PCJ Investment Counsel Ltd. Reduces Position in E*TRADE Financial Corp (ETFC)

PCJ Investment Counsel Ltd. cut its stake in E*TRADE Financial Corp (NASDAQ:ETFC) by 4.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 76,700 shares of the financial services provider’s stock after selling 3,300 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in E*TRADE Financial were worth $4,018,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Nisa Investment Advisors LLC acquired a new position in shares of E*TRADE Financial during the second quarter valued at $119,000. Alps Advisors Inc. acquired a new position in shares of E*TRADE Financial during the second quarter valued at $299,000. Aperio Group LLC boosted its holdings in shares of E*TRADE Financial by 3.2% during the second quarter. Aperio Group LLC now owns 136,857 shares of the financial services provider’s stock valued at $8,370,000 after acquiring an additional 4,282 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of E*TRADE Financial by 46.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 21,694 shares of the financial services provider’s stock valued at $1,327,000 after acquiring an additional 6,890 shares during the period. Finally, Commonwealth Equity Services LLC acquired a new position in shares of E*TRADE Financial during the second quarter valued at $331,000. 94.52% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ ETFC traded down $1.69 during midday trading on Thursday, reaching $46.96. 846,801 shares of the company traded hands, compared to its average volume of 2,551,156. E*TRADE Financial Corp has a 52 week low of $45.97 and a 52 week high of $66.46. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.32. The stock has a market cap of $12.37 billion, a P/E ratio of 21.44, a P/E/G ratio of 0.75 and a beta of 1.09.

E*TRADE Financial (NASDAQ:ETFC) last issued its quarterly earnings data on Thursday, October 18th. The financial services provider reported $1.00 earnings per share for the quarter, beating 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 business had revenue of $720.00 million for the quarter, compared to analysts’ expectations of $710.62 million. During the same period in the previous year, the business earned $0.49 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts anticipate that E*TRADE Financial Corp will post 3.85 earnings per share for the current fiscal year.

E*TRADE Financial announced that its Board of Directors has approved 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 repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Tuesday, October 30th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Monday, October 29th. E*TRADE Financial’s dividend payout ratio (DPR) is presently 25.57%.

In other E*TRADE Financial news, Chairman Rodger A. Lawson purchased 5,000 shares of the company’s stock in a transaction on Friday, November 2nd. The shares were purchased at an average cost of $51.26 per share, for a total transaction of $256,300.00. Following the completion of the transaction, the chairman now owns 109,191 shares in the company, valued at $5,597,130.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brent Simonich purchased 1,943 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was acquired at an average price of $51.50 per share, for a total transaction of $100,064.50. Following the completion of the transaction, the insider now owns 26,330 shares of the company’s stock, valued at approximately $1,355,995. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 32,668 shares of company stock worth $1,685,354. 0.12% of the stock is owned by company insiders.

Several equities analysts have recently issued reports on ETFC shares. Jefferies Financial Group raised shares of E*TRADE Financial from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Wednesday, September 19th. They noted that the move was a valuation call. Raymond James downgraded shares of E*TRADE Financial from a “strong-buy” rating to an “outperform” rating and set a $64.00 price target for the company. in a report on Tuesday, October 30th. Zacks Investment Research raised shares of E*TRADE Financial from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, September 25th. Wolfe Research started coverage on shares of E*TRADE Financial in a report on Tuesday, September 25th. They set a “market perform” rating for the company. Finally, BidaskClub downgraded shares of E*TRADE Financial from a “sell” rating to a “strong sell” rating in a report on Friday, September 14th. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.12.

TRADEMARK VIOLATION NOTICE: “PCJ Investment Counsel Ltd. Reduces Position in E*TRADE Financial Corp (ETFC)” was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this report on another website, it was copied illegally and reposted in violation of US and international copyright legislation. The correct version of this report can be accessed at https://www.dispatchtribunal.com/2018/12/06/pcj-investment-counsel-ltd-reduces-position-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.

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

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