Renaissance Technologies LLC increased its stake in E*TRADE Financial Corp (NASDAQ:ETFC) by 33.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 660,540 shares of the financial services provider’s stock after acquiring an additional 164,900 shares during the period. Renaissance Technologies LLC owned about 0.27% of E*TRADE Financial worth $29,460,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kavar Capital Partners LLC bought a new stake in shares of E*TRADE Financial in the 2nd quarter valued at about $31,000. FNY Investment Advisers LLC lifted its stake in shares of E*TRADE Financial by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 1,000 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 500 shares during the last quarter. Amica Retiree Medical Trust bought a new stake in shares of E*TRADE Financial in the 2nd quarter valued at about $46,000. Farmers National Bank bought a new stake in shares of E*TRADE Financial in the 1st quarter valued at about $52,000. Finally, Pearl River Capital LLC bought a new stake in shares of E*TRADE Financial in the 2nd quarter valued at about $71,000. 90.33% of the stock is owned by institutional investors.
A number of research analysts have commented on the company. Morgan Stanley upped their price target on E*TRADE Financial from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Barclays upped their price target on E*TRADE Financial from $53.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Deutsche Bank lowered their price target on E*TRADE Financial from $45.00 to $43.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Keefe, Bruyette & Woods lowered E*TRADE Financial from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $55.00 to $45.50 in a research report on Monday, September 9th. Finally, Compass Point set a $52.00 price target on E*TRADE Financial and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $55.46.
ETFC traded up $0.48 during midday trading on Friday, reaching $45.31. 689,627 shares of the company’s stock traded hands, compared to its average volume of 2,692,806. The firm has a fifty day moving average of $43.29 and a two-hundred day moving average of $46.50. The stock has a market capitalization of $10.92 billion, a price-to-earnings ratio of 11.65, a P/E/G ratio of 0.95 and a beta of 1.20. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.27 and a quick ratio of 0.27. E*TRADE Financial Corp has a 52 week low of $39.31 and a 52 week high of $56.44.
E*TRADE Financial (NASDAQ:ETFC) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.02. E*TRADE Financial had a return on equity of 18.44% and a net margin of 36.75%. The firm had revenue of $685.00 million during the quarter, compared to analyst estimates of $751.35 million. During the same quarter in the prior year, the company earned $0.95 EPS. The business’s revenue was down 3.5% compared to the same quarter last year. Sell-side analysts forecast that E*TRADE Financial Corp will post 4.31 EPS for the current year.
E*TRADE Financial declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 18th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the financial services provider to buy up to 12.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Friday, August 16th. E*TRADE Financial’s dividend payout ratio is currently 14.40%.
About E*TRADE Financial
E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services for traders, investors, stock plan administrators and participants, and registered investment advisors (RIAs). It also offers investor-focused banking products, primarily sweep deposits to customers; clearing and settlement services; Federal Deposit Insurance Corporation insurance services; custody solutions to RIAs; other banking and cash management services; software and services for managing equity compensation plans to its corporate clients; retail futures transaction services; and investment advisory services.
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