E*TRADE Financial Corporation (NASDAQ:ETFC) Trading Up -0.5% on Analyst Upgrade

Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) traded up 0.5% during mid-day trading on Monday after Bank of America Corporation raised their price target on the stock from $40.00 to $44.00. Bank of America Corporation currently has a neutral rating on the stock. E*TRADE Financial Corporation traded as high as $41.83 and last traded at $41.44, with a volume of 1,093,766 shares traded. The stock had previously closed at $41.63.

ETFC has been the subject of a number of other reports. Zacks Investment Research downgraded E*TRADE Financial Corporation from a “hold” rating to a “sell” rating in a research report on Monday, April 3rd. Instinet reaffirmed a “buy” rating and issued a $44.00 price target (up from $42.00) on shares of E*TRADE Financial Corporation in a report on Sunday, April 23rd. UBS AG reaffirmed a “buy” rating and issued a $43.00 price target on shares of E*TRADE Financial Corporation in a report on Thursday, May 25th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $40.00 price target (up from $39.00) on shares of E*TRADE Financial Corporation in a report on Sunday, April 23rd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 price target on shares of E*TRADE Financial Corporation in a report on Friday, July 14th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. E*TRADE Financial Corporation currently has a consensus rating of “Buy” and an average price target of $40.94.

In other E*TRADE Financial Corporation news, insider Brent Simonich sold 5,696 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 31,557 shares in the company, valued at $1,309,615.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James P. Healy acquired 5,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was acquired at an average price of $41.97 per share, with a total value of $209,850.00. Following the transaction, the director now directly owns 40,792 shares of the company’s stock, valued at approximately $1,712,040.24. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue purchased a new stake in E*TRADE Financial Corporation during the first quarter valued at $357,000. Boston Partners raised its stake in E*TRADE Financial Corporation by 118.2% in the first quarter. Boston Partners now owns 241,034 shares of the financial services provider’s stock worth $8,410,000 after buying an additional 130,552 shares during the last quarter. Bank of Nova Scotia raised its stake in E*TRADE Financial Corporation by 71.8% in the first quarter. Bank of Nova Scotia now owns 614,202 shares of the financial services provider’s stock worth $21,430,000 after buying an additional 256,788 shares during the last quarter. Aberdeen Asset Management PLC UK raised its stake in E*TRADE Financial Corporation by 304.8% in the first quarter. Aberdeen Asset Management PLC UK now owns 264,548 shares of the financial services provider’s stock worth $9,230,000 after buying an additional 199,191 shares during the last quarter. Finally, Sei Investments Co. raised its stake in E*TRADE Financial Corporation by 31.6% in the first quarter. Sei Investments Co. now owns 246,309 shares of the financial services provider’s stock worth $8,593,000 after buying an additional 59,094 shares during the last quarter. 94.35% of the stock is currently owned by institutional investors.

The company has a market cap of $10.94 billion, a price-to-earnings ratio of 18.56 and a beta of 1.48. The company’s 50 day moving average price is $40.11 and its 200-day moving average price is $36.57.

E*TRADE Financial Corporation (NASDAQ:ETFC) last released its quarterly earnings results 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. The business had revenue of $577 million for the quarter, compared to analyst estimates of $553.31 million. E*TRADE Financial Corporation had a return on equity of 9.06% and a net margin of 28.42%. E*TRADE Financial Corporation’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.48 EPS. On average, equities research analysts expect that E*TRADE Financial Corporation will post $2.25 EPS for the current year.

E*TRADE Financial Corporation announced that its board has approved a share 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 repurchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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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.

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