Charles Schwab Corporation (NYSE:SCHW) reported better-than-expected first-quarter sales results on Monday.
Charles Schwab reported a first-quarter 2024 adjusted net income decline of 17% Y/Y to $1.469 billion. Adjusted EPS fell 20% Y/Y to 74 cents, which came in line with the consensus. Revenue fell 7% to $4.74 billion, marginally beating the consensus of $4.71 billion, according to data from Benzinga Pro.
The company added 1 million new brokerage accounts to increase the total client base to 35.3 million (+3% Y/Y).
Walt Bettinger, Co-Chairman and CEO, said, "Momentum across our array of wealth solutions continued through the first quarter. Led by record flows into our premier fee-based solution, Schwab Wealth Advisory, net inflows increased 60% versus the prior year period."
Charles Schwab shares gained 1.7% to close at $71.23 on Monday.
These analysts made changes to their price targets on Charles Schwab following earnings announcement.
- JP Morgan raised the price target on Charles Schwab from $86 to $89. JP Morgan analyst Kenneth Worthington maintained an Overweight rating.
- Barclays raised the price target on Charles Schwab from $74 to $75. Barclays analyst Benjamin Budish maintained an Equal-Weight rating.
- B of A Securities boosted the price target on Charles Schwab from $68 to $70. B of A Securities analyst Craig Siegenthaler maintained an Underperform rating.
- Piper Sandler raised the price target on Charles Schwab from $78 to $85. Piper Sandler analyst Patrick Moley maintained an Overweight rating.
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