Migdal Insurance & Financial Holdings Ltd. Has $5.34 Million Stake in E*TRADE Financial Corp (ETFC)

Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of E*TRADE Financial Corp (NASDAQ:ETFC) by 49.2% in the third quarter, Holdings Channel reports. The fund owned 102,012 shares of the financial services provider’s stock after acquiring an additional 33,655 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in E*TRADE Financial were worth $5,344,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. grew its stake in E*TRADE Financial by 16.7% during the second quarter. BlackRock Inc. now owns 25,360,724 shares of the financial services provider’s stock worth $1,551,060,000 after purchasing an additional 3,638,467 shares during the period. Voya Investment Management LLC grew its stake in E*TRADE Financial by 2,043.1% during the second quarter. Voya Investment Management LLC now owns 2,921,063 shares of the financial services provider’s stock worth $178,653,000 after purchasing an additional 2,784,761 shares during the period. FMR LLC grew its stake in E*TRADE Financial by 10.5% during the second quarter. FMR LLC now owns 15,313,266 shares of the financial services provider’s stock worth $936,560,000 after purchasing an additional 1,452,296 shares during the period. First Trust Advisors LP grew its stake in E*TRADE Financial by 23.3% during the third quarter. First Trust Advisors LP now owns 4,659,032 shares of the financial services provider’s stock worth $244,087,000 after purchasing an additional 879,210 shares during the period. Finally, Bank of Montreal Can acquired a new stake in E*TRADE Financial during the second quarter worth approximately $48,434,000. Institutional investors own 95.04% of the company’s stock.

Shares of E*TRADE Financial stock opened at $52.19 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 52 week low of $43.75 and a 52 week high of $66.46. The company has a market capitalization of $13.12 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 0.80 and a beta of 1.09.

E*TRADE Financial (NASDAQ:ETFC) last announced its quarterly earnings data on Thursday, October 18th. The financial services provider reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.17. E*TRADE Financial had a return on equity of 15.45% and a net margin of 32.83%. The firm had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $710.62 million. During the same quarter last year, the firm posted $0.49 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, research analysts predict that E*TRADE Financial Corp will post 3.85 EPS for the current year.

E*TRADE Financial announced that its Board of Directors has approved a share buyback plan on Thursday, October 18th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Tuesday, October 30th were paid a $0.14 dividend. The ex-dividend date was Monday, October 29th. This represents a $0.56 dividend on an annualized basis and a yield of 1.07%. E*TRADE Financial’s dividend payout ratio (DPR) is presently 25.57%.

In other news, insider Brent Simonich acquired 1,943 shares of E*TRADE Financial stock in a transaction on Friday, November 2nd. The stock was purchased at an average price of $51.50 per share, with a total value of $100,064.50. Following the completion of the purchase, the insider now owns 26,330 shares of the company’s stock, valued at approximately $1,355,995. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joshua Weinreich acquired 5,725 shares of E*TRADE Financial stock in a transaction on Tuesday, November 6th. The stock was purchased at an average cost of $52.33 per share, with a total value of $299,589.25. Following the purchase, the director now directly owns 7,318 shares of the company’s stock, valued at approximately $382,950.94. The disclosure for this purchase can be found here. Insiders acquired 32,668 shares of company stock valued at $1,685,354 in the last three months. Insiders own 0.12% of the company’s stock.

Several equities research analysts recently commented on ETFC shares. Bank of America decreased their target price on E*TRADE Financial from $67.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, September 26th. Zacks Investment Research raised E*TRADE Financial from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Tuesday, September 25th. Jefferies Financial Group raised E*TRADE Financial from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Wednesday, September 19th. They noted that the move was a valuation call. Morgan Stanley set a $70.00 target price on E*TRADE Financial and gave the stock a “buy” rating in a research note on Tuesday, September 18th. Finally, Deutsche Bank decreased their target price on E*TRADE Financial from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, August 22nd. Three investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $64.13.

TRADEMARK VIOLATION WARNING: This piece of content was posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this piece of content on another publication, it was stolen and republished in violation of US & international copyright & trademark legislation. The correct version of this piece of content can be viewed at https://www.dispatchtribunal.com/2018/11/17/migdal-insurance-financial-holdings-ltd-has-5-34-million-stake-in-etrade-financial-corp-etfc.html.

About E*TRADE Financial

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.

See Also: The risks of owning bonds

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)

Receive News & Ratings for E*TRADE Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for E*TRADE Financial and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply