E-Trade Financial Corp. (ETFC) Downgraded by Bank of America Corp. to “Neutral”
Bank of America Corp. downgraded shares of E-Trade Financial Corp. (NASDAQ:ETFC) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning. They currently have $33.00 price target on the stock.
A number of other analysts have also weighed in on the stock. Barclays PLC lowered their price target on shares of E-Trade Financial Corp. from $32.00 to $28.00 and set an overweight rating for the company in a report on Thursday, July 7th. Jefferies Group raised their price objective on shares of E-Trade Financial Corp. from $28.00 to $31.00 and gave the company a hold rating in a research note on Tuesday. Nomura reaffirmed a buy rating and issued a $32.00 price objective (up from $30.00) on shares of E-Trade Financial Corp. in a research note on Monday, July 25th. Credit Suisse Group AG started coverage on shares of E-Trade Financial Corp. in a research note on Wednesday, September 21st. They issued an outperform rating and a $33.00 price objective on the stock. Finally, Morgan Stanley started coverage on shares of E-Trade Financial Corp. in a research note on Monday, September 26th. They issued an equal weight rating and a $29.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $31.12.
Shares of E-Trade Financial Corp. (NASDAQ:ETFC) traded up 1.35% during mid-day trading on Thursday, reaching $28.50. 781,770 shares of the company’s stock traded hands. The company’s 50 day moving average is $27.77 and its 200-day moving average is $25.79. E-Trade Financial Corp. has a 52 week low of $19.61 and a 52 week high of $30.98. The firm has a market cap of $7.89 billion, a price-to-earnings ratio of 37.35 and a beta of 1.70.
E-Trade Financial Corp. (NASDAQ:ETFC) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.10. The business earned $474 million during the quarter, compared to analyst estimates of $472.50 million. E-Trade Financial Corp. had a net margin of 15.07% and a return on equity of 7.64%. Equities analysts expect that E-Trade Financial Corp. will post $1.70 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of ETFC. Prudential Financial Inc. increased its stake in E-Trade Financial Corp. by 90.3% in the first quarter. Prudential Financial Inc. now owns 692,611 shares of the company’s stock worth $16,962,000 after buying an additional 328,720 shares in the last quarter. BlackRock Group LTD increased its stake in E-Trade Financial Corp. by 38.4% in the first quarter. BlackRock Group LTD now owns 2,075,861 shares of the company’s stock worth $50,837,000 after buying an additional 575,984 shares in the last quarter. Aviva PLC acquired a new stake in E-Trade Financial Corp. during the first quarter worth about $3,660,000. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in E-Trade Financial Corp. during the first quarter worth about $243,000. Finally, Credit Agricole S A increased its stake in E-Trade Financial Corp. by 111.4% in the first quarter. Credit Agricole S A now owns 609,438 shares of the company’s stock worth $14,925,000 after buying an additional 321,148 shares in the last quarter. 91.48% of the stock is owned by hedge funds and other 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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