WESTLAKE, Texas - The Charles Schwab Corporation (NYSE:SCHW) reported significant growth in client assets and trading activity in its Monthly Activity Report for November 2024. The financial services firm, currently valued at $151.77 billion, saw a 26% year-over-year increase in total client assets, which amounted to $10.31 trillion at the end of November, marking a 5% rise from October 2024. The company's stock has demonstrated strong momentum, posting a 22% gain year-to-date and trading near its 52-week high. According to InvestingPro analysis, the stock appears to be fairly valued based on its proprietary Fair Value model.
Core net new assets brought in by new and existing clients totaled $28.8 billion, while excluding mutual fund clearing, the net new assets were $24.1 billion. Transactional sweep cash remained steady at $393.7 billion compared to the previous month.
Equity trading volumes primarily drove a 20% month-over-month increase in daily average trades, which reached 6.6 million in November. Additionally, the company has adjusted its full-year 2024 net revenue growth expectations to 3.0% to 3.5%, up from the previously projected range of 2.0% to 3.0% announced at the Fall Business Update in October.
These forward-looking statements regarding net revenue growth for 2024 reflect the management's expectations as of the date of the press release and are subject to risks and uncertainties that could cause actual results to differ materially.
The Charles Schwab Corporation, listed as NYSE: SCHW, serves a wide range of clients through its subsidiaries, offering wealth management, brokerage, banking, asset management, custody, and financial advisory services. As of November 30, 2024, the company managed 36.2 million active brokerage accounts, 5.4 million workplace plan participant accounts, and 2.0 million banking accounts.
This financial update is based on a press release statement from The Charles Schwab Corporation.
In other recent news, Charles Schwab Corporation reported a 5% year-over-year increase in revenue to $4.8 billion for the third quarter of 2024 and $24.6 billion in new assets for October 2024. Barclays (LON:BARC) analyst Benjamin Budish upgraded Charles Schwab's stock from Equal Weight to Overweight and raised the price target to $95, reflecting a positive outlook on the company's prospects. Budish expressed confidence in the company's ability to reduce debt and improve cash balances.
Charles Schwab also announced a regular quarterly cash dividend of $0.25 per common share and dividends on several series of outstanding preferred stock. Analysts from Citi and Jefferies updated their outlook on Charles Schwab, with Citi raising its price target to $85, maintaining a neutral stance, while Jefferies increased its price target to $84, maintaining a buy rating.
The company is expanding access to overnight trading, including stocks in the S&P 500 and Nasdaq-100, enhancing its trading platforms. A leadership transition is also underway at Charles Schwab, with CEO Walt Bettinger set to depart and Rick Wurster to assume the role in January 2024. These are the recent developments for Charles Schwab Corporation.
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