WEALTHFRONT Corp lowered its stake in E*TRADE Financial Corp (NASDAQ:ETFC) by 52.2% during the third quarter, HoldingsChannel.com reports. The firm owned 14,704 shares of the financial services provider’s stock after selling 16,053 shares during the period. WEALTHFRONT Corp’s holdings in E*TRADE Financial were worth $770,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of ETFC. Alps Advisors Inc. acquired a new stake in E*TRADE Financial during the 2nd quarter worth $299,000. Aperio Group LLC raised its stake in E*TRADE Financial by 3.2% during the 2nd quarter. Aperio Group LLC now owns 136,857 shares of the financial services provider’s stock worth $8,370,000 after buying an additional 4,282 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in E*TRADE Financial by 46.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 21,694 shares of the financial services provider’s stock worth $1,327,000 after buying an additional 6,890 shares during the period. Commonwealth Equity Services LLC acquired a new stake in E*TRADE Financial during the 2nd quarter worth $331,000. Finally, Chevy Chase Trust Holdings Inc. acquired a new stake in E*TRADE Financial during the 2nd quarter worth $13,576,000. 94.52% of the stock is currently owned by institutional investors.
ETFC has been the topic of several research analyst reports. Morgan Stanley dropped their price objective on E*TRADE Financial from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Tuesday, October 9th. UBS Group dropped their price objective on E*TRADE Financial from $73.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, October 8th. Zacks Investment Research raised E*TRADE Financial from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Tuesday, September 25th. Jefferies Financial Group raised E*TRADE Financial from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Wednesday, September 19th. They noted that the move was a valuation call. Finally, Bank of America lowered their target price on E*TRADE Financial from $67.00 to $62.00 and set a “buy” rating for the company in a report on Wednesday, September 26th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $64.12.
E*TRADE Financial (NASDAQ:ETFC) last released its earnings results on Thursday, October 18th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.17. The firm had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $710.62 million. E*TRADE Financial had a return on equity of 15.45% and a net margin of 32.83%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 EPS. As a group, sell-side analysts forecast that E*TRADE Financial Corp will post 3.85 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Tuesday, October 30th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Monday, October 29th. E*TRADE Financial’s dividend payout ratio (DPR) is presently 25.57%.
E*TRADE Financial declared that its Board of Directors has authorized a stock buyback plan on Thursday, October 18th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Rodger A. Lawson acquired 10,000 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was bought at an average price of $51.27 per share, for a total transaction of $512,700.00. Following the acquisition, the insider now directly owns 109,191 shares of the company’s stock, valued at $5,598,222.57. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joshua Weinreich acquired 5,725 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The stock was bought at an average price of $52.33 per share, with a total value of $299,589.25. Following the acquisition, the director now directly owns 7,318 shares in the company, valued at $382,950.94. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 32,668 shares of company stock valued at $1,685,354. Corporate insiders own 0.12% of the company’s stock.
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About E*TRADE Financial
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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