E*TRADE Financial Corporation (ETFC) Upgraded to “Buy” at Bank of America Corporation

Bank of America Corporation upgraded shares of E*TRADE Financial Corporation (NASDAQ:ETFC) from a neutral rating to a buy rating in a report released on Monday, MarketBeat Ratings reports. The firm currently has $49.00 target price on the financial services provider’s stock, up from their prior target price of $44.00.

A number of other equities analysts have also weighed in on ETFC. Wells Fargo & Company reiterated an outperform rating and issued a $41.00 price target (up previously from $40.00) on shares of E*TRADE Financial Corporation in a report on Monday, June 12th. BidaskClub upgraded shares of E*TRADE Financial Corporation from a buy rating to a strong-buy rating in a report on Tuesday, June 13th. SunTrust Banks, Inc. lifted their price target on shares of E*TRADE Financial Corporation from $42.00 to $43.00 and gave the company a buy rating in a report on Friday, June 16th. Deutsche Bank AG decreased their price target on shares of E*TRADE Financial Corporation from $40.00 to $39.00 and set a buy rating on the stock in a report on Tuesday, July 4th. Finally, Jefferies Group LLC reiterated a hold rating on shares of E*TRADE Financial Corporation in a report on Monday, July 10th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $44.25.

Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) opened at 43.98 on Monday. The stock has a market cap of $12.11 billion, a price-to-earnings ratio of 20.55 and a beta of 1.47. E*TRADE Financial Corporation has a 12 month low of $27.33 and a 12 month high of $45.70. The firm has a 50-day moving average price of $41.98 and a 200-day moving average price of $38.26.

E*TRADE Financial Corporation (NASDAQ:ETFC) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.04. The company had revenue of $577.00 million for the quarter, compared to analyst estimates of $553.31 million. E*TRADE Financial Corporation had a net margin of 28.42% and a return on equity of 9.06%. E*TRADE Financial Corporation’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter last year, the business earned $0.48 EPS. Equities analysts expect that E*TRADE Financial Corporation will post $2.24 EPS for the current fiscal year.

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E*TRADE Financial Corporation announced that its board has initiated 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 buy up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, Director James P. Healy purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were purchased at an average price of $41.97 per share, with a total value of $209,850.00. Following the purchase, the director now directly owns 40,792 shares of the company’s stock, valued at approximately $1,712,040.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael John Curcio sold 33,474 shares of E*TRADE Financial Corporation stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $40.38, for a total transaction of $1,351,680.12. Following the sale, the insider now directly owns 267,151 shares in the company, valued at approximately $10,787,557.38. The disclosure for this sale can be found here. Insiders have sold a total of 72,623 shares of company stock worth $2,915,711 in the last ninety days. 0.17% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its stake in E*TRADE Financial Corporation by 80.8% during the 2nd quarter. Advisors Asset Management Inc. now owns 3,239 shares of the financial services provider’s stock worth $123,000 after buying an additional 1,448 shares during the period. Exane Derivatives purchased a new stake in E*TRADE Financial Corporation during the 2nd quarter worth $130,000. Quadrant Capital Group LLC increased its stake in E*TRADE Financial Corporation by 21.8% during the 2nd quarter. Quadrant Capital Group LLC now owns 3,436 shares of the financial services provider’s stock worth $121,000 after buying an additional 614 shares during the period. Krilogy Financial LLC increased its stake in E*TRADE Financial Corporation by 7.5% during the 2nd quarter. Krilogy Financial LLC now owns 3,710 shares of the financial services provider’s stock worth $141,000 after buying an additional 260 shares during the period. Finally, Financial Counselors Inc. purchased a new stake in E*TRADE Financial Corporation during the 2nd quarter worth $203,000. 92.64% of the stock is currently owned by hedge funds and other 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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