Old Mutual Global Investors UK Ltd. Reduces Stake in E*TRADE Financial Corporation (ETFC)

Old Mutual Global Investors UK Ltd. lowered its stake in shares of E*TRADE Financial Corporation (NASDAQ:ETFC) by 99.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,236 shares of the financial services provider’s stock after selling 712,869 shares during the period. Old Mutual Global Investors UK Ltd.’s holdings in E*TRADE Financial Corporation were worth $123,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of E*TRADE Financial Corporation by 3.6% during the first quarter. Vanguard Group Inc. now owns 29,010,665 shares of the financial services provider’s stock worth $1,012,182,000 after acquiring an additional 1,019,443 shares in the last quarter. BlackRock Inc. increased its position in shares of E*TRADE Financial Corporation by 2,903.3% during the first quarter. BlackRock Inc. now owns 18,166,924 shares of the financial services provider’s stock worth $633,844,000 after acquiring an additional 17,562,024 shares in the last quarter. Primecap Management Co. CA increased its position in shares of E*TRADE Financial Corporation by 4.9% during the first quarter. Primecap Management Co. CA now owns 12,762,600 shares of the financial services provider’s stock worth $445,287,000 after acquiring an additional 598,400 shares in the last quarter. State Street Corp increased its position in shares of E*TRADE Financial Corporation by 1.8% during the first quarter. State Street Corp now owns 12,755,327 shares of the financial services provider’s stock worth $445,031,000 after acquiring an additional 221,060 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of E*TRADE Financial Corporation by 25.3% during the second quarter. Victory Capital Management Inc. now owns 7,845,331 shares of the financial services provider’s stock worth $298,357,000 after acquiring an additional 1,586,062 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.

E*TRADE Financial Corporation (ETFC) opened at 40.75 on Wednesday. The company has a market capitalization of $11.22 billion, a P/E ratio of 19.04 and a beta of 1.46. E*TRADE Financial Corporation has a 52-week low of $26.34 and a 52-week high of $42.19. The stock’s 50 day moving average is $40.67 and its 200-day moving average is $37.03.

E*TRADE Financial Corporation (NASDAQ:ETFC) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. The business had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $553.31 million. E*TRADE Financial Corporation had a net margin of 28.42% and a return on equity of 9.06%. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 earnings per share. Analysts predict that E*TRADE Financial Corporation will post $2.26 EPS for the current fiscal year.

E*TRADE Financial Corporation announced that its Board of Directors has approved a share repurchase program on Thursday, July 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Several equities research analysts have recently commented on the stock. Barclays PLC assumed coverage on shares of E*TRADE Financial Corporation in a research report on Friday, September 8th. They set an “overweight” rating and a $45.00 target price for the company. BidaskClub downgraded shares of E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Morgan Stanley reissued an “equal weight” rating and set a $43.00 target price (up from $40.00) on shares of E*TRADE Financial Corporation in a research report on Tuesday, July 25th. SunTrust Banks, Inc. reissued a “buy” rating on shares of E*TRADE Financial Corporation in a research report on Monday, July 24th. Finally, JMP Securities reissued an “outperform” rating and set a $44.00 target price (up from $42.00) on shares of E*TRADE Financial Corporation in a research report on Sunday, July 23rd. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $41.61.

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In other news, CFO Michael A. Pizzi sold 9,977 shares of E*TRADE Financial Corporation stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $39.41, for a total value of $393,193.57. Following the completion of the sale, the chief financial officer now directly owns 110,142 shares in the company, valued at $4,340,696.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James P. Healy purchased 5,000 shares of E*TRADE Financial Corporation stock in a transaction dated Tuesday, July 25th. The stock was bought at an average price of $41.97 per share, with a total value of $209,850.00. Following the completion of the purchase, the director now directly owns 40,792 shares of the company’s stock, valued at $1,712,040.24. The disclosure for this purchase can be found here. Insiders sold 30,571 shares of company stock valued at $1,216,708 over the last ninety days. Corporate insiders own 0.17% of the company’s stock.

E*TRADE Financial Corporation Profile

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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Institutional Ownership by Quarter for E*TRADE Financial Corporation (NASDAQ:ETFC)

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