E*TRADE Financial (NASDAQ:ETFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday, Zacks.com reports. The brokerage currently has a $54.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.06% from the stock’s previous close.
According to Zacks, “Shares of E*TRADE have outperformed the industry over the past three months. Also, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in each of the trailing four quarters. First-quarter results benefited from higher revenues, decline in expenses and benefit to provision for loan losses. The company’s several restructuring measures and balance-sheet growth plans keep us encouraged. Also, E*TRADE’s focus on core operations and strategic initiatives along with rising interest rates will likely lead to an improved top-line performance. Though rising costs due to the company's investments in franchise, remain a major concern, the company continues to enhance shareholders’ value through capital deployment activities.”
ETFC has been the topic of a number of other reports. Morgan Stanley set a $62.00 price target on E*TRADE Financial and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Barclays increased their price target on E*TRADE Financial to $55.00 and gave the stock an “overweight” rating in a research report on Friday, January 25th. Credit Suisse Group reiterated a “buy” rating on shares of E*TRADE Financial in a research report on Friday, January 25th. ValuEngine cut E*TRADE Financial from a “hold” rating to a “sell” rating in a research report on Friday, January 25th. Finally, UBS Group cut E*TRADE Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $58.00 to $51.00 in a research report on Wednesday, February 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $59.67.
E*TRADE Financial (NASDAQ:ETFC) last announced its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.16. E*TRADE Financial had a return on equity of 18.06% and a net margin of 37.50%. The firm had revenue of $755.00 million for the quarter, compared to analysts’ expectations of $738.04 million. During the same quarter in the prior year, the firm posted $0.88 earnings per share. E*TRADE Financial’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, analysts anticipate that E*TRADE Financial will post 4.34 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Liberty Wealth Management LLC acquired a new stake in E*TRADE Financial in the 4th quarter valued at approximately $27,000. Oregon Public Employees Retirement Fund increased its position in E*TRADE Financial by 1,689.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,499,423 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,415,639 shares during the period. Arrow Financial Corp acquired a new stake in E*TRADE Financial in the 1st quarter valued at approximately $39,000. Bronfman E.L. Rothschild L.P. increased its position in E*TRADE Financial by 32.0% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 915 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 222 shares during the period. Finally, IFP Advisors Inc increased its position in E*TRADE Financial by 93.0% in the 4th quarter. IFP Advisors Inc now owns 965 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 465 shares during the period. Hedge funds and other institutional investors own 92.64% of the company’s stock.
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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