The Charles Schwab Corporation’s (SCHW - Free Report) monthly activity for May 2018 reflects year-over-year rise. Total client assets were $3.4 trillion at the end of the month, increasing 13% from the year-ago quarter.
Further, client assets receiving ongoing advisory services were $1.8 trillion, up 15% year over year. Also, Schwab’s average interest earning assets were $242.6 billion at May-end, improving 13% from the prior-year month.
Notably, the company opened 122,000 new brokerage accounts in May, a rise of 6% from the prior-year month. Net new assets, through existing and new clients, totaled $19.4 billion, down 19% year over year.
Schwab’s active brokerage accounts totaled 11.1 million at the end of the month, up 7% from May 2017 level. Client’s banking accounts at the end of the reported month were 1.24 million, rising 9% from the year-ago tally. Also, the number of retirement plan participants increased 4% year over year to 1.60 million.
Consequently, the stock has rallied 9.4% in the last six months, significantly outperforming 1.9% growth of the industry.
Schwab currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Investment Brokers
E*TRADE Financial reported a rise in Daily Average Revenue Trades (DARTs) in May on a year-over-year basis. According to its monthly market activity, the company’s DARTs came in at 253,649, up 20% year over year. Notably, derivatives comprised 34% of DARTs in May.
Interactive Brokers Group’s (IBKR - Free Report) Electronic Brokerage segment reported year-over-year increase in DARTs for May. The segment deals with clearance and settlement of trades for individual and institutional clients globally. Total client DARTs were 780,000, up 16% from May 2017.
LPL Financial Holdings (LPLA - Free Report) is likely to report monthly activity for May in a few days.
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The Charles Schwab Corporation’s (SCHW - Free Report) monthly activity for May 2018 reflects year-over-year rise. Total client assets were $3.4 trillion at the end of the month, increasing 13% from the year-ago quarter.
Further, client assets receiving ongoing advisory services were $1.8 trillion, up 15% year over year. Also, Schwab’s average interest earning assets were $242.6 billion at May-end, improving 13% from the prior-year month.
Notably, the company opened 122,000 new brokerage accounts in May, a rise of 6% from the prior-year month. Net new assets, through existing and new clients, totaled $19.4 billion, down 19% year over year.
Schwab’s active brokerage accounts totaled 11.1 million at the end of the month, up 7% from May 2017 level. Client’s banking accounts at the end of the reported month were 1.24 million, rising 9% from the year-ago tally. Also, the number of retirement plan participants increased 4% year over year to 1.60 million.
Consequently, the stock has rallied 9.4% in the last six months, significantly outperforming 1.9% growth of the industry.
Schwab currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Investment Brokers
E*TRADE Financial reported a rise in Daily Average Revenue Trades (DARTs) in May on a year-over-year basis. According to its monthly market activity, the company’s DARTs came in at 253,649, up 20% year over year. Notably, derivatives comprised 34% of DARTs in May.
Interactive Brokers Group’s (IBKR - Free Report) Electronic Brokerage segment reported year-over-year increase in DARTs for May. The segment deals with clearance and settlement of trades for individual and institutional clients globally. Total client DARTs were 780,000, up 16% from May 2017.
LPL Financial Holdings (LPLA - Free Report) is likely to report monthly activity for May in a few days.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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