Charles Schwab Profit Falls 27% To $119 Million (SCHW)

San Francisco, California-based Charles Schwab Corporation SCHW released financial results on Tuesday morning that were in-line with Wall Street estimates. Charles Schwab Corporation announced that its 4th quarter net income fell 27% to $119 million, or 10 cents per share, down from $164 million, or 14 cents per share, a year earlier. Charles Schwab Corporation (SCHW) reported that its revenues climbed 14% to $1.13 billion, up from $986 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 10 cents per share, on revenue of $1.11 billion. Chairman Charles Schwab said, “I'm proud of the progress we've made in building a model of full-service investing and brokerage that goes beyond serving the privileged few to ensure that high-quality help and advice is available to any investor seeking to build a better financial future. We currently serve a record $1.57 trillion in client assets, which represents an 8% compound annual growth rate since 2000 – a testament to the appeal of our approach." Charles Schwab Corporation finished the previous trading day at $18.83 per share. The consensus price target of analysts covering the company's stock is $19.06 per share. The Charles Schwab Corporation is a leading provider of financial services, with more than 300 offices and 8.0 million client brokerage accounts, 1.5 million corporate retirement plan participants, 681,000 banking accounts, and $1.5 trillion in client assets. Read more from Benzinga's Company news.