Voya Investment Management LLC trimmed its holdings in shares of E*TRADE Financial Corporation (NASDAQ:ETFC) by 3.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 149,835 shares of the financial services provider’s stock after selling 5,223 shares during the quarter. Voya Investment Management LLC owned approximately 0.05% of E*TRADE Financial Corporation worth $5,698,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Advisors Asset Management Inc. grew its position in E*TRADE Financial Corporation by 80.8% during the second quarter. Advisors Asset Management Inc. now owns 3,239 shares of the financial services provider’s stock valued at $123,000 after buying an additional 1,448 shares during the period. Exane Derivatives purchased a new position in E*TRADE Financial Corporation during the second quarter valued at approximately $130,000. Financial Counselors Inc. purchased a new position in E*TRADE Financial Corporation during the second quarter valued at approximately $203,000. Suntrust Banks Inc. purchased a new position in E*TRADE Financial Corporation during the second quarter valued at approximately $213,000. Finally, Meeder Asset Management Inc. lifted its holdings in E*TRADE Financial Corporation by 163.9% during the second quarter. Meeder Asset Management Inc. now owns 5,656 shares of the financial services provider’s stock valued at $215,000 after purchasing an additional 3,513 shares in the last quarter. Institutional investors own 92.64% of the company’s stock.
Shares of E*TRADE Financial Corporation (NASDAQ ETFC) opened at 44.24 on Thursday. The stock’s 50 day moving average is $41.89 and its 200-day moving average is $38.22. The firm has a market cap of $12.18 billion, a PE ratio of 20.67 and a beta of 1.47. E*TRADE Financial Corporation has a 52 week low of $27.33 and a 52 week high of $45.70.
E*TRADE Financial Corporation (NASDAQ:ETFC) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.04. E*TRADE Financial Corporation had a return on equity of 9.06% and a net margin of 28.42%. The business had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $553.31 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, equities analysts predict that E*TRADE Financial Corporation will post $2.23 EPS for the current fiscal year.
E*TRADE Financial Corporation declared that its Board of Directors has authorized a share buyback program on Thursday, July 20th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Several brokerages have weighed in on ETFC. Barclays PLC lifted their price target on shares of E*TRADE Financial Corporation from $45.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday. Zacks Investment Research raised shares of E*TRADE Financial Corporation from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday. Bank of America Corporation raised shares of E*TRADE Financial Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $44.00 to $49.00 in a report on Monday. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 target price (up previously from $40.00) on shares of E*TRADE Financial Corporation in a report on Tuesday, July 25th. Finally, Deutsche Bank AG boosted their target price on shares of E*TRADE Financial Corporation from $45.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, July 21st. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $44.25.
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In other news, insider Michael John Curcio sold 33,474 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $40.38, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James P. Healy purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were bought at an average price of $41.97 per share, with a total value of $209,850.00. Following 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 have sold 72,623 shares of company stock valued at $2,915,711 in the last 90 days. Company insiders own 0.17% of the company’s stock.
E*TRADE Financial Corporation Company 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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