Advisors Asset Management Inc. grew its position in shares of E*TRADE Financial Corp (NASDAQ:ETFC) by 52.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,240 shares of the financial services provider’s stock after buying an additional 11,793 shares during the period. Advisors Asset Management Inc.’s holdings in E*TRADE Financial were worth $2,094,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its holdings in shares of E*TRADE Financial by 5.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 171,985 shares of the financial services provider’s stock worth $10,519,000 after purchasing an additional 8,555 shares during the last quarter. Andra AP fonden bought a new stake in shares of E*TRADE Financial in the 2nd quarter worth approximately $6,477,000. Verition Fund Management LLC lifted its holdings in shares of E*TRADE Financial by 91.7% in the 2nd quarter. Verition Fund Management LLC now owns 71,542 shares of the financial services provider’s stock worth $4,376,000 after purchasing an additional 34,215 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of E*TRADE Financial in the 2nd quarter worth approximately $128,000. Finally, Putnam Investments LLC lifted its holdings in shares of E*TRADE Financial by 15.9% in the 2nd quarter. Putnam Investments LLC now owns 2,849,752 shares of the financial services provider’s stock worth $174,291,000 after purchasing an additional 391,772 shares during the last quarter. 90.89% of the stock is currently owned by institutional investors.
Shares of E*TRADE Financial stock opened at $47.52 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market cap of $12.54 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 0.75 and a beta of 1.08. E*TRADE Financial Corp has a 1-year low of $42.56 and a 1-year high of $66.46.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Tuesday, October 30th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.18%. The ex-dividend date is Monday, October 29th.
E*TRADE Financial announced that its Board of Directors has authorized a stock repurchase plan on Thursday, October 18th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several analysts recently issued reports on the company. BidaskClub raised E*TRADE Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 18th. Zacks Investment Research downgraded E*TRADE Financial from a “buy” rating to a “hold” rating in a report on Tuesday, July 17th. Wells Fargo & Co reissued a “buy” rating on shares of E*TRADE Financial in a report on Wednesday, July 11th. Morgan Stanley raised their price target on E*TRADE Financial from $74.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, July 12th. Finally, Credit Suisse Group cut their price target on E*TRADE Financial from $79.00 to $77.00 and set an “outperform” rating on the stock in a report on Friday, July 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $66.44.
E*TRADE Financial Profile
E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services primarily to individual retail investors under the E*TRADE Financial brand. It also offers investor-focused banking products, primarily sweep deposits to retail investors; Federal Deposit Insurance Corporation insurance services; clearing and settlement services; investment advisory services; and financial corporate services, such as software and services for managing equity compensation plans to its corporate clients.
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