© Reuters. Charles Schwab is Trading at All-Time Highs, is it Still a Buy?
Impressive third-quarter earnings and increased retail trading helped investment services company Charles Schwab’s (SCHW) shares hit their all-time price high of $81.63 yesterday. But can the stock continue to rally despite an ongoing investigation into the company? Read on, let’s find out.The Charles Schwab Corporation (NYSE:) in Westlake, Tex., has come a long way from small discount brokerage to operator of a leading investment services company and a leader in asset management and retirement planning. Its stock has soared 15.8% in price over the past month to close yesterday’s trading session at $81.54, after hitting its all-time high of $81.63.
The surge can be attributed mainly to its solid third-quarter results. In addition, a pandemic-driven boom in retail trading has contributed to its business.
However, in August 2021, SCHW’s Chairman Charles Schwab sold 70,000 shares for gross proceeds of more than $5 million. And the company’s near-term outlook looks uncertain, owing to concerns regarding the pace of economic recovery, high inflation environment, and global market disruption. Furthermore, it is also being investigated for possible violations of securities laws.
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