Shares of Charles Schwab (NYSE: SCHW) soared in morning trading on Tuesday as regional banks were on a rebound following the SVB collapse and a CNBC report that billionaire investor Ron Baron bought SCHW shares amid the sell-off on Monday.
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According to the report, Baron “modestly increased” his position even as it was not disclosed how many shares he purchased of Schwab. As of December 31, Baron Capital owned 7.8 million shares of SCHW. The stock had dropped by around 12% on Monday and had lost more than 30% over the past three trading sessions. The stock tanked on Monday even as it received an analyst upgrade.
Overall, investor sentiment is positive about SCHW stock with 2.4% of all portfolios increasing their holding of the stock over the past 30 days.
