First Trust Advisors LP Has $134.42 Million Position in E*TRADE Financial Corporation (ETFC)

First Trust Advisors LP increased its stake in shares of E*TRADE Financial Corporation (NASDAQ:ETFC) by 24.7% during the second quarter, Holdings Channel reports. The fund owned 3,534,556 shares of the financial services provider’s stock after buying an additional 699,031 shares during the period. First Trust Advisors LP’s holdings in E*TRADE Financial Corporation were worth $134,419,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ETFC. Exane Derivatives bought a new stake in shares of E*TRADE Financial Corporation during the second quarter valued at about $130,000. Americafirst Capital Management LLC bought a new stake in shares of E*TRADE Financial Corporation during the first quarter valued at about $152,000. Meeder Asset Management Inc. boosted its stake in shares of E*TRADE Financial Corporation by 163.9% in the second quarter. Meeder Asset Management Inc. now owns 5,656 shares of the financial services provider’s stock valued at $215,000 after buying an additional 3,513 shares during the last quarter. Eagle Global Advisors LLC bought a new stake in shares of E*TRADE Financial Corporation during the second quarter valued at about $221,000. Finally, Candriam Luxembourg S.C.A. bought a new stake in shares of E*TRADE Financial Corporation during the second quarter valued at about $226,000. Institutional investors own 93.19% of the company’s stock.

Shares of E*TRADE Financial Corporation (ETFC) opened at 40.15 on Friday. The firm has a 50-day moving average price of $39.58 and a 200-day moving average price of $36.45. E*TRADE Financial Corporation has a 52-week low of $24.85 and a 52-week high of $42.19. The firm has a market cap of $11.06 billion, a price-to-earnings ratio of 18.76 and a beta of 1.48.

E*TRADE Financial Corporation (NASDAQ:ETFC) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $553.31 million. E*TRADE Financial Corporation had a return on equity of 9.06% and a net margin of 28.42%. E*TRADE Financial Corporation’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $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 declared that its Board of Directors has approved a share repurchase plan on Thursday, July 20th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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Several brokerages have issued reports on ETFC. UBS AG restated a “buy” rating and issued a $43.00 target price on shares of E*TRADE Financial Corporation in a report on Thursday, May 25th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $43.00 target price on shares of E*TRADE Financial Corporation in a report on Friday, July 14th. Morgan Stanley restated an “equal weight” rating and issued a $43.00 target price (up from $40.00) on shares of E*TRADE Financial Corporation in a report on Tuesday, July 25th. BidaskClub cut E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Finally, Rosenblatt Securities began coverage on E*TRADE Financial Corporation in a report on Thursday, July 13th. They issued a “buy” rating and a $43.00 target price for the company. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $40.94.

In other E*TRADE Financial Corporation news, Director James P. Healy purchased 5,000 shares of E*TRADE Financial Corporation stock in a transaction that occurred on Tuesday, July 25th. The stock was purchased at an average price of $41.97 per share, with a total value of $209,850.00. Following the completion of the acquisition, the director now owns 40,792 shares of the company’s stock, valued at approximately $1,712,040.24. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brent Simonich sold 5,696 shares of the stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $41.50, for a total value of $236,384.00. Following the completion of the transaction, the insider now directly owns 31,557 shares of the company’s stock, valued at approximately $1,309,615.50. The disclosure for this sale can be found here. Corporate insiders own 0.17% 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.

Want to see what other hedge funds are holding ETFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for E*TRADE Financial Corporation (NASDAQ:ETFC).

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

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