Several insiders at The Charles Schwab Corp. (NYSE:SCHW) bought the company’s shares on March 14, 2023, for a total value of $4.5 million. SCHW stock traded over 3% higher in the after-trading hours on Tuesday and another 5% at the time of writing.
Charles Schwab is a provider of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services.
Insider Transactions Details
CEO and Co-Chairman of Charles Schwab, Walter W. Bettinger, has made the largest purchase. He bought about 50,000 shares of the company for a total value of about $3 million.
Further, Todd M. Ricketts, one of Charles Schwab’s directors, made an informative buy of 10,000 shares. The recent buy increased Ricketts’ holding value of SCHW stock to $30.3 million.
Another Director, Stephen A. Ellis, purchased 6,757 shares of SCHW stock, worth $378,865. In addition, 5,000 shares were purchased each by Director John K. Adams and the company’s Managing Director/ Chief Financial Officer Peter B. Crawford.
Overall, corporate insiders have sold SCHW shares worth $49.8 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in the stock is currently Negative.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Recent Developments
SCHW stock declined more than 24% in the past five days amid fears of a deposit run following SVB Financial’s collapse.
Meanwhile, the company continues to assure investors of having a strong liquidity position. Additionally, its most recent monthly metric report showed a strong performance. Both active brokerage accounts and core net new assets improved sequentially.
It is worth highlighting that the billionaire investor Ron Baron also increased his position in SCHW stock on Monday. While the number of shares purchased remained undisclosed, Baron owned 7.8 million shares as of December 31.
Is Schwab a Good Buy?
Analysts remain cautiously optimistic about SCHW stock with a Moderate Buy consensus rating. This is based on 13 Buy, three Hold, and one Sell recommendations. The average price target of $85.97 implies an upside potential of 51.7%.
