E*TRADE Financial Corporation (NASDAQ:ETFC) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday, July 28th.
A number of other equities analysts also recently weighed in on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 target price (up previously from $40.00) on shares of E*TRADE Financial Corporation in a research note on Tuesday, July 25th. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of E*TRADE Financial Corporation in a research note on Monday, July 24th. JMP Securities reiterated an “outperform” rating and set a $44.00 price target (up previously from $42.00) on shares of E*TRADE Financial Corporation in a report on Sunday, July 23rd. Robert W. Baird reiterated an “outperform” rating and set a $49.00 price target (up previously from $43.00) on shares of E*TRADE Financial Corporation in a report on Saturday, July 22nd. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $43.00 price target (up previously from $39.00) on shares of E*TRADE Financial Corporation in a report on Saturday, July 22nd. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $40.94.
E*TRADE Financial Corporation (NASDAQ ETFC) traded down 0.19% during trading on Friday, reaching $41.15. The company’s stock had a trading volume of 1,117,748 shares. The company has a 50-day moving average of $39.15 and a 200 day moving average of $36.32. The firm has a market cap of $11.33 billion, a PE ratio of 19.23 and a beta of 1.48. E*TRADE Financial Corporation has a one year low of $24.85 and a one year high of $42.19.
E*TRADE Financial Corporation (NASDAQ:ETFC) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.52 earnings per share for the quarter, beating 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 business had revenue of $577 million during the quarter, compared to the consensus estimate of $553.31 million. During the same quarter last year, the firm earned $0.48 earnings per share. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. Analysts expect that E*TRADE Financial Corporation will post $2.26 EPS for the current fiscal year.
E*TRADE Financial Corporation declared that its Board of Directors has authorized a stock buyback program on Thursday, July 20th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Brent Simonich sold 5,696 shares of E*TRADE Financial Corporation stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $41.50, for a total transaction of $236,384.00. Following the transaction, the insider now owns 31,557 shares in the company, valued at approximately $1,309,615.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James P. Healy purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were acquired at an average price of $41.97 per share, for a total transaction of $209,850.00. Following the purchase, the director now directly owns 40,792 shares in the company, valued at $1,712,040.24. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Independent Portfolio Consultants Inc. increased its stake in shares of E*TRADE Financial Corporation by 0.4% in the second quarter. Independent Portfolio Consultants Inc. now owns 6,021 shares of the financial services provider’s stock valued at $229,000 after buying an additional 26 shares during the last quarter. Cleararc Capital Inc. increased its stake in shares of E*TRADE Financial Corporation by 0.4% in the first quarter. Cleararc Capital Inc. now owns 6,698 shares of the financial services provider’s stock valued at $234,000 after buying an additional 29 shares during the last quarter. ING Groep NV increased its stake in shares of E*TRADE Financial Corporation by 0.4% in the second quarter. ING Groep NV now owns 14,056 shares of the financial services provider’s stock valued at $535,000 after buying an additional 51 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in shares of E*TRADE Financial Corporation by 0.3% in the second quarter. Wedge Capital Management L L P NC now owns 23,923 shares of the financial services provider’s stock valued at $910,000 after buying an additional 62 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of E*TRADE Financial Corporation by 0.3% in the first quarter. Mackenzie Financial Corp now owns 33,335 shares of the financial services provider’s stock valued at $1,163,000 after buying an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 93.19% 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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