Charles Schwab CEO Bought $3 Million In Company’s Stock Amid Rout

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Charles Schwab CEO Bought $3 Million In Company’s Stock Amid Rout
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Charles Schwab’s CEO Walter Bettinger bought 50,000 shares of his financial services firm’s stock at Tuesday’s market open.

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The share buyup preceded Schwab shares’ 9% Tuesday rally, the biggest daily gain of any company listed on the S&P 500.

Schwab has experienced “significant…asset inflows” in recent days, Bettinger added, assuaging some fears brought on by Schwab’s monthlypublished Monday revealing client assets at the firm dipped 4% from January to February, while the average margin balances fell 28% last month. In a Tuesday note to clients, Deutsche Bank analyst Brian Bedell said concerns about Schwab’s financial health were overblown, but “the cost of bearing greater liquidity” will significantly weigh on 2023 earnings, slashing his price target for the stock by 24% but maintaining his buy rating.24%. That’s how much Schwab stock is down over the last week despite Tuesday’s rebound, far outpacing the Dow Jones Industrial Average’s 3% decline during the time frame.

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