Boston, MA 04/17/2014 (wallstreetpr) – Loan holding giant, Charles Schwab Corp (NYSE:SCHW), continues to surge in the market after reporting record number of daily trades for the first quarter that essentially helped it beat earnings as well as revenue estimates. The online brokerage firm reported earnings per share of 24 cents against estimates of 22 cents. The company’s net revenue for the first quarter came in at $1.48 billion against consensus estimates of $1.47 billion.
Charles Beats Consensus Estimates
This marks the third consecutive quarter that the company has been able to beat estimates as it gears up for better results this year as the markets continue to improve. The recent results have prompted four analysts firms to have a buy rating on the company’s shares with 14 maintaining a hold rating and five a sell. Charles Schwab Corp (NYSE:SCHW) diluted earnings over the past year have surged by 60% with revenues consequently growing by 15%.
The growth in the market has seen the company’s assets also grow by 6% to $34.2 billion in net value with pretax margins increasing by 9.6% to a high of 35.3%. The first fiscal quarter saw the company’s brokerage accounts increase by 4% to a high of 9.2 million accounts with banking accounts also increasing by 5% to 933,000.
Charles Trades per Day Hit a Record
The financial service company executed a total of 550,000 trades per day for the quarter marking the highest ever record. Net new retail brokerages for the period slightly dropped to 35,000 down from high of 41,000 added for the same period last year. This was mainly as a result of the ongoing suspicion on high frequency trading which continues to affect the industry. The increase in trade volumes pushed up the company’s net income by 58%.
Charles Schwab Corp (NYSE:SCHW)’s stellar results can be attributed to the sale of its consulting services with clients being required to pay for basic advisory services.
