Charles Schwab insiders load up on shares

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With bank stocks swinging wildly this week following the collapse of Silicon Valley Bank,

charles schwab

CEO Walt Bettinger and other insiders bought the dip, according to Securities and Exchange Commission filings.

Charles Schwab stock (ticker: SCHW) is down about 28% in the past month. It fell 23% to $45 in early trading Monday, though the stock has pared losses to $57.88.

Amid the stock’s turmoil on Monday, Bettinger and founder Charles Schwab published a statement To reassure investors.

“Schwab’s long-standing reputation as a safe harbor in storms remains intact, with record-setting business performance, a conservative balance sheet, a strong liquidity position, and a diverse base of 34 million+ account holders who invest in every day.” Schwab,” Bettinger and Schwab wrote.

Bettinger backed up his statement on Tuesday, according to an SEC filing, paying $2.97 million to buy 50,000 shares at an average price of $59.31. On the same day, Chief Financial Officer Peter Crawford’s trust paid $289,780 for 5,000 shares at an average price of $57.96; director Todd Ricketts paid $567,862 for 10,000 shares at an average price of $56.79; and director John Adams paid $296,550 for 5,000 shares at an average price of $59.31.

Director Stephen Ellis’ trust paid $378,928 for 6,757 shares at an average price of $56.08 on Tuesday, then bought another 34,387 shares for $2 million at an average price of $58.26 on Wednesday.

The company declined to make executives available for comment. Bettinger said Tuesday on CNBC that he “waited at the door and bought 50,000 shares for my personal account as soon as the market opened.”

“I personally went ahead and bought the stock,” he said. According to a transcript on Schwab’s website. “I’m not suggesting that to anyone else, it’s just a personal decision for me, so I’m not promoting the stock. But given my knowledge of the company, when I saw the share price , so it made sense to me to go ahead and make a decent purchase.

Write to Connor Smith at [email protected]