Yahoo Finance LPL Financial (LPLA) Reports Improvement in July Metrics
LPL Financial Holdings Inc.’s LPLA activity report for July 2018 reflects improvement from the prior month. The reported month’s figures reflect a decline of $2.3 billion in assets related to the acquisition of the broker-dealer network of National Planning Holdings, Inc. These assets were wrongly attributed to the company by a product sponsor.
LPL Financial recorded total brokerage and advisory assets of $668.9 billion at the end of July, up 1.5% from the previous month. Of the total brokerage and advisory assets, brokerage assets were $370.4 billion while advisory assets totaled $298.5 billion.
LPL Financial reported $28.2 billion of total client cash sweep balances for July, down 1.4% from June. Of the total, $21.4 billion was insured cash, $3.8 billion was deposit cash while the remaining $2.9 billion was money market cash balance.
With the gradual stabilization of equity markets, trading activities are anticipated to improve. While dismal top-line growth remains a near-term concern, LPL Financial’s efforts to extend its offerings to all affiliated advisors are expected to help it gain greater market share.
LPL Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company’s share price movement reflects investors’ optimism as the stock has rallied 16.2% so far this year against 2.6% decline for the industry.
Performance of Other Investment Brokers
Interactive Brokers Group, Inc.’s IBKR Electronic Brokerage segment reported a year-over-year decrease in DARTs for July. Total client DARTs were 748,000, decreasing 6% from June 2018 but increasing 8% from July 2017. Total customer accounts grew 27% year over year and 2% sequentially to 555,000 in July 2018.
Charles Schwab’s SCHW monthly activity for July 2018 reflects year-over-year rise. Total client assets came in at $3.5 trillion at the end of the month, increasing 12% from the year-ago quarter. Further, client assets receiving ongoing advisory services were $1.8 trillion, up 15% year over year.
E*TRADE Financial ETFC has reported a rise in DARTs for July 2018. According to its monthly market activity, the company’s DARTs came in at 250,787, down 8% from the previous month but up 20% year over year. Notably, derivatives comprised 34% of DARTs in July.
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