Charles Schwab sold off more than 1 million shares of namesake brokerage in the past week

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    Charles Schwab Corp. SCHW, +2.58% disclosed Thursday that Chairman Charles R. Schwab sold 100,000 shares of his namesake brokerage and wealth management company the previous day, and has now sold 410,000 shares this week. In filings with the Securities and Exchange Commission, Charles Schwab said Schwab sold 100,000 shares of common stock in the open market on Wednesday at a weighted average price of $69.8728, to raise $6.99 million. He also sold a total of 262,751 shares in the open market on Tuesday at a weighted average price of $68.5083, to raise $18.00 million, according to a MarketWatch calculation of SEC data. And on Monday, Schwab sold 47,249 shares in the open market at $68.0046 to raise $3.21 million, brining the total to $28.20 million worth of shares sold. But that’s not all. He sold 248,967 shares in the open market on April 23 at a weighted average price of $66.5657, another 300,000 shares at $65.5879 on April 22 and 220,710 shares on April 21 at $64.8865. He also acquired 123,967 shares on April 23 at a price of $13.91 through the conversion of derivative securities. In all, he sold a net 1,055,710 shares and netted $77.05 million. The stock, which rose 3.1% in afternoon trading Thursday, has run up 39.8% over the past three months while the S&P 500 SPX, +0.64% has gained 13.4%.

    This article was originally published by Marketwatch.com. Read the original article here.

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