E*TRADE Financial Corp (NASDAQ:ETFC) Stock Holdings Trimmed by Poplar Forest Capital LLC
Poplar Forest Capital LLC lowered its holdings in shares of E*TRADE Financial Corp (NASDAQ:ETFC) by 6.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 299,828 shares of the financial services provider’s stock after selling 21,244 shares during the period. Poplar Forest Capital LLC owned approximately 0.12% of E*TRADE Financial worth $13,372,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Kavar Capital Partners LLC bought a new stake in shares of E*TRADE Financial in the 2nd quarter worth $31,000. Arrow Financial Corp bought a new stake in shares of E*TRADE Financial in the 1st quarter worth $39,000. Gemmer Asset Management LLC bought a new stake in shares of E*TRADE Financial in the 2nd quarter worth $42,000. FNY Investment Advisers LLC raised its stake in shares of E*TRADE Financial by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 1,000 shares of the financial services provider’s stock worth $44,000 after buying an additional 500 shares in the last quarter. Finally, Amica Retiree Medical Trust bought a new stake in shares of E*TRADE Financial in the 2nd quarter worth $46,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ETFC stock traded up $0.98 on Friday, reaching $41.09. 2,929,600 shares of the company’s stock traded hands, compared to its average volume of 2,754,246. E*TRADE Financial Corp has a 12-month low of $40.02 and a 12-month high of $61.55. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market capitalization of $9.85 billion, a P/E ratio of 10.56, a price-to-earnings-growth ratio of 0.89 and a beta of 1.15. The business’s 50 day moving average price is $45.57 and its two-hundred day moving average price is $47.23.
E*TRADE Financial declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 18th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 12.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Monday, August 19th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.36%. E*TRADE Financial’s dividend payout ratio is 14.40%.
A number of research firms have recently commented on ETFC. Barclays boosted their price objective on E*TRADE Financial from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley lifted their target price on E*TRADE Financial from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Deutsche Bank cut E*TRADE Financial from a “buy” rating to a “hold” rating and decreased their target price for the stock from $52.00 to $45.00 in a report on Friday, August 9th. Compass Point set a $52.00 target price on E*TRADE Financial and gave the stock a “buy” rating in a report on Tuesday, July 2nd. Finally, Zacks Investment Research cut E*TRADE Financial from a “buy” rating to a “hold” rating in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $56.29.
E*TRADE Financial Company Profile
E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services for traders, investors, stock plan administrators and participants, and registered investment advisors (RIAs). It also offers investor-focused banking products, primarily sweep deposits to customers; clearing and settlement services; Federal Deposit Insurance Corporation insurance services; custody solutions to RIAs; other banking and cash management services; software and services for managing equity compensation plans to its corporate clients; retail futures transaction services; and investment advisory services.
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