The Charles Schwab Corporation - SCHW STOCK NEWS

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.

Today, the Schwab Municipal Bond ETF (SCMB) starts trading on NYSE Arca, offering investors access to the U.S. investment grade, tax-exempt bond market at a low cost. With a net expense ratio of 0.03%, SCMB boasts the lowest fees in its category. The ETF aims to track the ICE AMT-Free Core U.S. National Municipal Index and offers income exempt from federal taxes. Schwab's Head of Product Management emphasizes the fund's attractiveness amid high municipal bond yields, aiming to provide easy income and diversification options for investors.

The Charles Schwab Corporation has scheduled a Fall Business Update for institutional investors on October 27, from 10:00 a.m. - 11:00 a.m. PT. This live public webcast will focus on recent developments and the management's strategic direction, featuring CEO Walt Bettinger, President Rick Wurster, and CFO Peter Crawford. As of August 31, 2022, Schwab boasts 34 million active brokerage accounts, 1.7 million banking accounts, and approximately $7.13 trillion in client assets.

Schwab Advisor Services has expanded its institutional no transaction fee (INTF) mutual fund offering, now including over 800 funds from 15 leading asset managers. The expansion aims to enhance independent registered investment advisors' ability to customize client portfolios. This offering includes funds with lower net expense ratios and a higher number of funds rated 4 or 5 by Morningstar. This new selection is available to advisors working with both Schwab and TD Ameritrade Institutional.

The Charles Schwab Corporation (NYSE: SCHW) has declared a dividend of $19.43 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. This dividend will be payable on November 1, 2022, to stockholders of record as of October 17, 2022. The dividend period is from August 1, 2022 to November 1, 2022. As of August 31, 2022, Schwab reported $7.13 trillion in client assets and has 34.0 million active brokerage accounts.

Schwab Asset Management announced the launch of the Schwab Municipal Bond ETF (NYSE Arca: SCMB), expected to begin trading on or about October 12. The ETF features an expense ratio of 0.03%, positioning it as a low-cost option within the municipal bond market, targeting tax-exempt income. This launch marks Schwab's eighth bond ETF and 29th ETF overall, enhancing its competitive lineup. The ETF aims to track the ICE AMT-Free Core U.S. National Municipal Index and is designed for efficient income and risk management.