State Treasurer State of Michigan lessened its holdings in E*TRADE Financial Corporation (NASDAQ:ETFC) by 7.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,458 shares of the financial services provider’s stock after selling 6,800 shares during the quarter. State Treasurer State of Michigan’s holdings in E*TRADE Financial Corporation were worth $3,640,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quadrant Capital Group LLC raised its stake in shares of E*TRADE Financial Corporation by 21.8% during the second quarter. Quadrant Capital Group LLC now owns 3,436 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 614 shares in the last quarter. Advisors Asset Management Inc. raised its position in E*TRADE Financial Corporation by 80.8% in the second quarter. Advisors Asset Management Inc. now owns 3,239 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 1,448 shares in the last quarter. Exane Derivatives bought a new stake in E*TRADE Financial Corporation in the second quarter worth about $130,000. Krilogy Financial LLC raised its position in E*TRADE Financial Corporation by 7.5% in the second quarter. Krilogy Financial LLC now owns 3,710 shares of the financial services provider’s stock worth $141,000 after acquiring an additional 260 shares in the last quarter. Finally, Financial Counselors Inc. bought a new stake in E*TRADE Financial Corporation in the second quarter worth about $203,000. 94.94% of the stock is owned by institutional investors.
In other E*TRADE Financial Corporation news, CEO Karl A. Roessner sold 14,898 shares of the company’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $39.41, for a total value of $587,130.18. Following the sale, the chief executive officer now directly owns 232,702 shares in the company, valued at $9,170,785.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael John Curcio sold 33,474 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $40.38, for a total value of $1,351,680.12. Following the completion of the sale, the insider now owns 267,151 shares in the company, valued at $10,787,557.38. The disclosure for this sale can be found here. Insiders sold 66,927 shares of company stock worth $2,679,327 over the last quarter. Company insiders own 0.17% of the company’s stock.
Several equities research analysts have commented on the stock. Zacks Investment Research cut shares of E*TRADE Financial Corporation from a “buy” rating to a “hold” rating in a research report on Monday. Barclays PLC lifted their price target on E*TRADE Financial Corporation from $45.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 10th. BidaskClub cut E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price target (up previously from $40.00) on shares of E*TRADE Financial Corporation in a research note on Tuesday, July 25th. Finally, SunTrust Banks, Inc. reissued a “buy” rating and issued a $50.00 price target on shares of E*TRADE Financial Corporation in a research note on Monday, September 18th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $46.79.
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Shares of E*TRADE Financial Corporation (ETFC) traded up $0.68 during midday trading on Tuesday, hitting $43.60. The company had a trading volume of 1,865,100 shares, compared to its average volume of 2,735,406. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $11,573.80, a price-to-earnings ratio of 21.68, a price-to-earnings-growth ratio of 1.52 and a beta of 1.44. E*TRADE Financial Corporation has a twelve month low of $32.25 and a twelve month high of $45.70.
E*TRADE Financial Corporation (NASDAQ:ETFC) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. E*TRADE Financial Corporation had a return on equity of 9.34% and a net margin of 27.35%. The business had revenue of $599.00 million during the quarter, compared to analyst estimates of $598.96 million. During the same period in the prior year, the company posted $0.51 earnings per share. E*TRADE Financial Corporation’s revenue was up 23.3% on a year-over-year basis. equities analysts anticipate that E*TRADE Financial Corporation will post 2.26 EPS for the current year.
E*TRADE Financial Corporation declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 20th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
About E*TRADE Financial Corporation
E*Trade Financial Corporation is a financial services company. The Company provides online brokerage and related products and services primarily to individual retail investors under the brand E*TRADE Financial. The Company also provides investor-focused banking products, primarily sweep deposits, to retail investors.
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