"CHARLES SCHWAB CORP. (SCHW) posted a 16% increase in Q2 profit as new policies to attract clients paid off. Net income rose to $292 million, or $0.23 per share, from $251 million, or $0.19 per share, a year earlier. The results met the average Wall Street forecast compiled by Reuters Estimates. Net revenue increased to $1.2 billion from $1.1 billion, slightly exceeding analysts' estimates. Total client assets reached $1.38 trillion at the end of June. CEO Charles Schwab said that lowering account opening minimums, eliminating minimum balance charges and other actions had helped build stronger client relationships. Clients opened 206,000 new brokerage accounts during the quarter, up 20% from a year earlier, the company said. Schwab now has 6.9 million client brokerage accounts as well as 177,000 banking accounts and 1 million retirement plan participants. Citigroup analyst Prashant Bhatia said over the past five years, Schwab has taken a 3.2% market share from other retail brokerages and a 1% market share from firms offering all financial services. Bhatia raised Schwab's price target from $22 to $27, saying the company is positioned to be the largest brokerage in three years. Schwab's EPS will grow at 20% per year, Bhatia wrote." (Reuters 10:08 AM ET 07/17/2007)Guess I'll hold on for a while longer...
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