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TD Ameritrade Nov. client trade metric declines

OMAHA, Neb. (AP) -- Online brokerage TD Ameritrade said Tuesday that the average number of client trades per day in November fell 10 percent from the prior-year period.

But the company said that the average of 341,000 clients trades a day last month was up 3 percent from October.

William Katz of Citi Investment Research said in a client note that TD Ameritrade's trading was a bit soft in November, coming in below his 350,000 estimate.

The analyst said that the figure may have been hurt a bit by Superstorm Sandy, as about 25 percent to 30 percent of the daily average number of client trades come from the region where the storm hit. Still, Katz said that TD Ameritrade's trading remains generally sluggish and is below management's forecast for full-year trading between 355,000 and 410,000.

TD Ameritrade said that total client assets were $475.1 billion as of Nov. 30. That's an 18 percent increase from a year earlier and a 1 percent rise from October.

Average fee-based balances climbed 28 percent year over year to $99.4 billion. The balances were up 1 percent from October.

Average spread-based balances rose 8 percent from the prior-year period to $79 billion. This was a 2 percent increase from October.

Katz said that the results for client assets, spread- and fee-based balances were in line with estimates.

Shares of TD Ameritrade Holding Corp. added 25 cents to $16.59 in midday trading.