Schwab (CHARLES) Corp. (The) Stock Price, News & Analysis

Charles Schwab announced hosting the Charles Schwab Cup Championship, concluding the PGA TOUR Champions season, from November 9-13, 2022 at Phoenix Country Club. The championship includes a waived fee for Schwab Wealth Advisory for the ten-year winner. Since 2017, the event has raised over $500,000 for local charities in Arizona. Additionally, Schwab partners with the On Course Foundation to support veterans during golf training events. The Charles Schwab Corporation boasts $6.64 trillion in client assets, serving 33.9 million brokerage accounts.

Schwab Advisor Services is enhancing its RIAConnect platform to better support firms using Schwab and TD Ameritrade. This initiative aims to facilitate connections regarding M&A, talent acquisition, and succession planning. With over 1,000 firms already registered, the platform has seen more than 11,000 messages exchanged. The upgrade includes an algorithm for matching firms with similar goals and allows prospective talent to explore job opportunities more easily. Additionally, the Schwab Affinity Services program offers curated third-party providers to assist firms.

Charles Schwab continues to expand its Independent Difference campaign, emphasizing the advantages of independent registered investment advisors (RIAs) for high-net-worth investors. The initiative has generated over 2 billion ad impressions and attracted 3 million visitors to the education website. The advisor directory now includes firms custodying with TD Ameritrade, offering over 2,300 RIAs for investor searches. The campaign highlights personalized service and competitive fees, aiming to clarify the differences between independent advisors and traditional brokers.

The Charles Schwab Corporation has appointed Carrie Schwab-Pomerantz as a new director effective immediately. She is a managing director at Charles Schwab & Co. and a personal finance expert. Schwab-Pomerantz has a long history with the firm, joining in 1983, and has previously held key roles, including board chair positions at the Charles Schwab Foundation and Schwab Charitable. She will serve on the Board’s Risk Committee and retire from her executive role in 2023. This leadership change may enhance the firm's focus on financial literacy and community service.

The Charles Schwab Corporation (NYSE: SCHW) declared a quarterly cash dividend of $0.22 per common share, payable on November 25, 2022, with a record date of November 11, 2022. Additionally, dividends on several series of preferred stock were announced, with payments scheduled for December 1, 2022. The company has 33.9 million active brokerage accounts and $6.64 trillion in client assets, reflecting its significant position in the financial services sector.

According to a survey by Schwab Retirement Plan Services, younger workers are diversifying their retirement savings beyond traditional 401(k)s. While 401(k)s remain vital, Gen Z and Millennials are increasingly investing in assets like cryptocurrency, real estate, and small businesses. Only 37% of Gen Z’s first investing experience was through a 401(k). Many young workers desire more investment options in their retirement plans, including ESG and fractional shares. Despite concerns about rising costs, over 90% of younger workers feel optimistic about achieving their retirement goals.

The Charles Schwab Corporation announced the redemption of all 6,000 shares of its 4.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, on December 1, 2022. Each of the 600,000 Depositary Shares will be redeemed at $1,000 per share, excluding any declared quarterly dividends. The redemption will be facilitated by Equiniti Trust Company and will occur through the Depository Trust Company. Schwab remains a leader in financial services, managing $6.64 trillion in client assets.

The Charles Schwab Corporation reported a record net income of $2.0 billion for Q3 2022, up 32% from the previous year. Revenues increased 20% year-over-year to $5.5 billion, while diluted earnings per share rose to $0.99 GAAP, a 34% increase. Core net new assets reached $115 billion, marking a 7% annualized growth rate, despite total client assets falling to $6.6 trillion, down 13% from the previous year. The company also announced a 10% dividend increase and a $15 billion stock repurchase authorization, indicating strong financial health.

Schwab Asset Management has become the first large asset manager to pilot a new proxy polling solution developed by Broadridge Financial Solutions. This innovative tool will allow Schwab to gauge shareholder preferences on key proxy issues related to long-term value, corporate governance, and ESG matters. Starting tomorrow, shareholders of select Schwab funds will receive the poll via email or postcard. The insights gathered will inform Schwab's proxy voting approach and policies, emphasizing their commitment to maximizing shareholder value.