Ron Baron bought Charles Schwab shares during Monday’s double-digit sell-off

Investing News

In this article

Ron Baron, founder of Baron Capital
Anjali Sundaram | CNBC

Longtime investor Ron Baron said he bought the dip in Charles Schwab during Monday’s double-digit sell-off, CNBC’s Becky Quick reported.

The 79-year-old investor said he “modestly increased” his position in the financial name, seeing Monday’s pullback as a buying opportunity. He didn’t disclose how much he purchased. Baron Capital owned 7.8 million shares as of Dec. 31.

The stock jumped 13% in premarket trading Tuesday.

Schwab shares fell 11.6% on Monday as investors dumped the financial institution amid fears of a banking crisis in the aftermath of tech-focused Silicon Valley Bank‘s and crypto-related Signature Bank‘s collapses.

The Westlake, Texas-based financial company defended its financial position, saying it has plenty of access to liquidity and a low loan-to-deposit ratio. Schwab was taking hits along with other financial firms with massive bond holdings of longer maturities.

Articles You May Like

7 Unstoppable Tech Stocks to Buy and Hold for the Next Decade
Apple’s Bitter Bite: Is the Tech Giant’s Slowing Growth a Cause for Concern?
3 Oil & Gas Penny Stocks That Could Gush 100% Gains by 2025
The 3 Most Undervalued Athleisure Stocks to Buy in March 2024
Alphabet’s Magnificent Misstep: Why the Tech Titan’s Dip Is Your Ticket to Massive Gains