Shares of financial services company, Charles Schwab Corp. (SCHW) were up in pre-market trading on Monday after the company announced strong first-quarter results with adjusted earnings up by 21% year-over-year to $0.93 per share surpassing analysts’ expectations of $0.90 per share.
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Net revenues increased 10% year-over-year to $5.12 billion in Q1 but fell short of consensus estimates of $5.14 billion.
Charles Schwab’s CFO, Peter Crawford commented, “We increased our quarterly common dividend by 14% to $0.25 per share and returned capital via common and preferred stock repurchases. Even with the accelerated capital return during the first two months of the quarter, our Tier 1 Leverage Ratio finished at 7.1%. In light of recent events within the U.S. banking sector, and the resulting regulatory uncertainty, we have decided to pause our active buyback program.”
Wall Street analysts are cautiously optimistic about SCHW stock with a Moderate Buy consensus rating based on 12 Buys, four Holds, and one Sell.
