Ron Baron bought Charles Schwab shares during Monday’s double-digit sell-off

Longtime investor Ron Baron said he bought the dip in Charles Schwab during Monday’s double-digit sell-off, CNBC’s Becky Quick reported.

The 79-year-old investor said he “modestly increased” his position in the financial name, seeing Monday’s pullback as a buying opportunity. He didn’t disclose how much he purchased. Baron Capital owned 7.8 million shares as of Dec. 31.

The stock jumped 13% in premarket trading Tuesday.

Schwab shares fell 11.6% on Monday as investors dumped the financial institution amid fears of a banking crisis in the aftermath of the collapses of tech-focused Silicon Valley Bank and crypto-related Signature Bank.

The Westlake, Texas-based financial company defended its financial position, saying it has plenty of access to liquidity and a low loan-to-deposit ratio. Schwab was taking hits along with other financial firms with massive bond holdings of longer maturities.