Barclays PLC Initiates Coverage on E*TRADE Financial Corporation (ETFC)

Barclays PLC began coverage on shares of E*TRADE Financial Corporation (NASDAQ:ETFC) in a report published on Friday morning, Marketbeat reports. The firm issued an overweight rating and a $45.00 price objective on the financial services provider’s stock.

ETFC has been the subject of several other research reports. Instinet reiterated a buy rating and issued a $47.00 target price (up previously from $44.00) on shares of E*TRADE Financial Corporation in a research note on Saturday, July 22nd. Morgan Stanley reiterated an equal weight rating and issued a $40.00 target price (up previously from $38.00) on shares of E*TRADE Financial Corporation in a research note on Monday, July 10th. Deutsche Bank AG reiterated a buy rating on shares of E*TRADE Financial Corporation in a research note on Friday, July 14th. Bank of America Corporation increased their target price on shares of E*TRADE Financial Corporation from $40.00 to $44.00 and gave the company a neutral rating in a research note on Friday, July 21st. Finally, Wells Fargo & Company reiterated an outperform rating and issued a $41.00 target price (up previously from $40.00) on shares of E*TRADE Financial Corporation in a research note on Monday, June 12th. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $41.61.

Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) opened at 40.44 on Friday. E*TRADE Financial Corporation has a one year low of $26.34 and a one year high of $42.19. The company has a 50-day moving average price of $40.68 and a 200 day moving average price of $37.01. The company has a market capitalization of $11.14 billion, a price-to-earnings ratio of 18.90 and a beta of 1.46.

E*TRADE Financial Corporation (NASDAQ:ETFC) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.04. E*TRADE Financial Corporation had a net margin of 28.42% and a return on equity of 9.06%. The business had revenue of $577 million during the quarter, compared to analysts’ expectations of $553.31 million. During the same quarter last year, the company earned $0.48 earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. On average, analysts forecast that E*TRADE Financial Corporation will post $2.26 EPS for the current fiscal year.

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

In other news, Director James P. Healy acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was bought 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 in the company, valued at approximately $1,712,040.24. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Karl A. Roessner sold 14,898 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $39.41, for a total transaction of $587,130.18. Following the sale, the chief executive officer now directly owns 232,702 shares of the company’s stock, valued at approximately $9,170,785.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,571 shares of company stock valued at $1,216,708. Company insiders own 0.17% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ETFC. Sumitomo Mitsui Asset Management Company LTD increased its holdings in shares of E*TRADE Financial Corporation by 10.3% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 23,766 shares of the financial services provider’s stock worth $829,000 after buying an additional 2,210 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of E*TRADE Financial Corporation by 273.0% during the first quarter. Canada Pension Plan Investment Board now owns 88,810 shares of the financial services provider’s stock worth $3,099,000 after buying an additional 65,000 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of E*TRADE Financial Corporation by 1.7% during the first quarter. Great West Life Assurance Co. Can now owns 231,376 shares of the financial services provider’s stock worth $8,064,000 after buying an additional 3,893 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of E*TRADE Financial Corporation by 0.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 740,619 shares of the financial services provider’s stock worth $25,840,000 after buying an additional 3,205 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of E*TRADE Financial Corporation by 120.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 20,257 shares of the financial services provider’s stock worth $739,000 after buying an additional 11,051 shares in the last quarter. 92.65% of the stock is owned by institutional investors.

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.

Analyst Recommendations for E*TRADE Financial Corporation (NASDAQ:ETFC)

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