E*TRADE Financial Corporation (ETFC) Posts Earnings Results, Beats Expectations By $0.04 EPS
E*TRADE Financial Corporation (NASDAQ:ETFC) announced its quarterly earnings data on Thursday. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04, Briefing.com reports. E*TRADE Financial Corporation had a return on equity of 9.41% and a net margin of 27.35%. The company had revenue of $599.00 million for the quarter, compared to analysts’ expectations of $598.96 million. During the same quarter in the prior year, the business posted $0.51 EPS. The business’s revenue was up 23.3% compared to the same quarter last year.
E*TRADE Financial Corporation (NASDAQ ETFC) opened at 43.20 on Friday. The company has a market cap of $11.90 billion, a PE ratio of 20.19 and a beta of 1.47. The firm’s 50-day moving average price is $42.48 and its 200 day moving average price is $38.66. E*TRADE Financial Corporation has a 52-week low of $27.33 and a 52-week high of $45.70.
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In other E*TRADE Financial Corporation news, CEO Karl A. Roessner sold 14,898 shares of the business’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $39.41, for a total value of $587,130.18. Following the sale, the chief executive officer now directly owns 232,702 shares in the company, valued at $9,170,785.82. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Brent Simonich sold 5,696 shares of the business’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $41.50, for a total value of $236,384.00. Following the completion of the sale, the insider now owns 31,557 shares in the company, valued at $1,309,615.50. The disclosure for this sale can be found here. In the last three months, insiders sold 72,623 shares of company stock worth $2,915,711. Insiders own 0.17% of the company’s stock.
A number of brokerages have recently issued reports on ETFC. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $43.00 price objective on shares of E*TRADE Financial Corporation in a research note on Friday, July 14th. Jefferies Group LLC reiterated a “hold” rating on shares of E*TRADE Financial Corporation in a research note on Monday, July 10th. SunTrust Banks, Inc. reiterated a “buy” rating and set a $50.00 price objective on shares of E*TRADE Financial Corporation in a research note on Monday, September 18th. Barclays PLC increased their price target on E*TRADE Financial Corporation from $45.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, October 10th. Finally, Wells Fargo & Company increased their price target on E*TRADE Financial Corporation from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $44.94.
E*TRADE Financial Corporation declared that its board has authorized a stock repurchase 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 reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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.
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