E*TRADE Financial Corporation (NASDAQ:ETFC) posted its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04, Briefing.com reports. The company had revenue of $599.00 million for the quarter, compared to the consensus estimate of $598.96 million. E*TRADE Financial Corporation had a return on equity of 9.34% and a net margin of 27.35%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.51 EPS.
Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) traded down 0.80% during trading on Friday, reaching $43.29. The company had a trading volume of 1,829,047 shares. The company’s 50 day moving average is $42.86 and its 200-day moving average is $38.98. The stock has a market capitalization of $11.92 billion, a price-to-earnings ratio of 20.23 and a beta of 1.47. E*TRADE Financial Corporation has a 1-year low of $27.34 and a 1-year high of $45.70.
Several brokerages have commented on ETFC. Barclays PLC increased their target price on E*TRADE Financial Corporation from $45.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, October 10th. Zacks Investment Research upgraded E*TRADE Financial Corporation from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, October 10th. Bank of America Corporation upgraded E*TRADE Financial Corporation from a “neutral” rating to a “buy” rating and increased their target price for the company from $44.00 to $49.00 in a research note on Monday, October 9th. Wells Fargo & Company increased their target price on E*TRADE Financial Corporation from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, October 20th. Finally, SunTrust Banks, Inc. reiterated a “buy” rating and set a $50.00 target price on shares of E*TRADE Financial Corporation in a research note on Friday, October 20th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $46.79.
E*TRADE Financial Corporation declared that its Board of Directors has approved a share buyback program 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 repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In other E*TRADE Financial Corporation news, CFO Michael A. Pizzi sold 9,977 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $39.41, for a total transaction of $393,193.57. Following the completion of the sale, the chief financial officer now directly owns 110,142 shares in the company, valued at $4,340,696.22. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Karl A. Roessner sold 14,898 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $39.41, for a total transaction of $587,130.18. Following the sale, the chief executive officer now owns 232,702 shares of the company’s stock, valued at $9,170,785.82. The disclosure for this sale can be found here. Insiders have sold 66,927 shares of company stock valued at $2,679,327 in the last ninety days. 0.17% of the stock is currently owned by company insiders.
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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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