E*TRADE (ETFC) Up 2.5% As November DARTs, New Accounts Rise
Zacks Investment Research | Dec 12, 2019 08:57PM ET
Shares of E*TRADE Financial (NASDAQ:ETFC) have rallied 2.5% following the release of its monthly market activity report. The company reported a sequential and year-over-year rise in Daily Average Revenue Trades (DARTs) for November. The DARTs came in at 354,434, up 22% from the previous month and 32% year over year. Notably, derivatives comprised 33% of DARTs.
At the end of November, E*TRADE’s total number of accounts were approximately 7.2 million, comprising about 5.1 million retail accounts, 1.9 million corporate services accounts, and 0.1 million advisor services accounts.
Also, E*TRADE reported net new accounts of 35,373 for November. Total brokerage accounts highlight the company’s ability to gain and retain customers who trade and invest.
Further, E*TRADE’s net new retail assets came in at $2.4 billion compared with $0.7 billion in the previous month and $16.4 billion in November 2018.
At the end of November, E*TRADE’s customer security holdings were $301 billion, up 3% from October 2019 and 13% year over year. The company’s brokerage-related cash and deposits came in at $68.7 billion, increasing 4% from the prior month and 17% from the prior-year month.
However, bank-related cash and deposits of $4.2 billion declined 58% sequentially and 26% year over year.
Improvement in DARTs and new brokerage accounts will likely prove to be beneficial for the company.
Shares of E*TRADE have rallied 4.9% so far this year, underperforming the Zacks Investment Research
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