10 Important News Updates Investors Shouldn’t Miss

3. The Charles Schwab Corporation (NYSE:SCHW)

Number of Hedge Fund Holders: 74

The Charles Schwab Corporation (NYSE:SCHW) provides wealth management, brokerage, banking, asset management, and financial advisory services in the U.S. and internationally.

On February 10, Charles Schwab announced that TD Group US Holdings LLC, linked to The Toronto-Dominion Bank, will sell all its shares in the company through a public offering. TD currently owns 184.7 million shares, making up 10.1% of Schwab. Schwab also plans to buy back $1.5 billion of its nonvoting shares from TD in a separate deal, depending on the public sale. The buyback will be paid for with its own cash, leaving $7.2 billion available for future repurchases. TD Securities and Goldman Sachs will handle the sale, and Schwab will not get any money from it.