Shares of brokerage firm Charles Schwab (SCHW) fell 1.9% on August 13 after the company released its activity report for July 2021. Total client assets came in at $7.64 trillion, up 79% from July 2020 and 1% from last month.
Schwab opened 402,000 new brokerage accounts in July, which increased 95% from 206,000 new accounts reported in July 2020. Accounts fell 19% from the prior month. Net new assets were $44.3 billion, up 2% from June 2021.
Its active brokerage accounts were 32.4 million at the end of July 2021, up slightly from June 2021 and 128% from the prior-year month. (See Schwab stock charts on TipRanks)
Further, corporate retirement plan participants stood at 2.2 million, up marginally from the prior month and 26% year-over-year. The number of clients’ banking accounts was 1.6 million at the end of July, almost stable from June 2021 and up 7% from July 2020.
Average interest-earning assets were $546.6 billion in July, up 44% from July 2020 and 2% compared to June 2021. The figure includes initial bank deposit account balance migrations totaling $9.9 billion so far this year.
On August 11, Deutsche Bank analyst Brian Bedell maintained a Buy rating on Schwab and raised the price target to $99 from $92 (upside potential of 33.8%).
Consensus among analysts is a Moderate Buy based on 7 Buys and 4 Holds. The average Schwab price target of $86 implies upside potential of 16.2%.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Schwab with 8.7% of investors on Tipranks increasing their exposure to SCHW stock over the past 30 days.
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