Parallel Advisors LLC boosted its position in E*TRADE Financial Corp (NASDAQ:ETFC) by 64.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,755 shares of the financial services provider’s stock after buying an additional 1,076 shares during the quarter. Parallel Advisors LLC’s holdings in E*TRADE Financial were worth $144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in ETFC. Nisa Investment Advisors LLC purchased a new position in shares of E*TRADE Financial in the second quarter valued at $119,000. Qube Research & Technologies Ltd purchased a new position in shares of E*TRADE Financial in the second quarter valued at $128,000. NewSquare Capital LLC purchased a new position in shares of E*TRADE Financial in the second quarter valued at $163,000. Zacks Investment Management purchased a new position in shares of E*TRADE Financial in the second quarter valued at $200,000. Finally, Alps Advisors Inc. purchased a new position in shares of E*TRADE Financial in the second quarter valued at $212,000. 91.30% of the stock is owned by institutional investors and hedge funds.
NASDAQ:ETFC opened at $51.44 on Tuesday. The firm has a market cap of $12.99 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 0.80 and a beta of 1.09. E*TRADE Financial Corp has a 52-week low of $42.56 and a 52-week high of $66.46. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.28 and a quick ratio of 0.28.
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, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.17. The company had revenue of $720.00 million during the quarter, compared to analyst estimates of $710.62 million. E*TRADE Financial had a return on equity of 15.45% and a net margin of 32.83%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company earned $0.49 earnings per share. Equities research analysts anticipate that E*TRADE Financial Corp will post 3.77 EPS for the current year.
E*TRADE Financial announced that its Board of Directors has initiated a stock buyback program on Thursday, October 18th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Tuesday, October 30th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Monday, October 29th. E*TRADE Financial’s dividend payout ratio is 25.57%.
In other E*TRADE Financial news, Chairman Rodger A. Lawson acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 2nd. The stock was bought at an average price of $51.26 per share, with a total value of $256,300.00. Following the completion of the purchase, the chairman now owns 109,191 shares of the company’s stock, valued at $5,597,130.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael A. Pizzi acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 2nd. The shares were acquired at an average cost of $51.67 per share, with a total value of $516,700.00. Following the purchase, the chief financial officer now directly owns 88,171 shares of the company’s stock, valued at approximately $4,555,795.57. The disclosure for this purchase can be found here. Insiders have purchased 26,943 shares of company stock valued at $1,385,765 in the last three months. 0.12% of the stock is owned by corporate insiders.
Several equities analysts have recently weighed in on the company. BidaskClub upgraded E*TRADE Financial from a “sell” rating to a “hold” rating in a research report on Saturday. Wolfe Research upgraded E*TRADE Financial from a “market perform” rating to an “outperform” rating in a research report on Friday. Jefferies Financial Group lifted their price target on E*TRADE Financial from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 31st. Credit Suisse Group reduced their price target on E*TRADE Financial from $61.00 to $58.00 and set an “outperform” rating for the company in a research report on Tuesday, October 30th. Finally, Raymond James cut E*TRADE Financial from a “strong-buy” rating to an “outperform” rating and set a $64.00 price target for the company. in a research report on Tuesday, October 30th. Three analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $65.00.
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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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