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.
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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.