Charles Schwab SCHW released its monthly activity report for October 2024. The company’s core net new assets of $24.6 billion surged substantially from $11.3 billion recorded in the year-ago month but declined from the previous month’s $33.5 billion.

SCHW’s October Performance Breakdown

SCHW’s total client assets in October 2024 were $9.85 trillion, down marginally from the September 2024 level but up 28.7% from October 2023. Client assets receiving ongoing advisory services were $4.97 trillion, falling 1% from the prior month and rising 27.3% year over year.

Schwab’s average interest-earning assets of $422.3 billion in October increased marginally from September 2024 but declined 3.7% year over year. Average margin balances were $74.1 billion, up 1.9% from the previous month and 15.9% on a year-over-year basis. Average bank deposit account balances totaled $83.3 billion in October, up 1.1% from last month and down 14.9% from October 2023.

Schwab opened 331,000 new brokerage accounts in October 2024, up 3.1% sequentially and 16.5% from the year-earlier month.

Schwab’s active brokerage accounts totaled 36.1 million at the end of October 2024, which was up marginally on a sequential basis and 4.3% from the year-ago month. Client banking accounts were 1.97 million, up marginally sequentially and 8.6% from the October 2023 figure. The number of workplace plan participant accounts was up marginally from the prior month and 3.7% year over year to 5.41 million.

SCHW’s Zacks Rank & Price Performance

In the past six months, Schwab shares have rallied 2.8% compared with the industry’s rise of 20%.

Image Source: Zacks Investment Research

Currently, SCHW carries a Zacks Rank #3 (Hold).

Competitive Landscape

Interactive Brokers Group, Inc. IBKR released the Electronic Brokerage segment’s performance metrics for October 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).

IBKR’s total client DARTs for October were 2,823,000, which increased 46% from October 2023 and 7.2% from last month.

Another brokerage firm, LPL Financial LPLA is expected to come out with its monthly activity report soon.

Currently, IBKR and LPLA carry a Zacks Rank #3 each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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