Schwab Declines 3% As July Net New Assets Fall Sequentially
Zacks Investment Research | Aug 16, 2019 07:55AM ET
Shares of Charles Schwab (NYSE:SCHW) have declined 3% following the release of its monthly activity report for July 2019. Net new assets of $19.3 billion declined 4% from the prior month. Nonetheless, it grew 18% year over year.
Total client assets came in at $3.7 trillion, up 1% from the prior month and 8% from the year-ago month. Client assets receiving ongoing advisory services were $1.96 trillion, up 1% sequentially and 8% year over year.
Schwab’s average interest earning assets were $264 billion at the end of July, relatively on par with June 2019 level and up 4% from July 2018. The company opened 129,000 new brokerage accounts in the reported month, up 11% sequentially and 9% year over year.
Schwab’s active brokerage accounts totaled 12 million at the end of July, relatively stable sequentially, and up 7% from the year-ago month. Further, client’s banking accounts were 1.4 million, rising 1% from June 2019 and 7% from July 2018. The number of retirement plan participants were in line with the prior-month level and up 6% year over year at 1.7 million.
Shares of Schwab have lost 15.3% over the past three months compared with 9.4% decline for the Zacks Investment Research
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