文章核心观点 - 查尔斯·施瓦布(Charles Schwab)公司第二季度业绩略有不及预期,主要是由于客户现金存款持续下降导致利息收入下降[2][5] - 但公司的核心业务仍保持良好增长,客户资产管理规模和新增资产流入均有较大增长[6][7][9][10] - 公司正努力控制成本,但由于客户现金存款下降导致净利差收窄,限制了公司的盈利增长[12][19][20] - 在利率上升周期中,客户现金存款持续下降可能成为公司面临的长期挑战,短期内难以恢复盈利增长[14][15][19][20][21] 公司业务概况 - 公司核心业务保持良好增长,客户资产管理规模和新增资产流入均有较大增长[6][7][9][10] - 公司资产管理费收入同比增长近20%,主要得益于市场上涨和资产净流入[10] - 公司保持良好的成本控制,经营费用同比下降1%[11] 客户现金存款下降的影响 - 客户现金存款持续下降,导致公司利息收入下降142百万美元[12][13][14] - 客户现金存款下降压缩了公司的净利差,净利差仅小幅上升1个基点[17] - 客户现金存款下降可能成为公司长期面临的挑战,限制了公司的盈利增长[19][20][21] - 公司正专注于偿还债务和减少杠杆,暂时暂停股票回购计划[20]

Key TakeawaysCharles Schwab intends to shrink by relying on off-balance sheet deals with partners, CEO Walt Bettinger said in the financial services firm's second-quarter earnings call Tuesday.The company reported 985,000 new brokerage accounts in the second quarter, below expectation.Schwab posted adjusted earnings per share (EPS) of 73 cents on revenue of $4.69 billion, essentially in line with analysts' expectations. Charles Schwab (SCHW) shares tumbled in intraday trading Tuesday after Chief Executive O ...

财务数据和关键指标变化 - 第二季度收入同比增长1%至47亿美元 [54] - 调整后费用同比增长不到2%,但剔除一次性和非经常性项目后实际下降超过1% [54] - 调整后税前利润率约为41% [54] - 调整后每股收益为0.73美元 [54] - 总资产下降4%,主要受税收相关流出和客户现金重新配置活动影响 [55] - 补充借款略有上升,以支持更多的保证金贷款 [56][57] - 资本水平持续增强,调整后的一级杠杆比率已超过6% [58] 各条业务线数据和关键指标变化 - 保证金余额同比增长15% [52] - 交易活动略高于去年同期 [52] - 客户对公司咨询服务的需求大幅增加 [52][34][35] - 托管资产净流入同比增加56%至250亿美元 [35] - 瓦斯梅尔固定收益策略资产规模过去两年增长近80% [37][38] 各个市场数据和关键指标变化 - 客户现金重新配置活动较去年同期下降约50% [60] - 客户现金余额趋于稳定,有望未来恢复增长 [60][61] 公司战略和发展方向及行业竞争 - 公司完成最后一批美国在线客户的迁移,整合工作基本完成 [13] - 公司致力于为客户提供全方位的财富管理解决方案,包括银行服务 [20][21][22][23][24][25][26][27] - 公司将继续投资于技术和运营效率提升,以降低客户服务成本 [32][33] - 公司将继续专注于为不同客户群体提供差异化的服务和产品 [39][40][41] 管理层对经营环境和未来前景的评论 - 通胀有所缓解,市场情绪保持乐观 [12] - 预计2024年下半年及2025年业绩将显著改善 [10][51][64] - 公司有信心未来能够实现5%-7%的有机资产净流入增长目标 [46] 其他重要信息 - 公司将适度缩小银行规模,但仍能满足客户银行需求,降低资本强度,提高流动性 [26][27] - 公司可能会增加使用第三方银行,以获得更好的FDIC保险覆盖和经济效益 [25] - 公司将继续专注于为客户提供优质服务,不会要求客户做出任何权衡 [27] 问答环节重要的提问和回答 问题1 **Brian Bedell 提问** 询问公司在降息环境下如何调整存款利率 [72] **Peter Crawford 回答** 存款利率调整不会完全对称,在降息周期存款利率下降幅度可能大于升息周期 [73][74] 问题2 **Ken Worthington 提问** 询问公司未来是否会将更多存款转移至第三方银行 [76][77][78][79] **Walt Bettinger 回答** 公司未来几年内可能会适度增加第三方银行存款,但前提是经济效益合理,不会损害客户信任 问题3 **Alex Blostein 提问** 询问公司对未来存款增长的预期 [110][111][112][113][114][115] **Peter Crawford 回答** 长期来看,公司预计存款将与资产和账户数增长保持同步,短期受利率变动影响会有一定波动

