Engineers Gate Manager LP purchased a new stake in shares of E*TRADE Financial Corp (NASDAQ:ETFC) during the 3rd quarter, Holdings Channel reports. The fund purchased 77,803 shares of the financial services provider’s stock, valued at approximately $4,076,000.
Other large investors have also recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in E*TRADE Financial by 362.5% during the second quarter. Parallel Advisors LLC now owns 1,679 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 1,316 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in E*TRADE Financial during the second quarter valued at approximately $119,000. Qube Research & Technologies Ltd purchased a new position in E*TRADE Financial during the second quarter valued at approximately $128,000. NewSquare Capital LLC purchased a new position in E*TRADE Financial during the second quarter valued at approximately $163,000. Finally, Zacks Investment Management purchased a new position in E*TRADE Financial during the second quarter valued at approximately $200,000. 91.15% of the stock is currently owned by institutional investors and hedge funds.
ETFC has been the topic of several analyst reports. Wells Fargo & Co reaffirmed a “buy” rating on shares of E*TRADE Financial in a report on Wednesday, July 11th. Zacks Investment Research raised shares of E*TRADE Financial from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Monday, July 16th. Deutsche Bank lowered their price target on shares of E*TRADE Financial from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, August 22nd. Morgan Stanley set a $70.00 price target on shares of E*TRADE Financial and gave the company a “buy” rating in a report on Tuesday, September 18th. Finally, Jefferies Financial Group raised shares of E*TRADE Financial from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Wednesday, September 19th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $65.00.
E*TRADE Financial stock opened at $51.11 on Friday. The company has a market cap of $13.49 billion, a PE ratio of 14.73, a P/E/G ratio of 0.80 and a beta of 1.09. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.32. E*TRADE Financial Corp has a 1 year low of $42.56 and a 1 year high of $66.46.
E*TRADE Financial (NASDAQ:ETFC) last released its quarterly earnings data on Thursday, October 18th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.17. The firm had revenue of $720.00 million for the quarter, compared to analysts’ expectations of $710.62 million. E*TRADE Financial had a net margin of 32.83% and a return on equity of 15.45%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.49 earnings per share. As a group, analysts anticipate that E*TRADE Financial Corp will post 3.77 earnings per share for the current fiscal year.
E*TRADE Financial announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 18th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually 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 given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Monday, October 29th. E*TRADE Financial’s payout ratio is currently 25.57%.
E*TRADE Financial 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.
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