E*TRADE Financial Corp (ETFC) Shares Sold by Texas Permanent School Fund

Texas Permanent School Fund lowered its stake in shares of E*TRADE Financial Corp (NASDAQ:ETFC) by 9.5% in the 3rd quarter, Holdings Channel reports. The firm owned 58,294 shares of the financial services provider’s stock after selling 6,107 shares during the quarter. Texas Permanent School Fund’s holdings in E*TRADE Financial were worth $3,054,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in E*TRADE Financial by 16.7% in the 2nd quarter. BlackRock Inc. now owns 25,360,724 shares of the financial services provider’s stock valued at $1,551,060,000 after buying an additional 3,638,467 shares in the last quarter. FMR LLC grew its stake in E*TRADE Financial by 10.5% in the 2nd quarter. FMR LLC now owns 15,313,266 shares of the financial services provider’s stock valued at $936,560,000 after buying an additional 1,452,296 shares in the last quarter. First Trust Advisors LP grew its stake in E*TRADE Financial by 0.7% in the 2nd quarter. First Trust Advisors LP now owns 3,779,822 shares of the financial services provider’s stock valued at $231,174,000 after buying an additional 26,355 shares in the last quarter. Janus Henderson Group PLC grew its stake in E*TRADE Financial by 18.6% in the 2nd quarter. Janus Henderson Group PLC now owns 2,932,616 shares of the financial services provider’s stock valued at $179,359,000 after buying an additional 460,318 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in E*TRADE Financial by 2,043.1% in the 2nd quarter. Voya Investment Management LLC now owns 2,921,063 shares of the financial services provider’s stock valued at $178,653,000 after buying an additional 2,784,761 shares in the last quarter. Institutional investors and hedge funds own 91.15% of the company’s stock.

Shares of NASDAQ:ETFC opened at $50.50 on Friday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.32. E*TRADE Financial Corp has a one year low of $42.56 and a one year high of $66.46. The firm has a market capitalization of $12.73 billion, a price-to-earnings ratio of 23.06, a PEG ratio of 0.76 and a beta of 1.08.

E*TRADE Financial (NASDAQ:ETFC) last posted its quarterly earnings data on Thursday, October 18th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. E*TRADE Financial had a net margin of 32.83% and a return on equity of 15.45%. The company had revenue of $720.00 million during the quarter, compared to the consensus estimate of $710.62 million. During the same period in the previous year, the firm posted $0.49 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. On average, equities analysts expect that E*TRADE Financial Corp will post 3.77 earnings per share for the current fiscal year.

E*TRADE Financial announced that its board has initiated a share repurchase program on Thursday, October 18th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Tuesday, October 30th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Monday, October 29th. E*TRADE Financial’s dividend payout ratio is currently 25.57%.

A number of research analysts recently weighed in on ETFC shares. Wells Fargo & Co reiterated a “buy” rating on shares of E*TRADE Financial in a research note on Wednesday, July 11th. Morgan Stanley raised their price target on shares of E*TRADE Financial from $74.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, July 12th. Raymond James cut their price target on shares of E*TRADE Financial from $77.00 to $75.00 and set a “strong-buy” rating for the company in a report on Friday, July 13th. ValuEngine downgraded shares of E*TRADE Financial from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. Finally, Zacks Investment Research raised shares of E*TRADE Financial from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a report on Monday, July 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $65.00.

E*TRADE Financial Company Profile

E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services primarily to individual retail investors under the E*TRADE Financial brand. It also offers investor-focused banking products, primarily sweep deposits to retail investors; Federal Deposit Insurance Corporation insurance services; clearing and settlement services; investment advisory services; and financial corporate services, such as software and services for managing equity compensation plans to its corporate clients.

Further Reading: Google Finance

Want to see what other hedge funds are holding ETFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for E*TRADE Financial Corp (NASDAQ:ETFC).

Institutional Ownership by Quarter for E*TRADE Financial (NASDAQ:ETFC)

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