July 3, 2007 |
Enriched from the sale of its wealth-management subsidiary, Charles Schwab Corp. said Monday that it would distribute $3.5 billion to its stockholders by buying back stock and paying a one-time dividend. Schwab shares jumped $1.48, or 7.2%, to $22 on the news. The San Francisco-based discount stockbrokerage plans to pay as much as $22.50 a share for its own stock -- 10% above last week's closing price. The buyback price is to be set through an auction that guarantees those who sell at least $19.
April 18, 2007 |
Charles Schwab Corp. posted its eighth consecutive quarter of double-digit earnings growth as an influx of customer deposits during the first three months of the year helped the discount broker shake off turbulent market conditions. The San Francisco-based company said Tuesday that it earned $273 million, or 22 cents a share, during the first quarter. That was up 12% from net income of $243 million, or 19 cents a share, at the same time last year.
January 26, 2007 |
Coming off the most profitable year in the stock brokerage's history, Charles Schwab Corp. is losing its chief financial officer, Christopher Dodds, to early retirement in May. Dodds' decision, announced Thursday, comes as a surprise because he is only 47 years old. Investors have been more concerned about the retirement plans of the San Francisco-based company's founder and chief executive, Charles Schwab.
December 5, 2006 |
Charles Schwab Corp., the largest U.S. discount broker, may use proceeds from the sale of its U.S. Trust private-banking unit to make acquisitions, Chief Executive Charles Schwab said Monday. Schwab told investors during a presentation at its San Francisco headquarters that his company might be interested in buying a firm that would expand its presence in the 401(k) retirement market. Any acquisition would be the first since January 2004, when the company bought SoundView Technology Group.
October 17, 2006 |
Charles Schwab Corp., the largest U.S. discount broker, said Monday that third-quarter profit rose 29% as customers invested more with the firm to take advantage of lower trading costs and the biggest stock-market gains in almost two years. Net income increased to $266 million, or 21 cents a share, from $207 million, or 16 cents, a year earlier, Schwab said. Client assets climbed 14% to a record $1.33 trillion.
July 19, 2006 |
A jump in new accounts and interest income at discount brokerages Charles Schwab Corp. and TD Ameritrade Holding Corp. helped fuel strong profit gains in the second quarter, the companies said Tuesday. Merrill Lynch & Co., the world's biggest brokerage, also reported a hefty profit increase, but warned that business conditions had become "challenging." Schwab, the biggest U.S. discount broker, said second-quarter profit rose 35% after price cuts lured new clients.