Shares of Charles Schwab SCHW gained 2% following the release of its monthly activity report for February 2019. Total client assets came in at $3.5 trillion, up 6% from the year-ago month and 2% from the prior month.
Client assets receiving ongoing advisory services were $1.8 trillion, up 7% year over year and 3% sequentially. Schwab’s average interest earning assets came in at $270.7 billion at the end of February, improving 13% year over year but declining 2% from January 2019.
Net new assets, through existing and new clients, totaled $18.3 billion, down 14% from February 2018 but up 21% from January 2019. New brokerage accounts opened by the company in February 2019 were down 17% year over year and 12% sequentially to 115,000.
Schwab’s active brokerage accounts totaled 11.7 million at the end of the reported month, up 7% from the year-ago month and 1% from January 2019. Further, client’s banking accounts were 1.3 million, rising 8% from February 2018 and stable sequentially. The number of retirement plan participants rose 7% year over year and were stable on a sequential basis at 1.7 million.
Shares of Schwab have rallied 11.3% over the past three months, underperforming 11.8% rise for the industry.
Schwab currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Investment Brokers
E*TRADE Financial ETFC reported monthly market activity for February 2019. Daily Average Revenue Trades (DARTs) for the month were 298,395, up 6% from the previous month but down 10% year over year. Derivatives comprised 30% of DARTs in February.
Interactive Brokers Group, Inc. IBKR released its Electronic Brokerage segment’s performance metrics for February. The segment, which deals with the clearance and settlement of trades for individual and institutional clients globally, reported a year-over-year and sequential decrease in DARTs. Total client DARTs were 824,000, down 19% from February 2018 and 3% from January 2019.
LPL Financial Holdings LPLA is likely to report monthly activity for February soon.
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