BUZZ-Charles Schwab up as Canada's TD Bank exits in $13.1 bln secondary stock offering, buyback

Shares of U.S. brokerage firm Charles Schwab SCHW.N up 0.6% before the bell to $81.65 after secondary offering priced

Westlake, Texas-based SCHW early Tues announced ~165.4 mln shares sold by Canada's TD Bank TD.TO at $79.25

SCHW shares on Mon fell 2.4% to close at $81.17 after top holder TD said it would offload its remaining 10.1% stake for nearly $15 bln

Share sale comes amid TD's strategic review, as the bank works through anti-money laundering remediation program following a U.S. regulatory probe

Upon completion of secondary offering, SCHW to repurchase $1.5 billion worth of its shares from TD

TD Secs and Goldman Sachs are jt bookrunners

On a conf call, TD said it will no longer have 2 SCHW board seats

Through Mon, SCHW shares up ~10% YTD. A year ago, stock was trading around $64.50

Of 21 analysts covering SCHW, recommendation breakdown is 16 "strong buy" or "buy", 4 "hold" and 1 "sell" and median PT is $71, LSEG data shows