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Schwab (SCHW) Reports Fall in January Net New Assets Balance
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Charles Schwab (SCHW - Free Report) has reported its monthly activity report for January 2024. The company’s core net new assets of $17.2 billion declined 60% from the previous month’s level and 52% from the prior-year month’s figure.
Schwab’s total client assets in November 2023 were $8.52 trillion, relatively stable with the December 2023 level and up 14% from January 2023. Client assets receiving ongoing advisory services were $4.36 trillion, marginally up from the prior month and up 13% year over year.
Schwab’s average interest-earning assets of $443.7 billion in January declined 1% from the December 2023 level and 13% year over year. Average margin balances were $61.4 billion, down 2% from the previous month’s level but up 2% on a year-over-year basis. Average bank deposit account balances totaled $95.6 billion in January, in line with last month’s actuals but down 22% from January 2023.
The company opened 366,000 new brokerage accounts in January 2024, up 8% sequentially and 6% from the year-earlier month’s figure.
Schwab’s active brokerage accounts totaled 35.02 million at the end of January 2024, which was up 1% on a sequential basis and 3% from the year-ago month’s figures. Client banking accounts were 1.86 million, up 1% sequentially and 7% from the January 2023 figure. The number of workplace plan participant accounts was unchanged from the prior month’s level and up 8% year over year to 5.23 million.
In the past three months, shares of Schwab have rallied 13.4% compared with the industry’s rise of 13.2%.
Image Source: Zacks Investment Research
Currently, SCHW carries a Zacks Rank #5 (Strong Sell).
Interactive Brokers Group, Inc. (IBKR - Free Report) released the Electronic Brokerage segment’s performance metrics for January 2024. The segment deals with the clearance and settlement of trades for individual and institutional clients globally. It reported a rise in client Daily Average Revenue Trades (DARTs) on a sequential and year-over-year basis.
IBKR’s total client DARTs for the month were 2,201,000, which increased 12% from December 2023 and 11% year over year.
Another brokerage firm, LPL Financial (LPLA - Free Report) , is expected to come out with its monthly activity report soon.
Currently, IBKR carries a Zacks Rank of 2 (Buy), while LPLA has a Zacks Rank #3 (Hold).
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Schwab (SCHW) Reports Fall in January Net New Assets Balance
Charles Schwab (SCHW - Free Report) has reported its monthly activity report for January 2024. The company’s core net new assets of $17.2 billion declined 60% from the previous month’s level and 52% from the prior-year month’s figure.
Schwab’s total client assets in November 2023 were $8.52 trillion, relatively stable with the December 2023 level and up 14% from January 2023. Client assets receiving ongoing advisory services were $4.36 trillion, marginally up from the prior month and up 13% year over year.
Schwab’s average interest-earning assets of $443.7 billion in January declined 1% from the December 2023 level and 13% year over year. Average margin balances were $61.4 billion, down 2% from the previous month’s level but up 2% on a year-over-year basis. Average bank deposit account balances totaled $95.6 billion in January, in line with last month’s actuals but down 22% from January 2023.
The company opened 366,000 new brokerage accounts in January 2024, up 8% sequentially and 6% from the year-earlier month’s figure.
Schwab’s active brokerage accounts totaled 35.02 million at the end of January 2024, which was up 1% on a sequential basis and 3% from the year-ago month’s figures. Client banking accounts were 1.86 million, up 1% sequentially and 7% from the January 2023 figure. The number of workplace plan participant accounts was unchanged from the prior month’s level and up 8% year over year to 5.23 million.
In the past three months, shares of Schwab have rallied 13.4% compared with the industry’s rise of 13.2%.
Image Source: Zacks Investment Research
Currently, SCHW carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Interactive Brokers Group, Inc. (IBKR - Free Report) released the Electronic Brokerage segment’s performance metrics for January 2024. The segment deals with the clearance and settlement of trades for individual and institutional clients globally. It reported a rise in client Daily Average Revenue Trades (DARTs) on a sequential and year-over-year basis.
IBKR’s total client DARTs for the month were 2,201,000, which increased 12% from December 2023 and 11% year over year.
Another brokerage firm, LPL Financial (LPLA - Free Report) , is expected to come out with its monthly activity report soon.
Currently, IBKR carries a Zacks Rank of 2 (Buy), while LPLA has a Zacks Rank #3 (Hold).