BidaskClub cut shares of E*TRADE Financial Corporation (NASDAQ:ETFC) from a strong-buy rating to a buy rating in a research report sent to investors on Friday morning.
A number of other research firms have also recently commented on ETFC. Morgan Stanley reaffirmed an equal weight rating and set a $43.00 price objective (up from $40.00) on shares of E*TRADE Financial Corporation in a research report on Tuesday. Deutsche Bank AG lifted their price objective on shares of E*TRADE Financial Corporation from $45.00 to $47.00 and gave the stock a buy rating in a research report on Friday, July 21st. Bank of America Corporation lifted their price objective on shares of E*TRADE Financial Corporation from $40.00 to $44.00 and gave the stock a neutral rating in a research report on Friday, July 21st. Robert W. Baird reaffirmed an outperform rating and set a $49.00 price objective (up from $43.00) on shares of E*TRADE Financial Corporation in a research report on Saturday, July 22nd. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $43.00 price objective (up from $39.00) on shares of E*TRADE Financial Corporation in a research report on Saturday, July 22nd. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $40.94.
E*TRADE Financial Corporation (NASDAQ:ETFC) traded up 0.74% during trading on Friday, reaching $41.02. 1,517,826 shares of the company traded hands. The company’s 50-day moving average is $38.59 and its 200 day moving average is $36.16. The company has a market cap of $11.30 billion, a PE ratio of 19.17 and a beta of 1.47. E*TRADE Financial Corporation has a 12 month low of $24.35 and a 12 month high of $42.19.
E*TRADE Financial Corporation (NASDAQ:ETFC) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.04. E*TRADE Financial Corporation had a net margin of 28.42% and a return on equity of 9.06%. The firm had revenue of $577 million during the quarter, compared to analysts’ expectations of $553.31 million. During the same period in the previous year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, analysts anticipate that E*TRADE Financial Corporation will post $2.26 earnings per share for the current year.
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E*TRADE Financial Corporation announced that its Board of Directors has approved a stock buyback plan on Thursday, July 20th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Brent Simonich sold 5,696 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $41.50, for a total value of $236,384.00. Following the sale, the insider now directly owns 31,557 shares in the company, valued at $1,309,615.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James P. Healy bought 5,000 shares of E*TRADE Financial Corporation stock in a transaction that occurred on Tuesday, July 25th. The stock was bought at an average price of $41.97 per share, for a total transaction of $209,850.00. Following the completion of the acquisition, the director now directly owns 40,792 shares of the company’s stock, valued at $1,712,040.24. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Korea Investment CORP boosted its position in E*TRADE Financial Corporation by 9,636.8% in the first quarter. Korea Investment CORP now owns 31,450 shares of the financial services provider’s stock worth $1,097,000 after buying an additional 31,127 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in E*TRADE Financial Corporation during the first quarter worth about $357,000. Bank of The West acquired a new position in E*TRADE Financial Corporation during the first quarter worth about $603,000. DnB Asset Management AS boosted its position in E*TRADE Financial Corporation by 26.2% in the first quarter. DnB Asset Management AS now owns 20,700 shares of the financial services provider’s stock worth $722,000 after buying an additional 4,300 shares during the last quarter. Finally, Americafirst Capital Management LLC acquired a new position in E*TRADE Financial Corporation during the first quarter worth about $152,000. Hedge funds and other institutional investors own 92.54% of the company’s stock.
E*TRADE Financial Corporation Company Profile
E*Trade Financial Corporation is a financial services company. The Company provides online brokerage and related products and services primarily to individual retail investors under the brand E*TRADE Financial. The Company also provides investor-focused banking products, primarily sweep deposits, to retail investors.
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