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.
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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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