E*TRADE Financial Corporation (NASDAQ:ETFC) Sets New 1-Year High on Better-Than-Expected Earnings

E*TRADE Financial Corporation (NASDAQ:ETFC)’s share price reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $41.54 and last traded at $41.59, with a volume of 3,820,674 shares trading hands. The stock had previously closed at $39.60.

The financial services provider reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.04. The firm had revenue of $577 million for the quarter, compared to analysts’ expectations of $553.31 million. E*TRADE Financial Corporation had a net margin of 28.42% and a return on equity of 9.06%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 earnings per share.

E*TRADE Financial Corporation announced that its Board of Directors has authorized a stock buyback program on Thursday, July 20th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Several analysts have weighed in on the stock. BidaskClub cut shares of E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective (up from $40.00) on shares of E*TRADE Financial Corporation in a research note on Tuesday, July 25th. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of E*TRADE Financial Corporation in a research note on Monday, July 24th. JMP Securities reaffirmed an “outperform” rating and set a $44.00 price objective (up from $42.00) on shares of E*TRADE Financial Corporation in a research note on Sunday, July 23rd. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $49.00 price objective (up from $43.00) on shares of E*TRADE Financial Corporation in a research note on Saturday, July 22nd. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $40.94.

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

A number of large investors have recently bought and sold shares of the company. State of Alaska Department of Revenue purchased a new stake in E*TRADE Financial Corporation during the first quarter valued at $357,000. Boston Partners raised its stake in E*TRADE Financial Corporation by 118.2% in the first quarter. Boston Partners now owns 241,034 shares of the financial services provider’s stock valued at $8,410,000 after buying an additional 130,552 shares during the period. Bank of Nova Scotia raised its stake in E*TRADE Financial Corporation by 71.8% in the first quarter. Bank of Nova Scotia now owns 614,202 shares of the financial services provider’s stock valued at $21,430,000 after buying an additional 256,788 shares during the period. Chevy Chase Trust Holdings Inc. raised its stake in E*TRADE Financial Corporation by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 236,789 shares of the financial services provider’s stock valued at $8,262,000 after buying an additional 7,438 shares during the period. Finally, Aberdeen Asset Management PLC UK raised its stake in E*TRADE Financial Corporation by 304.8% in the first quarter. Aberdeen Asset Management PLC UK now owns 264,548 shares of the financial services provider’s stock valued at $9,230,000 after buying an additional 199,191 shares during the period. Institutional investors own 93.19% of the company’s stock.

The stock has a market cap of $11.36 billion, a P/E ratio of 19.27 and a beta of 1.48. The firm has a 50 day moving average of $39.15 and a 200-day moving average of $36.32.

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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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