The Charles Schwab Corporation released its Monthly Activity Report . Company highlights for the month of April 2024 include: Total net new assets brought to the company by new and existing clients in April 2024 totaled $10B, while core net new assets equaled $1B. These flows reflect client cash disbursements during tax season. Total client assets were $8.85T as of month-end April, up 16% from April 2023 and down 3% versus March 2024. Transactional sweep cash declined by 3% to end April 2024 at $387.7 billion. This month-over-month drawdown was driven by several anticipated factors, including client tax disbursements and seasonal advisory fee payments. Last weekend, Schwab successfully completed the final Ameritrade client conversion, marking the completion of a historic integration. We are pleased to report that the client account and asset conversion went smoothly. The company will share additional perspectives on this tremendous milestone during its Institutional Investor Day scheduled for Wednesday, May 22.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SCHW:
- Charles Schwab price target raised to $92 from $87 at TD Cowen
- Charles Schwab price target raised to $85 from $78 at Piper Sandler
- Charles Schwab price target raised to $70 from $68 at BofA
- Charles Schwab price target raised to $75 from $74 at Barclays
- Charles Schwab price target raised to $89 from $86 at JPMorgan