Robinhood Takes Aim At Charles Schwab Amid Huge Wealth Transfer

Blockhead11-21 02:01

Robinhood Markets (HOOD) announced on Wednesday that it had agreed to acquire TradePMR, taking a fresh shot at the much larger Charles Schwab (SCHW) with its entry into the wealth management space. ...

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Robinhood stock popped to a multiyear high amid a Street-leading price-target hike.\nTradePMR, a custodial and portfolio management platform, serves about 400 Registered Investment Advisor (RIA) firms, with more than $40 billion in assets under administration.\nMillennials Seek Advice, Wealth Transfer Looms\n\"The needs of Robinhood customers are evolving, and they are seeking advice on how to build and manage their growing portfolios,\" the company said in a blog post.\nRobinhood cited an estimated $84 trillion in expected wealth transfer over the next two decades, a transition its says should benefit its core customers. The company said Wednesday that about 75% of those customers are millennials and Gen Z, some of the youngest Americans, though older millennials are reaching their peak earning years.\nPreviously, Robinhood had disrupted traditional online brokers by introducing zero-fee trades via a slick trading app in 2015. On Wednesday, the no-fee trading platform labeled the $7 trillion RIA market \"one of the fastest-growing areas in wealth management.\"\n\n\n\n↑\nX\n\n\n\n\nDonald Trump Wins 2024 Election: What It Means For Market Trends, Tesla Stock And Cryptocurrency Prices\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nDonald Trump Wins 2024 Election: What It Means For Market Trends, Tesla Stock And Cryptocurrency Prices\n\n\n\n\nThe estimated $300 million cash-and-stock deal is set to close in the first half of 2025. Rival Charles Schwab touted more than 13,000 RIAs on its network as of 2021. That number is likely to have grown since then.\nRobinhood Stock, Charles Schwab Stock\nHOOD stock shops a market capitalization of $32.1 billion. Schwab's market capitalization is $145.51 billion.\nShares of Robinhood climbed 3%, to above 36, in Wednesday's stock market action. Robinhood stock hit a three-year high intraday, extending its big post-earnings and postelection rally before paring gains. Charles Schwab stock shed 1.2%.\n\nOn Wednesday, Bernstein analysts raised their Robinhood price target to a Street-high $51 from $30. The 70% hike set the target almost 42% above where HOOD stock traded on Wednesday.\nRobinhood stock has already more than doubled so far in 2024. But Bernstein said it sees more upside potential. Its analysts said that they expect Robinhood to be a major beneficiary of cryptocurrency regulatory tailwinds. Looser crypto rules are expected to come under incoming President Donald Trump.\nAnalysts at JMP Securities said they were not surprised by the TradePMR acquisition, after previously calling the RIA custodial space a complementary area for Robinhood. The RIA market is growing with long-term secular tailwinds, while Robinhood tries to expand its reach with wealthier customers, they said. The firm has an outperform rating on Robinhood stock with a price target of $40.\nKeefe Bruyette analyst Kyle Voigt said the acquisition is likely to be financially immaterial in the near term, but could help to fill out Robinhood's advice solutions.\nFor the week so far, Robinhood stock is up nearly 12%.\nYOU MAY ALSO LIKE:\nWhy This IBD Tool Simplifies The Search For Top Stocks\nBest Growth Stocks To Buy And Watch\nIBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today\nLooking For Market Insights? 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