E*Trade Financial Corp. (ETFC), a provider of online brokerage and related products and services to retail investors, Wednesday reported a 22% decline in daily average revenue trades for the month of October compared to the previous year.
In its monthly activity report for October, the New York-based company noted its total daily average revenue trades, or DARTs, for October were 194,662, down 21.8% from 248,817 in the year ago period. Year-to-date through October, DARTs were up 9% from the same period last year.
Last month, the company reported a wider loss for the third quarter due to charge-offs and higher loan loss provisions. DART for the third quarter, however, increased 7% to 196,000 from the previous year.
Total customer assets at the end of October were $142.90 billion, up 19.7% from 119.38 billion last year. Security holdings for the month rose 24.5% to $109.03 billion from a year ago. Brokerage related cash increased 23.2% to $20.26 billion, while other customer cash deposits declined 11.5% to $13.62 billion from the previous year.
Total accounts at the end of October rose 2.2% to 4.50 million from 4.41 million last year. Total gross new accounts, however, decreased 60.1% to 52,407 from the previous year. E*Trade lost 2,569 net accounts in October, compared to a net account growth of 57,191 last year.
End of the period brokerage accounts increased 6.0% to 2.73 million from 2.57 million a year earlier, including gross new brokerage accounts of 30,348 and net new brokerage accounts of 3,360.
End of the period stock plan accounts marginally rose to 1.03 million from 1.02 million last year. For the month, gross new stock plan accounts were 19,411 and net new stock plan accounts were 7,216.
End of the period banking accounts declined 8.4% to 745,910 from 814,195 a year ago. Gross new banking accounts for the month were 2,648.
ETFC is currently trading at $1.57, up 0.02 or 1.29%, on a volume of 2.43 million shares on the Nasdaq.
For comments and feedback: editorial@rttnews.com