Charles Schwab Corp. Stock Falls in Pre-Market Trading
Charles Schwab Corp.’s stock, with the ticker symbol SCHW, fell 2.5% in premarket trading on Friday. This drop in stock price came after the company reported a decline in average interest-earning assets for the month of August.
Decline in Assets
- In August, average interest-earning assets were down 23% compared to the same period last year, amounting to $449.5 billion.
- Compared to July, these assets were down by 4%.
Successful Conversion of Ameritrade Customers
Despite the decline in assets, Charles Schwab Corp. announced that its Labor Day Weekend conversion of former Ameritrade customers was a “tremendous success.” The company successfully migrated $1.3 trillion in client assets from over 7,000 registered advisory firms and 3.6 million retail accounts.
Core Net New Assets
In August, the company brought in $28.1 billion in core net new assets, excluding Ameritrade.
Total Client Assets
As of the end of August, total client assets for Charles Schwab Corp. were $8.09 trillion. This represents a 14% increase compared to the previous year, but a 2% decrease compared to the previous month.