Shares of Charles Schwab (SCHW - Free Report) gained 1.6% following the release of its monthly activity report for April 2019. Total client assets came in at $3.7 trillion, up 11% from the year-ago month and 2% from the prior month.
Client assets receiving ongoing advisory services were $1.913.7 trillion, up 11% year over year and 2% sequentially. Schwab’s average interest earning assets were $270.3 billion at the end of April, improving 13% year over year but declining 1% from March 2019.
New brokerage accounts opened by the company in April 2019 were up 4% year over year and 5% sequentially to 147,000.
Schwab’s active brokerage accounts totaled 11.9 million at the end of April, up 7% from the year-ago month and 1% from March 2019. Further, client’s banking accounts were 1.3 million, rising 7% from April 2018 and 1% sequentially. The number of retirement plan participants rose 6% year over year and were stable on a sequential basis at 1.7 million.
Shares of Schwab have rallied 6.7% so far this year, underperforming 8% rise for 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 (ETFC - Free Report) reported monthly market activity for April 2019. Daily Average Revenue Trades (DARTs) for the month were 272,858, down 5% from the previous month but up 13% year over year. Derivatives comprised 32% of DARTs in April.
Interactive Brokers Group, Inc. (IBKR - Free Report) released its Electronic Brokerage segment’s performance metrics for April. The segment, which deals with the clearance and settlement of trades for individual and institutional clients globally, reported a year-over-year and sequential decrease in DARTs. Total client DARTs were 778,000, down 4% from April 2018 and 10% from March 2019.
LPL Financial Holdings (LPLA - Free Report) is likely to report monthly activity for April soon.
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