Stock Repurchase Plan Declared by E*TRADE Financial Corporation (NASDAQ:ETFC) Board of Directors

E*TRADE Financial Corporation (NASDAQ:ETFC) declared that its board has authorized a stock repurchase plan, which authorizes the company to buyback $1.00 billion in shares on Thursday, July 20th, EventVestor reports. This buyback authorization authorizes the financial services provider to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Several brokerages recently issued reports on ETFC. UBS AG restated a “buy” rating and set a $43.00 target price on shares of E*TRADE Financial Corporation in a research report on Thursday, May 25th. Jefferies Group LLC restated a “hold” rating on shares of E*TRADE Financial Corporation in a research report on Monday, July 10th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $43.00 price target on shares of E*TRADE Financial Corporation in a research report on Friday, July 14th. Rosenblatt Securities initiated coverage on shares of E*TRADE Financial Corporation in a research report on Thursday, July 13th. They issued a “buy” rating and a $43.00 price target for the company. Finally, BidaskClub lowered shares of E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $40.94.

E*TRADE Financial Corporation (NASDAQ:ETFC) traded up 0.07% on Monday, hitting $41.05. 533,028 shares of the stock were exchanged. E*TRADE Financial Corporation has a 52-week low of $24.35 and a 52-week high of $42.19. The stock’s 50 day moving average price is $38.59 and its 200 day moving average price is $36.16. The firm has a market cap of $11.31 billion, a PE ratio of 19.18 and a beta of 1.46.

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 analysts’ consensus estimates of $0.48 by $0.04. The company had revenue of $577 million for the quarter, compared to the consensus estimate of $553.31 million. E*TRADE Financial Corporation had a return on equity of 9.06% and a net margin of 28.42%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the business posted $0.48 EPS. Equities research analysts forecast that E*TRADE Financial Corporation will post $2.26 earnings per share for the current year.

In related news, Director James P. Healy bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were acquired at an average cost of $41.97 per share, for a total transaction of $209,850.00. Following the acquisition, the director now owns 40,792 shares in the company, valued at approximately $1,712,040.24. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brent Simonich sold 5,696 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $41.50, for a total value of $236,384.00. Following the sale, the insider now owns 31,557 shares of the company’s stock, valued at approximately $1,309,615.50. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

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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.