Southpoint Capital Advisors LP reduced its holdings in shares of E*TRADE Financial Corporation (NASDAQ:ETFC) by 3.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,750,000 shares of the financial services provider’s stock after selling 120,000 shares during the quarter. E*TRADE Financial Corporation makes up about 5.6% of Southpoint Capital Advisors LP’s portfolio, making the stock its 3rd biggest holding. Southpoint Capital Advisors LP owned 1.36% of E*TRADE Financial Corporation worth $142,613,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Kingdon Capital Management L.L.C. bought a new position in shares of E*TRADE Financial Corporation during the 2nd quarter worth approximately $7,259,000. BlueCrest Capital Management Ltd boosted its stake in shares of E*TRADE Financial Corporation by 380.3% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 210,370 shares of the financial services provider’s stock worth $8,000,000 after acquiring an additional 166,572 shares during the period. Maverick Capital Ltd. boosted its stake in shares of E*TRADE Financial Corporation by 34.7% during the 2nd quarter. Maverick Capital Ltd. now owns 109,080 shares of the financial services provider’s stock worth $4,148,000 after acquiring an additional 28,100 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of E*TRADE Financial Corporation by 10.2% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 515,045 shares of the financial services provider’s stock worth $19,587,000 after acquiring an additional 47,652 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in shares of E*TRADE Financial Corporation by 3,455.2% during the 2nd quarter. Janus Henderson Group PLC now owns 1,462,286 shares of the financial services provider’s stock worth $55,611,000 after acquiring an additional 1,421,155 shares during the period. Institutional investors own 92.64% of the company’s stock.

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Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) traded down 2.20% during midday trading on Friday, reaching $44.02. The company had a trading volume of 3,052,542 shares. E*TRADE Financial Corporation has a one year low of $27.33 and a one year high of $45.70. The company has a market capitalization of $12.12 billion, a PE ratio of 20.57 and a beta of 1.47. The company has a 50 day moving average of $41.41 and a 200 day moving average of $37.89.

E*TRADE Financial Corporation (NASDAQ:ETFC) last released 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 business had revenue of $577.00 million for the quarter, compared to the consensus estimate of $553.31 million. E*TRADE Financial Corporation had a return on equity of 9.06% and a net margin of 28.42%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter last year, the business posted $0.48 earnings per share. Analysts predict that E*TRADE Financial Corporation will post $2.24 EPS for the current fiscal year.

E*TRADE Financial Corporation declared that its board has approved a stock buyback program on Thursday, July 20th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In other news, insider Brent Simonich sold 5,696 shares of E*TRADE Financial Corporation stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $41.50, for a total value of $236,384.00. Following the transaction, the insider now owns 31,557 shares in the company, valued at $1,309,615.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James P. Healy acquired 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was bought at an average price of $41.97 per share, for a total transaction of $209,850.00. Following the acquisition, the director now owns 40,792 shares of the company’s stock, valued at approximately $1,712,040.24. The disclosure for this purchase can be found here. In the last quarter, insiders sold 72,623 shares of company stock worth $2,915,711. Company insiders own 0.17% of the company’s stock.

ETFC has been the subject of several research analyst reports. Deutsche Bank AG reduced their target price on E*TRADE Financial Corporation from $40.00 to $39.00 and set a “buy” rating for the company in a research note on Tuesday, July 4th. SunTrust Banks, Inc. lifted their price target on E*TRADE Financial Corporation from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Friday, June 16th. Rosenblatt Securities began coverage on E*TRADE Financial Corporation in a report on Thursday, July 13th. They set a “buy” rating and a $43.00 price target for the company. Instinet reissued a “buy” rating and set a $47.00 price target (up from $44.00) on shares of E*TRADE Financial Corporation in a report on Saturday, July 22nd. Finally, BidaskClub cut E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $43.27.

About E*TRADE Financial Corporation

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.

Institutional Ownership by Quarter for E*TRADE Financial Corporation (NASDAQ:ETFC)

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