Charles Schwab (SCHW +2.94%) was having a fine Friday on the stock market. The company released its latest set of monthly metrics, and investors clearly found them encouraging. These folks were trading the storied brokerage’s stock up by 2.6% in mid-afternoon action, edging past the 1.8% increase of the S&P 500 index at that point.
A busy month
In the update, Schwab led off with its core net new assets figure, as it set a new record for the month of May. All told, the metric leaped 43% year over year to $49.9 billion. This helped lift total client assets by 27% to $13.1 trillion.
Image source: Getty Images.
In terms of activity, daily average trades hit a new record, too. These amounted to 11.8 million, which Schwab said was due to high demand for stocks and exchange-traded fund (ETF) products.
Fresh arrivals to the client ranks also affected these metrics. The financial services company revealed that 461,000 new brokerage accounts were opened in May, up 37% from the year-ago tally.
Today’s Change
(2.94%) $2.61
Current Price
$91.31
Key Data Points
Market Cap
$154B
Day’s Range
$89.25 – $92.21
52wk Range
$83.96 – $107.50
Volume
7.2M
Avg Vol
10.8M
Gross Margin
84.12%
Dividend Yield
1.33%
Quite an effective middleman
The capital markets remain frothy, and as long as they thrive, Schwab will earn plenty of coin servicing clients eager to participate in them. Personally, as a longtime Schwab shareholder, I was especially impressed by the strong increase in new brokerage accounts; this indicates the company isn’t resting on its laurels but is making concentrated efforts to capture new business.
Charles Schwab is an advertising partner of Motley Fool Money. Eric Volkman has positions in Charles Schwab. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