公司表现 - 截至新闻发布时，Charles Schwab (NYSE: SCHW) 的股票今年迄今上涨了10%，相比之下，S&P 500指数上涨了18%。与此同时，同行业公司BlackRock (NYSE: BLK) 今年迄今仅上涨了3% [2] - 从2021年初至今，SCHW股票从$55上涨至约$75，涨幅为35%，而S&P 500指数在此期间上涨了约50%。SCHW股票在2021年上涨59%，2022年下跌1%，2023年下跌17%，而S&P 500在2021年上涨27%，2022年下跌19%，2023年上涨24%，显示SCHW在2023年表现不如S&P 500 [3] 财务预期 - 公司预计将在2024年7月16日公布2024财年第二季度业绩，预计将超过市场对收入和盈利的预期。上一季度，公司报告的总收入为47.4亿美元，同比下降7%，主要原因是净利息收入和交易收入下降 [2] - 预计2024财年第二季度净收入将达到约47.7亿美元，比市场共识估计的46.8亿美元高出2% [7] - 预计2024财年第二季度调整后的每股收益(EPS)将达到$0.75，比市场共识估计的$0.72高出约4% [8] - 预计2024财年全年GAAP EPS将达到$3.32 [8] 收入构成 - 2023财年，公司总收入为188.4亿美元，同比下降9% [5] - 2023财年，净利息收入下降12%，2024年第一季度进一步下降19%，预计第二季度将有所增长 [6] - 2023财年，交易收入下降12%，2024年第一季度下降8%，预计第二季度将继续下降 [6] - 2023财年，资产管理及行政费用增长13%，2024年第一季度继续保持增长势头，预计第二季度将继续增长 [6] - 预计2024财年总收入将达到196.6亿美元 [6] 股票估值 - 根据预测，Charles Schwab的估值为每股$78，比当前市场价格$75高出4% [4][9]

Charles Schwab (SCHW) is scheduled to report second-quarter 2024 results on Jul 16, before market open. While the company’s earnings are expected to have declined in the quarter on a year-over-year basis, revenues are anticipated to have improved.In the first quarter of 2024, Schwab’s earnings beat the Zacks Consensus Estimate. Results benefited from the solid performance of the asset management business. The absence of fee waivers and solid brokerage account numbers acted as tailwinds. However, lower reven ...

The market expects The Charles Schwab Corporation (SCHW) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other ha ...

Charles Schwab (SCHW) has reported its monthly activity report for May 2024. The company’s core net new assets of $31 billion surged substantially from $1 billion recorded in the previous month and 50% from the prior-year month.Schwab’s total client assets in May 2024 were $9.21 trillion, up 4% from the April 2024 level and 20% from May 2023. Client assets receiving ongoing advisory services were $5.25 trillion, rising 17% from the prior month and 35% year over year.  Schwab’s average interest-earning asset ...

Close-up of sign with logo at Charles Schwab financial adviser branch in Pleasanton, California, ... [+] March 26, 2018. (Photo by Smith Collection/Gado/Getty Images)GettyCharles Schwab stock (NYSE: SCHW) has gained 8% YTD as compared to the 12% rise in the S&P500 index over the same period. In sharp contrast, Charles Schwab’s peer Goldman Sachs (NYSE: GS) is up 20% since the beginning of 2024. Overall, at its current price of $74 per share, SCHW is trading 5% below its fair value of $78 – Trefis’ estimate ...

Shares of Charles Schwab (SCHW) tanked 4.6% yesterday following a disappointing management view for the second quarter. At its first Institutional Investor Day, chief financial officer Peter Crawford stated that adjusted earnings for the ongoing quarter are not expected to grow on a sequential basis, and net interest margin expansion is likely to be modest.For the first quarter of 2024, Schwab posted adjusted earnings of 74 cents per share. This was well below the company’s guidance of 80-90 cents per share ...

Charles Schwab (SCHW) has reported its monthly activity report for April 2024. The company’s core net new assets of $1 billion declined 98% from the previous month’s level but increased 143% from the prior-year month.Schwab’s total client assets in April 2024 were $8.85 trillion, down 3% from the March 2024 level and up 16% from April 2023. Client assets receiving ongoing advisory services were $4.50 trillion, down 3% from the prior month and up 15% year over year.Schwab’s average interest-earning assets of ...