Wednesday morning, E*TRADE Financial Corp. (ETFC) announced Monthly Activity Report for the month of July, reporting that total daily average revenue trades declined 3.8% , while total retail customer assets fell 20.5% year-over-year. Sequentially, total daily average revenue trades increased 9.2%, while total retail customer assets rose 0.1%.
The New York-based provider of financial solutions to retail and institutional customers said average revenue trades for the month of July declined 3.8% to 182,835 from 190,128 in the same period last year. Sequentially, total daily average revenue trades increased 9.2% from 167,481 recorded in June.
Gross new retail accounts for the month were 76,340, compared to 88,860 in the year-ago period and 72,662 last month. End of period retail accounts totaled 4.41 million, up 4.7% from 4.22 million year-over-year and a 0.4% increase from 4.40 million month-over-month.
Total retail customer assets, including customer cash, deposits and securities holdings, for the month of July totaled $162.16 billion, 20.5% lower than $203.96 billion in the prior-year period. Sequentially, total retail customer assets edged up 0.1% from $162.01 billion posted in the month of June.
Customer securities holdings fell 22.8% to $128.60 billion from $166.57 billion in the same period last year. Sequentially, Customer securities holdings edged up 0.3% from $128.26 billion recorded in June.
Customer cash and deposits also declined 10.3% to $33.56 billion from $37.40 billion in the year-ago period, while sequentially it marginally decreased 0.6% from $33.75 billion in June.
The month of July had 21.5 trading days, compared to 20.5 trading days last July and 21.0 trading days in June.
In a statement, chairman and chief executive officer Donald Layton said, "We are pleased to see favorable trends in customer activity and new account growth continue through July. We have nearly 200,000 more retail accounts than we had a year ago. The combination of solid month-over-month growth in accounts and trading volume continues to validate the strength and value of our retail franchise."
In Wednesday's regular trading session, ETFC is trading at $3.00, down $0.01 or 0.33% on a volume of 3.25 million shares.
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