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Schwab (SCHW) Reports Sequential Fall in April Net New Assets
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Charles Schwab (SCHW - Free Report) has reported its monthly activity report for April 2024. The company’s core net new assets of $1 billion declined 98% from the previous month’s level but increased 143% from the prior-year month.
Schwab’s total client assets in April 2024 were $8.85 trillion, down 3% from the March 2024 level and up 16% from April 2023. Client assets receiving ongoing advisory services were $4.50 trillion, down 3% from the prior month and up 15% year over year.
Schwab’s average interest-earning assets of $423.5 billion in April declined 2% from the March 2024 level and 14% year over year. Average margin balances were $68.8 billion, up 4% from the previous month’s level and 14% on a year-over-year basis. Average bank deposit account balances totaled $88.8 billion in April, down 2% from last month’s actual and down 15% from April 2023.
The company opened 361,000 new brokerage accounts in April 2024, down 6% sequentially and up 9% from the year-earlier month.
Schwab’s active brokerage accounts totaled 35.43 million at the end of April 2024, which was stable on a sequential basis and up 3% from the year-ago month. Client banking accounts were 1.90 million, up 1% sequentially and 8% from the April 2023 figure. The number of workplace plan participant accounts was unchanged from the prior month’s level and up 8% year over year to 5.28 million.
In the past six months, Schwab shares have rallied 38.4% compared with the industry’s rise of 31.4%.
Interactive Brokers Group, Inc. (IBKR - Free Report) released the Electronic Brokerage segment’s performance metrics for April 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 year-over-year basis. However, the metric declined sequentially.
IBKR’s total client DARTs for April were 2,339,000, which increased 32.5% from April 2023 but dipped 3% from the last month.
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 #2 (Buy) and LPLA has a Zacks Rank of 3.
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Schwab (SCHW) Reports Sequential Fall in April Net New Assets
Charles Schwab (SCHW - Free Report) has reported its monthly activity report for April 2024. The company’s core net new assets of $1 billion declined 98% from the previous month’s level but increased 143% from the prior-year month.
Schwab’s total client assets in April 2024 were $8.85 trillion, down 3% from the March 2024 level and up 16% from April 2023. Client assets receiving ongoing advisory services were $4.50 trillion, down 3% from the prior month and up 15% year over year.
Schwab’s average interest-earning assets of $423.5 billion in April declined 2% from the March 2024 level and 14% year over year. Average margin balances were $68.8 billion, up 4% from the previous month’s level and 14% on a year-over-year basis. Average bank deposit account balances totaled $88.8 billion in April, down 2% from last month’s actual and down 15% from April 2023.
The company opened 361,000 new brokerage accounts in April 2024, down 6% sequentially and up 9% from the year-earlier month.
Schwab’s active brokerage accounts totaled 35.43 million at the end of April 2024, which was stable on a sequential basis and up 3% from the year-ago month. Client banking accounts were 1.90 million, up 1% sequentially and 8% from the April 2023 figure. The number of workplace plan participant accounts was unchanged from the prior month’s level and up 8% year over year to 5.28 million.
In the past six months, Schwab shares have rallied 38.4% compared with the industry’s rise of 31.4%.
Image Source: Zacks Investment Research
Currently, SCHW carries a Zacks Rank #3 (Hold). 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 April 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 year-over-year basis. However, the metric declined sequentially.
IBKR’s total client DARTs for April were 2,339,000, which increased 32.5% from April 2023 but dipped 3% from the last month.
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 #2 (Buy) and LPLA has a Zacks Rank of 3.