Maverick Capital Ltd. cut its stake in shares of E*TRADE Financial Corp (NASDAQ:ETFC) by 16.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 114,740 shares of the financial services provider’s stock after selling 22,480 shares during the quarter. Maverick Capital Ltd.’s holdings in E*TRADE Financial were worth $5,117,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Kavar Capital Partners LLC bought a new position in shares of E*TRADE Financial during the second quarter valued at $31,000. Gemmer Asset Management LLC bought a new position in shares of E*TRADE Financial in the second quarter valued at about $42,000. FNY Investment Advisers LLC raised its holdings in shares of E*TRADE Financial by 100.0% in the second quarter. FNY Investment Advisers LLC now owns 1,000 shares of the financial services provider’s stock valued at $44,000 after buying an additional 500 shares during the last quarter. Ossiam bought a new position in shares of E*TRADE Financial in the second quarter valued at about $44,000. Finally, Amica Retiree Medical Trust bought a new position in shares of E*TRADE Financial in the second quarter valued at about $46,000. 90.33% of the stock is owned by institutional investors.
ETFC stock traded down $7.82 during midday trading on Tuesday, reaching $35.87. The stock had a trading volume of 6,772,177 shares, compared to its average volume of 2,677,715. The business has a fifty day simple moving average of $42.65 and a two-hundred day simple moving average of $46.14. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.28. The firm has a market cap of $10.59 billion, a price-to-earnings ratio of 9.22, a PEG ratio of 0.92 and a beta of 1.20. E*TRADE Financial Corp has a twelve month low of $39.31 and a twelve month high of $54.44.
E*TRADE Financial announced that its Board of Directors has approved a share buyback program on Thursday, July 18th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 12.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of research analysts recently issued reports on the company. BidaskClub raised E*TRADE Financial from a “sell” rating to a “hold” rating in a report on Tuesday, September 17th. Deutsche Bank cut their price target on E*TRADE Financial from $45.00 to $43.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Barclays lifted their price target on E*TRADE Financial from $53.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Raymond James set a $57.00 price target on E*TRADE Financial and gave the company a “buy” rating in a report on Friday, July 19th. Finally, Compass Point set a $52.00 price target on E*TRADE Financial and gave the company a “buy” rating in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. E*TRADE Financial has an average rating of “Buy” and an average price target of $54.27.
In related news, Director Rodger A. Lawson sold 5,109 shares of E*TRADE Financial stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $45.18, for a total value of $230,824.62. Following the completion of the sale, the director now directly owns 113,739 shares in the company, valued at $5,138,728.02. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael John Curcio sold 53,584 shares of E*TRADE Financial stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $45.18, for a total value of $2,420,925.12. Following the completion of the sale, the executive vice president now owns 149,159 shares of the company’s stock, valued at $6,739,003.62. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.
E*TRADE Financial Company Profile
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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