NEW YORK (TheStreet) -- Shares of Charles Schwab (SCHW) - Get Report are falling 7.42% to $24.21 on heavy trading volume late Monday morning alongside the banking sector after the U.K. decided early Friday to leave the European Union.
Citigroup (C) said the banking sector is one of the most vulnerable to the impact of the so called "Brexit," CNBC.com reports.
Overall, bank stocks were among the most hurt by the vote, down over 7.5% today, while financial services and insurance stocks were off by more than 6.5%, CNBC.com added.
"It's going to continue to be a fairly choppy ride," Michael Hewson, market analyst at CMC Markets in London, told Bloomberg, "Banking stocks will continue to struggle. There is still a wider concern about the stability of the European banking sector."
Charles Schwab is a San Francisco-based brokerage and banking company.
About 11.55 million of the company's shares changed hands so far today, above its average 30-day volume of 9.36 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SCHW