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Charles Schwab (NYSE: SCHW) has reported its monthly activity highlights, showcasing a robust performance in terms of new client assets and overall asset growth.

As of the end of October 2024, the financial services giant has seen a significant influx of core net new assets, totaling $24.6 billion, with net new assets excluding mutual fund clearing reaching $21.0 billion. This growth has contributed to the company’s total client assets reaching an impressive $9.85 trillion.

The increase in total client assets marks a notable 29% rise compared to October 2023, signaling strong client trust and engagement with Charles Schwab’s comprehensive financial services offerings.

Charles Schwab Reports Substantial Increase in Transactional Sweep Cash

The company’s asset growth is complemented by a substantial increase in transactional sweep cash, which rose by $10.0 billion from the previous month. This uptick could suggest that clients are holding more cash, possibly reflecting a cautious approach to the market or preparing for future investment opportunities.

Charles Schwab’s ability to attract and retain a large number of clients is evident in its extensive client base, which includes 36.1 million active brokerage accounts, 5.4 million workplace plan participant accounts, and 2.0 million banking accounts.

Charles Schwab Stock Hits 52-Week High

In terms of stock performance, Charles Schwab (SCHW) has experienced a notable upward movement. The stock opened at $82.09 on November 14, 2024, and reached a new 52-week high at $82.5, before settling at a current price of $81.08.

This rise from a previous close of $78.25 underscores a significant increase in stock value since the beginning of November. The stock’s performance is further highlighted by its market cap of $148.42 billion and a trailing P/E ratio of 31.67, indicating strong investor confidence and potential for future growth.

SCHW Stock Brief

Investors should note that Charles Schwab’s stock is currently recommended as a buy, with a recommendation mean of 2.27. The target price range for the stock is between $61.0 and $88.0, with a mean target price of $76.6 and a median target price of $77.0. This suggests a positive outlook for the stock, supported by recent upward price movements and strong financial metrics, including a forward P/E ratio of 21.28 and a forward EPS of $3.8.

Overall, Charles Schwab continues to demonstrate its position as a leading financial services provider, with substantial growth in client assets and a positive trajectory in stock performance.

The company’s diverse range of offerings, including wealth management, securities brokerage, and banking services, combined with its strong asset growth and favorable stock outlook, make it a compelling choice for investors seeking stability and growth in the financial sector.

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