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Schwab prices offering at $19 a share


    NEW YORK (Reuters) - Charles Schwab Corp , the largest U.S. online brokerage, on Wednesday said it priced an offering of more than 26 million of its shares at $19 a share.

    The company said it expects the net proceeds from the offering will be about $480.8 million, part of which it plans to use to move some client balances away from money market funds.

    Schwab shares closed at $19.02 on the New York Stock Exchange on Wednesday.

    The company announced the stock sale when it reported a 47 percent drop in its quarterly earnings on Tuesday.

    The company said it has granted its underwriters a 30-day option to buy up to 3.9 million additional shares of its common stock to cover over-allotments.

    UBS Securities is the sole book-running manager of the offering. Citi, J.P. Morgan Securities, Credit Suisse, Wells Fargo, BNY Mellon, Calyon and PNC Capital Markets are co-managers of the offering.

    (Reporting by Michael Erman; editing by Carol Bishopric)