Charles Schwab up as Canada's TD Bank exits in $13.1 bln secondary stock offering, buyback

Westlake

11/02/2025 13:32

**  Shares of U.S. brokerage firm Charles Schwab  SCHW.N  up
0.6% before the bell to $81.65 after secondary offering priced
  
    ** Westlake, Texas-based SCHW early Tues  ~165.4 mln shares
sold by 
    Canada's TD Bank  TD.TO  at $79.25
  
    ** SCHW shares on Mon fell 2.4% to close at $81.17 after top
holder TD said it  its remaining 10.1% stake for nearly $15 bln
  
    ** Share sale comes amid TD's strategic review, as the bank
works through anti-money laundering remediation program
following a U.S. regulatory probe
  
    ** Upon completion of secondary offering, 
    SCHW to repurchase $1.5 billion worth of its shares from TD
  
    
      
      
    
  
    ** On a conf call, TD  it will no longer have 2 SCHW board
seats
  
    ** Through Mon, SCHW shares up ~10% YTD. A year ago, stock
was trading around $64.50
  
    ** Of 21 analysts covering SCHW, recommendation breakdown is
16 "strong buy" or "buy", 4 "hold" and 1 "sell" and median PT is
$71, LSEG data shows
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))