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LPL Financial (LPLA) July Assets Up on Solid Equity Markets

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LPL Financial Holdings Inc.’s (LPLA - Free Report) total brokerage and advisory assets of $792 billion at the end of July 2020 grew 4% from the prior month and 11% year over year. Of the total assets, brokerage assets were $399.2 billion and advisory assets totaled $392.7 billion.

The rise resulted from improved equity markets, including a 5.5% rally in the S&P 500 Index from the prior month.

Total net new assets were $2.9 billion for July. This was in line with the June 2020 level but compared unfavorably with $5.4 billion in July 2019.

LPL Financial reported $45.1 billion of total client cash balance, down 0.4% from June 2020 but up 50.8% from July 2019. Of the total, $33.2 billion was insured cash and $7.6 billion was deposit cash, while the remaining was money market balance.

Shares of LPL Financial have gained 33.5% over the past three months, outperforming 24.7% rally recorded by the industry.

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Brokerage Firms

Interactive Brokers Group (IBKR - Free Report) released the Electronic Brokerage segment’s performance metrics for July 2020. The segment, which deals with clearance and settlement of trades for individual and institutional clients globally, reported a substantial surge in Daily Average Revenue Trades (DARTs) on a year-over-year basis. Total client DARTs were 1,795,000, surging 124% from July 2019 but declining 4% from June 2020.

Among others, Charles Schwab (SCHW - Free Report) and E*TRADE Financial (ETFC - Free Report) are likely to come out with July numbers in the coming days.

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