The Charles Schwab Family of Funds - Schwab Municipal Money Fund - SWTXX STOCK NEWS

The Charles Schwab , headquartered in Westlake, Texas, has announced a Summer Business Update for institutional investors on Tuesday, July 16th. The one-hour update will be conducted via a live public webcast from 7:30 a.m. - 8:30 a.m. CT (8:30 a.m. - 9:30 a.m. ET). This event is a part of Schwab's series aimed at keeping the investment community informed about recent developments and management's strategic focus.

Prominent participants include Walt Bettinger, Co-Chairman and CEO; Rick Wurster, President; and Peter Crawford, CFO. Investors can access the webcast at https://schwabevents.com/

Charles Schwab released its May 2024 Monthly Activity Report, showcasing core net new assets of $31.1 billion, marking its second-highest May ever. Total client assets reached $9.21 trillion, reflecting a 20% increase from May 2023 and a 4% rise from April 2024. The company reported 314,000 new brokerage accounts, which remained flat year-over-year but decreased by 13% from April 2024. Schwab expects a 1%-2% decrease in total revenue for Q2 2024 compared to Q1, with an adjusted pre-tax profit margin projected at approximately 40%. The anticipated non-GAAP adjustments for the quarter are estimated between $150 to $200 million.

The 2024 Schwab Modern Wealth Survey reveals significant financial confidence among Americans, with over 60% believing they are better positioned to achieve financial goals than previous generations.

Almost 58% of Americans are investing, with younger generations starting earlier. Gen Z, averaging 19 years old when they start investing, notably benefits from enhanced financial education in schools.

Although 70% of Americans are confident in their investment strategies, only 36% have a written financial plan. The survey highlights a gap between confidence and formal financial planning, with only 18% feeling fully in control of their finances.

The Schwab Trading Activity Index™ (STAX) rose slightly to 49.05 in May from 48.87 in April, indicating a 'moderate low' activity level. Schwab's clients were net buyers, focusing on technology stocks, especially AI-related chipmakers and e-commerce companies. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite reached new highs, while the Cboe Volatility Index fell significantly. Despite economic headwinds like a brief rise in the 10-year treasury yield and mixed job reports, U.S. equity markets showed resilience. Notable purchases included NVIDIA (NVDA), AMD (AMD), Tesla (TSLA), Amazon (AMZN), and Microsoft (MSFT). Clients sold stocks such as Apple (AAPL), Alibaba (BABA), Bank of America (BAC), Snap (SNAP), and Exxon Mobil (XOM).

Charles Schwab has been recognized as one of the top 50 community-minded companies in the U.S. for the eighth year in a row by Points of Light. The Civic 50 award highlights companies that excel in corporate citizenship through resource investment, volunteerism, integration across business functions, institutional policies, and impact measurement. In 2023, Charles Schwab Foundation contributed $13.9 million to nonprofits, including $2.6 million for employee matching gifts. Additionally, 11,400 employees volunteered 148,000 hours. Schwab’s commitment to financial literacy includes initiatives like Moneywise America, aiming to close the financial education gap. This recognition showcases Schwab's dedication to creating positive social impact and fostering strong communities.

Charles Schwab Bank has been ranked #1 in customer satisfaction among checking providers in the J.D. Power 2024 U.S. Direct Banking Satisfaction Study for the sixth consecutive year. The bank achieved the highest scores in key dimensions such as trust, customer service, fee reduction, money movement, and online account management. This recognition highlights Schwab's comprehensive approach to wealth management, offering integrated banking services that complement its investment and wealth management capabilities. Schwab's dedication to client satisfaction is evident through its consistent high rankings.

Charles Schwab celebrates Davis Riley's victory at the 2024 Charles Schwab Challenge, his first individual PGA Tour win. Riley won the Leonard Trophy and will have his name on the Wall of Champions at Colonial Country Club.

He was awarded a custom 1975 Schwab Stingray as the Champion’s Prize, symbolizing a pivotal moment in Schwab's history when regulated stock trading commissions ended in 1975.

Stacy Hammond, Managing Director and Chief Marketing Officer of Schwab, highlighted the significance of the renovated Colonial Country Club course and Schwab's commitment to helping individuals invest for a better future. Schwab continues its sponsorship of the event through 2026, reinforcing its presence in the DFW Metroplex financial community.

The Charles Schwab announced a series of executive transitions as part of its long-term succession planning. Peter Crawford, the current CFO, is retiring after 22 years at Schwab, with Mike Verdeschi set to replace him following a transition period. Joe Martinetto will move from COO to Executive Chairperson of Schwab Banks, and his role won't be replaced. Bernie Clark, Head of Advisor Services, will transition to an advisory role, with Jon Beatty taking over his position. Tom Bradley will become Chief Client Officer for Advisor Services. These transitions aim to ensure Schwab's continued growth and success.

The Charles Schwab released its Monthly Activity Report for April 2024, highlighting several key metrics.

Total net new assets brought by new and existing clients amounted to $10.0 billion, with core net new assets at $1.0 billion, reflecting client cash disbursements during tax season. Total client assets were reported at $8.85 trillion, representing a 16% increase from April 2023 but a 3% decrease compared to March 2024. Transactional sweep cash fell by 3% to $387.7 billion due to anticipated factors like tax disbursements and seasonal advisory fee payments.

The company also completed the final Ameritrade client conversion, marking the successful end of a historic integration, with further details to be shared during the Institutional Investor Day on May 22.