Schwab's (SCHW) April Metrics Indicate Y/Y Improvement
Zacks Investment Research | May 14, 2017 09:39PM ET
The Charles Schwab Corporation (NYSE:SCHW) released monthly activity report for Apr 2017, which shows an improvement over the year-ago period. Total client assets were $2.95 trillion at the end of the month, up 14% year over year.
Further, client assets receiving ongoing advisory services were $1.50 trillion, up 16% year over year. Also, Schwab’s average interest earning assets were $217.4 billion at April end, reflecting 19% increase on a year-over-year basis.
Schwab opened 125,000 new brokerage accounts in February, up 21% from the prior-year month. However, net new assets, through both existing and new clients totaled $2.8 billion, surging 115% year over year.
Schwab’s active brokerage accounts totaled $10.39 million at the end of the month, up 5% from the Apr 2016 level. The client’s banking accounts at the end of the reported month came in at 1.1 million, growing 7% from the year-ago period. Further, the number of retirement plan participants rose 1% year over year to 1.54 million.
With Schwab slashing trading fees, a further rise in brokerage accounts and client assets is expected, going forward. Shares of the company increased 8% in the last six months, outperforming the 3.8% gain of the Zacks categorized Investment Brokers industry.
Currently, Schwab carries a Zacks Rank #3 (Hold). You can see Zacks Investment Research
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