E*TRADE Financial Corporation (NASDAQ:ETFC)‘s stock had its “buy” rating reaffirmed by research analysts at SunTrust Banks, Inc. in a report issued on Monday, July 24th, The Fly reports. SunTrust Banks also issued estimates for E*TRADE Financial Corporation’s Q3 2017 earnings at $0.49 EPS, Q4 2017 earnings at $0.57 EPS, Q1 2018 earnings at $0.56 EPS, Q2 2018 earnings at $0.64 EPS, Q3 2018 earnings at $0.61 EPS, Q4 2018 earnings at $0.66 EPS and FY2018 earnings at $2.48 EPS.
A number of other analysts also recently weighed in on the company. Deutsche Bank AG restated a “buy” rating and set a $40.00 price objective (up from $39.00) on shares of E*TRADE Financial Corporation in a research report on Sunday, April 23rd. Zacks Investment Research downgraded E*TRADE Financial Corporation from a “hold” rating to a “sell” rating in a research report on Monday, April 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $40.00 target price (up from $38.00) on shares of E*TRADE Financial Corporation in a research report on Monday, July 10th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $41.00 target price on shares of E*TRADE Financial Corporation in a research report on Friday, April 21st. Finally, Wells Fargo & Company reissued an “outperform” rating and issued a $41.00 price target (up previously from $40.00) on shares of E*TRADE Financial Corporation in a research note on Monday, June 12th. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $40.94.
Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) traded down 0.20% during mid-day trading on Monday, hitting $40.07. 1,182,001 shares of the stock traded hands. The stock has a market cap of $11.04 billion, a P/E ratio of 18.72 and a beta of 1.48. The firm’s 50 day moving average price is $39.68 and its 200-day moving average price is $36.48. E*TRADE Financial Corporation has a 12-month low of $24.85 and a 12-month high of $42.19.
E*TRADE Financial Corporation (NASDAQ:ETFC) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The firm had revenue of $577 million for the quarter, compared to analyst estimates of $553.31 million. E*TRADE Financial Corporation had a return on equity of 9.06% and a net margin of 28.42%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.48 EPS. Analysts predict that E*TRADE Financial Corporation will post $2.26 earnings per share for the current year.
E*TRADE Financial Corporation declared that its board has authorized a share repurchase program 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 buy up to 9.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
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In other news, Director James P. Healy bought 5,000 shares of E*TRADE Financial Corporation stock in a transaction on Tuesday, July 25th. The shares were purchased at an average price of $41.97 per share, for a total transaction of $209,850.00. Following the acquisition, the director now owns 40,792 shares of the company’s stock, valued at $1,712,040.24. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brent Simonich sold 5,696 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $41.50, for a total value of $236,384.00. Following the completion of the sale, the insider now owns 31,557 shares in the company, valued at approximately $1,309,615.50. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP acquired a new stake in shares of E*TRADE Financial Corporation during the fourth quarter valued at approximately $245,000. Quadrature Capital Ltd increased its stake in shares of E*TRADE Financial Corporation by 66.0% in the fourth quarter. Quadrature Capital Ltd now owns 71,224 shares of the financial services provider’s stock valued at $2,468,000 after buying an additional 28,316 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of E*TRADE Financial Corporation during the fourth quarter valued at approximately $688,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of E*TRADE Financial Corporation during the fourth quarter valued at approximately $307,000. Finally, Macquarie Group Ltd. increased its stake in shares of E*TRADE Financial Corporation by 1,850.8% in the fourth quarter. Macquarie Group Ltd. now owns 126,800 shares of the financial services provider’s stock valued at $4,394,000 after buying an additional 120,300 shares in the last quarter. Institutional investors and hedge funds own 93.19% of the company’s stock.
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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