Credit Suisse Group AG began coverage on shares of E-Trade Financial Corp. (NASDAQ:ETFC) in a research report report published on Wednesday morning. The brokerage issued an outperform rating and a $33.00 target price on the stock.
“The E*Trade story is at another critical inflexion point — the lack of core business growth resulted in the ouster of the CEO last week; the new management team has effectively been set an implicit target of 2–3 percent incremental business growth or ‘we’ll consider that this company is better in other people’s hand in terms of shareholder value,'” analyst Christian Bolu wrote in a note.Commenting on the possibility of a takeout by TD Ameritrade Holding Corp. (NASDAQ: AMTD)/Charles Schwab Corp (NYSE: SCHW), the analyst said the acquisition would offer “little to no premium to current prices,” the firm’s analyst wrote.
Several other analysts have also commented on the company. Deutsche Bank AG raised their price objective on E-Trade Financial Corp. from $29.00 to $31.00 and gave the company a buy rating in a report on Friday, May 27th. Barclays PLC dropped their price objective on E-Trade Financial Corp. from $32.00 to $28.00 and set an overweight rating on the stock in a report on Thursday, July 7th. Jefferies Group dropped their price objective on E-Trade Financial Corp. from $27.00 to $25.50 and set a hold rating on the stock in a report on Thursday, July 7th. Nomura dropped their price objective on E-Trade Financial Corp. from $31.00 to $30.00 and set a buy rating on the stock in a report on Monday, July 11th. Finally, Buckingham Research began coverage on E-Trade Financial Corp. in a report on Wednesday, July 13th. They issued a buy rating and a $29.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $30.32.
E-Trade Financial Corp. (NASDAQ:ETFC) opened at 27.89 on Wednesday. E-Trade Financial Corp. has a 52-week low of $19.61 and a 52-week high of $30.98. The stock’s 50 day moving average price is $26.45 and its 200 day moving average price is $25.44. The company has a market cap of $7.73 billion, a P/E ratio of 36.55 and a beta of 1.89.
E-Trade Financial Corp. (NASDAQ:ETFC) last posted its earnings results on Thursday, July 21st. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.38 by $0.10. The firm had revenue of $474 million for the quarter, compared to analyst estimates of $472.50 million. E-Trade Financial Corp. had a return on equity of 7.64% and a net margin of 15.07%. Analysts expect that E-Trade Financial Corp. will post $1.70 earnings per share for the current year.
A number of large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in E-Trade Financial Corp. during the fourth quarter valued at about $85,009,000. Chevy Chase Trust Holdings Inc. boosted its stake in shares of E-Trade Financial Corp. by 0.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 238,544 shares of the company’s stock worth $5,842,000 after buying an additional 1,912 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of E-Trade Financial Corp. by 16.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 68,836 shares of the company’s stock worth $1,686,000 after buying an additional 9,583 shares during the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in shares of E-Trade Financial Corp. by 4.8% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 68,833 shares of the company’s stock worth $1,686,000 after buying an additional 3,181 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of E-Trade Financial Corp. by 42.1% in the first quarter. Fisher Asset Management LLC now owns 1,039,803 shares of the company’s stock worth $25,496,000 after buying an additional 308,235 shares during the last quarter. 91.48% of the stock is owned by institutional investors.
About E-Trade Financial Corp.
E*Trade Financial Corporation is a financial services company. The Company provides 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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