At around $46 per share, the stock is trading at its highest level since February.
The brokerage firm reported earnings of 44 cents per share and revenue of $931 million for the quarter, both of which exceeded Wall Street’s estimate.
The June quarter saw the addition of $22 billion in new client assets, a 62 percent year-over-year increase and a company record.
He said the acquisition of Scottrade, which was expected to close by the end of September, could be “anytime now.” As far as the broker price wars that briefly consumed TDA, Charles Schwab Corp (NYSE: SCHW) and E*TRADE Financial Corp (NASDAQ: ETFC) in late-February and early March, Hockey believes that’s leveled out.
In the first full quarter after TDA cut its trading commission fee from $9.99 to $6.95 per trade, the company only lost a penny in earnings per share year-over-year.