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E*TRADE (ETFC) Up 2.5% as November DARTs, New Accounts Rise

Zacks Equity Research

Shares of E*TRADE Financial ETFC have rallied 2.5% following the release of its monthly market activity report. The company reported a sequential and year-over-year rise in Daily Average Revenue Trades (DARTs) for November. The DARTs came in at 354,434, up 22% from the previous month and 32% year over year. Notably, derivatives comprised 33% of DARTs.

At the end of November, E*TRADE’s total number of accounts were approximately 7.2 million, comprising about 5.1 million retail accounts, 1.9 million corporate services accounts, and 0.1 million advisor services accounts.

Also, E*TRADE reported net new accounts of 35,373 for November. Total brokerage accounts highlight the company’s ability to gain and retain customers who trade and invest.

Further, E*TRADE’s net new retail assets came in at $2.4 billion compared with $0.7 billion in the previous month and $16.4 billion in November 2018.

At the end of November, E*TRADE’s customer security holdings were $301 billion, up 3% from October 2019 and 13% year over year. The company’s brokerage-related cash and deposits came in at $68.7 billion, increasing 4% from the prior month and 17% from the prior-year month.

However, bank-related cash and deposits of $4.2 billion declined 58% sequentially and 26% year over year.

Improvement in DARTs and new brokerage accounts will likely prove to be beneficial for the company.

Shares of E*TRADE have rallied 4.9% so far this year, underperforming the industry’s rise of 17.4%.



E*TRADE currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance & Release Dates of Other Investment Brokers

Tradeweb Markets Inc. TW reported average daily volume of $693.0 billion for November. The figure was up 22% year over year.

LPL Financial Holdings LPLA and Charles Schwab SCHW are expected to release its November activity report in the coming days.

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E*TRADE Financial Corporation (ETFC) : Free Stock Analysis Report
 
LPL Financial Holdings Inc. (LPLA) : Free Stock Analysis Report
 
The Charles Schwab Corporation (SCHW) : Free Stock Analysis Report
 
Tradeweb Markets Inc. (TW) : Free Stock Analysis Report
 
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Zacks Investment Research