
%
22.2
%
40 bp (130) bp
Selected Average Balances (in millions of
dollars) Average Interest-Earning Assets (7)
503,122
497,627
493,215
483,438
479,752
466,659
449,483
444,864
438,522
439,118
446,305
443,694
434,822
(2
%)
(14
%)
Average Margin Balances
60,575
60,848
60,338
60,250
61,543
63,040
64,226
64,014
63,946
61,502
62,309
61,368
63,600
4
%
5
%
Average Bank Deposit Account Balances (8)
115,816
109,392
104,775
103,149
102,917
102,566
101,928
100,404
97,893
94,991
95,518
95,553
92,075
(4
%)
(20
%)
Mutual Fund and Exchange-Traded Fund Net Buys (Sells)
(9,10) (in millions of dollars) Equities
5,850
(3,234
)
1,126
(1,366
)
9,190
7,423
(278
)
675
(3,039
)
6,099
7,903
8,182
7,624
Hybrid
47
(1,641
)
(462
)
(889
)
(903
)
(407
)
(1,037
)
(828
)
(1,457
)
(1,466
)
(1,596
)
(501
)
(1,330
)
Bonds
4,281
6,158
2,575
2,029
3,302
2,515
4,696
2,723
1,094
255
6,104
7,510
9,883
Net Buy (Sell) Activity (in millions of dollars) Mutual
Funds (9)
(2,338
)
(7,423
)
(4,904
)
(7,157
)
(4,485
)
(3,333
)
(6,476
)
(5,853
)
(12,245
)
(9,267
)
(7,406
)
(966
)
(1,348
)
Exchange-Traded Funds (10)
12,516
8,706
8,143
6,931
16,074
12,864
9,857
8,423
8,843
14,155
19,817
16,157
17,525
Money Market Funds
23,347
27,106
6,291
15,256
9,112
7,911
16,869
13,388
16,976
11,670
7,745
11,717
10,129
Note: Certain supplemental details related
to the information above can be found at:
https://www.aboutschwab.com/financial-reports.
(1)
Unless otherwise noted, differences
between net new assets and core net new assets are net flows from
off-platform Schwab Bank Retail CDs - including March 2023 which
reflects inflows of $19.0 billion from off-platform Schwab Bank
Retail CDs issued year-to-date through March 31, 2023.
Additionally, 2023 includes outflows from a large international
relationship of $0.8 billion in September, $6.2 billion in October,
$5.4 billion in November, and $0.6 billion in December, and an
inflow of $12.0 billion from a mutual fund clearing services client
in April.
(2)
Net new assets before significant one-time
inflows or outflows, such as acquisitions/divestitures or
extraordinary flows (generally greater than $10 billion) relating
to a specific client, and activity from off-platform Schwab Bank
Retail CDs. These flows may span multiple reporting periods.
(3)
Excludes Retirement Business Services.
(4)
Beginning October 2023, Retirement Plan
Participants was expanded to include accounts in Stock Plan
Services, Designated Brokerage Services, and Retirement Business
Services. Participants may be enrolled in services in more than one
Workplace business. Prior periods have been recast to reflect this
change.
(5)
Schwab One®, certain cash equivalents,
bank deposits, third-party bank deposit accounts, and money market
fund balances as a percentage of total client assets.
(6)
Beginning July 2023, client cash as a
percentage of client assets excludes brokered CDs issued by Charles
Schwab Bank. Prior periods have been recast to reflect this
change.
(7)
Represents average total interest-earning
assets on the Company's balance sheet.
(8)
Represents average clients’ uninvested
cash sweep account balances held in deposit accounts at third-party
financial institutions.
(9)
Represents the principal value of client
mutual fund transactions handled by Schwab, including transactions
in proprietary funds. Includes institutional funds available only
to Investment Managers. Excludes money market fund
transactions.
(10)
Represents the principal value of client
ETF transactions handled by Schwab, including transactions in
proprietary ETFs.
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version on businesswire.com: https://www.businesswire.com/news/home/20240314277581/en/
MEDIA: Mayura Hooper Charles Schwab Phone:
415-667-1525
INVESTORS/ANALYSTS: Jeff Edwards Charles Schwab Phone:
415-667-1524
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