Charles Schwab stock climbed Thursday after the broker cleared estimates for Q1 results, with big gains in new assets and trading volume.
Charles Schwab earnings increased 41% to $1.04 per share adjusted, beating FactSet estimates for $1.01 per share. Net revenue jumped 18% to $5.59 billion, also clearing views for $5.53 billion.
The banker and trading brokerage recorded $137.7 billion in net new assets, representing a 44% increase from last year. Total client assets rose 9% to $9.93 trillion.
Brokerage account openings rose 8%, bringing the active total to 37 million.
Schwab's managed investment solutions business saw a 15% increase in net inflows from last year, which set a new quarterly record.
Meanwhile, daily average trading volume jumped 17% quarter-over-quarter, driven by a sharp increase in market volatility, Schwab reported.
The broker also repurchased $1.5 billion shares during the quarter and boosted its dividend by 8% to 27 cents per share.
SCHW stock pared gains to less than 1% Thursday, closing just above the 21-day moving average.
Shares are trading in a 10-week, double-bottom base with an 81.24 buy point.
Charles Schwab has a 21-Day ATR of 4.09%.
The average true range is a metric available on IBD's MarketSurge charting tool. It gauges the characteristic breadth of a stock's behavior. Stocks that tend to make large jumps or dives in daily action, the kind that can trigger sell rules and shake investors out of a stock, have a high ATR. Stocks that tend to make more incremental moves have lower ATRs.
In the current, unpredictable market, IBD suggests stocks with ATRs of 3% or below.
SCHW stock is up almost 3% this year.
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