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MarketScreener Homepage  >  Equities  >  Nyse  >  The Charles Schwab Corporation    SCHW

THE CHARLES SCHWAB CORPORATION

(SCHW)
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Charles Schwab's 2Q Profit Falls

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07/16/2020 | 09:29am EDT

By Dave Sebastian

 

Charles Schwab Corp. said its profit for the second quarter fell as net interest revenue declined due to the Federal Reserve's monetary easing in March and compression in asset returns.

The company posted net income of $671 million, or 48 cents a share, compared with $937 million, or 66 cents a share, in the year-ago period. Adjusted earnings were 54 cents a share.

Analysts polled by FactSet were expecting earnings of 53 cents a share, or 54 cents on an adjusted basis. The company said the quarter's results include certain acquisition and integration-related costs.

Revenue was $2.45 billion, down 8.6% from the year-ago period. Analysts were expecting $2.48 billion.

Net interest revenue fell to $1.39 billion from $1.61 billion.

"During the second quarter, we remained intent on maintaining an all-weather balance sheet with healthy liquidity and capital levels," Finance Chief Peter Crawford said. "The sharp pandemic-driven increase in client sweep deposits during the first quarter was followed by more modest balance sheet expansion over the past three months."

Expenses, not including interest, rose 8.1% to $1.56 billion.

Total client assets rose 11% to $4.11 trillion as of June 30, driven by renewed strength in equity valuations, Chief Executive Walt Bettinger said.

The company last month said the U.S. Justice Department's antitrust division closed its investigation of Schwab's proposed acquisition of TD Ameritrade Holding Corp., clearing the path for the $26 billion combination that would cement Schwab's role as a dominant player in the discount-brokerage market.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CRAWFORD & COMPANY 4.08% 7.4 Delayed Quote.-27.09%
TD AMERITRADE HOLDING CORPORATION 2.76% 36.84 Delayed Quote.-25.88%
THE CHARLES SCHWAB CORPORATION 2.72% 34.04 Delayed Quote.-28.43%
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Financials (USD)
Sales 2020 10 079 M - -
Net income 2020 2 734 M - -
Net cash 2020 28 886 M - -
P/E ratio 2020 16,2x
Yield 2020 2,12%
Capitalization 43 824 M 43 824 M -
EV / Sales 2020 1,48x
EV / Sales 2021 1,93x
Nbr of Employees 21 800
Free-Float 77,5%
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Technical analysis trends THE CHARLES SCHWAB CORPORA
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 39,40 $
Last Close Price 34,04 $
Spread / Highest target 38,1%
Spread / Average Target 15,7%
Spread / Lowest Target 2,82%
EPS Revisions
Managers
NameTitle
Walter William Bettinger President, Chief Executive Officer & Director
Charles Robert Schwab Chairman
Joseph Raymond Martinetto Chief Operating Officer & Senior Executive VP
Peter B. Crawford Chief Financial Officer & Executive Vice President
Tim Heier Chief Technology Officer & Executive VP
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