State Treasurer State of Michigan trimmed its position in E*TRADE Financial Corp (NASDAQ:ETFC) by 17.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,558 shares of the financial services provider’s stock after selling 12,400 shares during the quarter. State Treasurer State of Michigan’s holdings in E*TRADE Financial were worth $2,612,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. Riverhead Capital Management LLC lifted its stake in shares of E*TRADE Financial by 34.7% during the 1st quarter. Riverhead Capital Management LLC now owns 125,556 shares of the financial services provider’s stock worth $5,830,000 after purchasing an additional 32,361 shares during the last quarter. Trexquant Investment LP increased its position in E*TRADE Financial by 124.9% during the 1st quarter. Trexquant Investment LP now owns 161,218 shares of the financial services provider’s stock valued at $7,485,000 after buying an additional 89,518 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in E*TRADE Financial during the 1st quarter valued at about $2,628,000. Parametric Portfolio Associates LLC increased its position in E*TRADE Financial by 11.0% during the 1st quarter. Parametric Portfolio Associates LLC now owns 754,063 shares of the financial services provider’s stock valued at $35,011,000 after buying an additional 74,842 shares in the last quarter. Finally, Kennedy Capital Management Inc. increased its position in E*TRADE Financial by 13.3% during the 1st quarter. Kennedy Capital Management Inc. now owns 85,896 shares of the financial services provider’s stock valued at $3,988,000 after buying an additional 10,057 shares in the last quarter. Institutional investors and hedge funds own 91.56% of the company’s stock.
In other news, Director Rodger A. Lawson sold 41,322 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $48.13, for a total value of $1,988,827.86. Following the sale, the director now owns 114,753 shares in the company, valued at $5,523,061.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.
E*TRADE Financial (NASDAQ:ETFC) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. The business had revenue of $685.00 million for the quarter, compared to analyst estimates of $751.35 million. E*TRADE Financial had a return on equity of 18.44% and a net margin of 36.75%. The company’s revenue was down 3.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. Analysts forecast that E*TRADE Financial Corp will post 4.16 earnings per share for the current year.
E*TRADE Financial announced that its Board of Directors has approved a share repurchase program on Thursday, July 18th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 12.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Monday, August 19th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Friday, August 16th. E*TRADE Financial’s dividend payout ratio is presently 14.40%.
Several research analysts recently issued reports on ETFC shares. Deutsche Bank lowered E*TRADE Financial from a “buy” rating to a “hold” rating and reduced their target price for the company from $52.00 to $45.00 in a research report on Friday. Compass Point set a $52.00 target price on E*TRADE Financial and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Barclays upped their target price on E*TRADE Financial from $53.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley upped their target price on E*TRADE Financial from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, JMP Securities upped their target price on E*TRADE Financial to $63.00 and gave the company a “market perform” rating in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $56.29.
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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