Globeflex Capital L P cut its stake in E*TRADE Financial Corp (NASDAQ:ETFC) by 12.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,436 shares of the financial services provider’s stock after selling 6,600 shares during the period. Globeflex Capital L P’s holdings in E*TRADE Financial were worth $2,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of ETFC. Parallel Advisors LLC grew its position in shares of E*TRADE Financial by 362.5% in the second quarter. Parallel Advisors LLC now owns 1,679 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 1,316 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in shares of E*TRADE Financial in the third quarter valued at approximately $102,000. Nisa Investment Advisors LLC purchased a new stake in shares of E*TRADE Financial in the second quarter valued at approximately $119,000. First Interstate Bank purchased a new stake in shares of E*TRADE Financial in the third quarter valued at approximately $122,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of E*TRADE Financial in the second quarter valued at approximately $128,000. Institutional investors and hedge funds own 94.66% of the company’s stock.
A number of equities research analysts have recently issued reports on ETFC shares. Jefferies Financial Group upgraded E*TRADE Financial from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Wednesday, September 19th. They noted that the move was a valuation call. Zacks Investment Research upgraded E*TRADE Financial from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Tuesday, September 25th. Wolfe Research assumed coverage on E*TRADE Financial in a research report on Tuesday, September 25th. They issued a “market perform” rating for the company. BidaskClub lowered E*TRADE Financial from a “sell” rating to a “strong sell” rating in a research report on Friday, September 14th. Finally, Morgan Stanley set a $70.00 price objective on E*TRADE Financial and gave the stock a “buy” rating in a research report on Tuesday, September 18th. Three research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $64.13.
E*TRADE Financial (NASDAQ:ETFC) last issued its quarterly earnings data on Thursday, October 18th. The financial services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.17. E*TRADE Financial had a return on equity of 15.45% and a net margin of 32.83%. The company had revenue of $720.00 million during the quarter, compared to analyst estimates of $710.62 million. During the same period in the prior year, the business posted $0.49 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts predict that E*TRADE Financial Corp will post 3.85 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Tuesday, October 30th were given a dividend of $0.14 per share. The ex-dividend date was Monday, October 29th. This represents a $0.56 annualized dividend and a dividend yield of 1.11%. E*TRADE Financial’s dividend payout ratio is currently 25.57%.
E*TRADE Financial announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 18th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other news, Director Joshua Weinreich purchased 5,725 shares of the stock in a transaction dated Tuesday, November 6th. The stock was acquired at an average cost of $52.33 per share, for a total transaction of $299,589.25. Following the completion of the transaction, the director now directly owns 7,318 shares in the company, valued at approximately $382,950.94. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Rodger A. Lawson purchased 10,000 shares of the stock in a transaction dated Monday, November 5th. The shares were purchased at an average price of $51.27 per share, with a total value of $512,700.00. Following the completion of the transaction, the insider now owns 109,191 shares of the company’s stock, valued at $5,598,222.57. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 32,668 shares of company stock valued at $1,685,354. Company insiders own 0.12% of the company’s stock.
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E*TRADE Financial Company Profile
E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services primarily to individual retail investors under the E*TRADE Financial brand. It also offers investor-focused banking products, primarily sweep deposits to retail investors; Federal Deposit Insurance Corporation insurance services; clearing and settlement services; investment advisory services; and financial corporate services, such as software and services for managing equity compensation plans to its corporate clients.
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