E*TRADE Financial Corporation (ETFC) Rating Increased to Buy at Bank of America Corporation

E*TRADE Financial Corporation (NASDAQ:ETFC) was upgraded by research analysts at Bank of America Corporation from a “neutral” rating to a “buy” rating in a research note issued on Monday. The firm currently has a $49.00 target price on the financial services provider’s stock, up from their previous target price of $44.00. Bank of America Corporation’s target price points to a potential upside of 11.39% from the stock’s current price.

Several other analysts also recently weighed in on ETFC. SunTrust Banks, Inc. restated a “buy” rating and set a $50.00 price objective on shares of E*TRADE Financial Corporation in a research report on Monday, September 18th. Instinet reiterated a “buy” rating and issued a $47.00 price target (up previously from $44.00) on shares of E*TRADE Financial Corporation in a research report on Saturday, July 22nd. ValuEngine downgraded shares of E*TRADE Financial Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, July 22nd. JMP Securities reiterated an “outperform” rating and issued a $44.00 price target (up previously from $42.00) on shares of E*TRADE Financial Corporation in a research report on Sunday, July 23rd. Finally, Barclays PLC began coverage on shares of E*TRADE Financial Corporation in a research report on Friday, September 8th. They issued an “overweight” rating and a $45.00 price target for the company. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $44.25.

Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) opened at 43.99 on Monday. E*TRADE Financial Corporation has a 52-week low of $27.33 and a 52-week high of $45.70. The stock has a market cap of $12.12 billion, a PE ratio of 20.56 and a beta of 1.47. The company’s 50-day moving average is $41.78 and its 200-day moving average is $38.17.

E*TRADE Financial Corporation (NASDAQ:ETFC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.48 by $0.04. E*TRADE Financial Corporation had a net margin of 28.42% and a return on equity of 9.06%. The company had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $553.31 million. During the same quarter in the previous year, the business posted $0.48 EPS. The firm’s revenue was up 21.7% on a year-over-year basis. Equities analysts anticipate that E*TRADE Financial Corporation will post $2.24 EPS for the current year.

E*TRADE Financial Corporation announced that its Board of Directors has initiated a stock buyback plan on Thursday, July 20th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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In related news, Director James P. Healy purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was acquired at an average price of $41.97 per share, with a total value of $209,850.00. Following the completion of the transaction, the director now owns 40,792 shares of the company’s stock, valued at $1,712,040.24. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brent Simonich sold 5,696 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $41.50, for a total transaction of $236,384.00. Following the sale, the insider now directly owns 31,557 shares of the company’s stock, valued at approximately $1,309,615.50. The disclosure for this sale can be found here. Insiders sold 72,623 shares of company stock valued at $2,915,711 in the last ninety days. 0.17% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in E*TRADE Financial Corporation by 2,903.3% in the first quarter. BlackRock Inc. now owns 18,166,924 shares of the financial services provider’s stock worth $633,844,000 after purchasing an additional 17,562,024 shares during the period. BT Investment Management Ltd acquired a new position in E*TRADE Financial Corporation in the second quarter worth $97,155,000. FMR LLC boosted its holdings in E*TRADE Financial Corporation by 24.3% in the second quarter. FMR LLC now owns 10,737,023 shares of the financial services provider’s stock worth $408,329,000 after purchasing an additional 2,096,445 shares during the period. Morgan Stanley boosted its holdings in E*TRADE Financial Corporation by 272.0% in the first quarter. Morgan Stanley now owns 2,678,103 shares of the financial services provider’s stock worth $93,438,000 a

Several other analysts also recently weighed in on ETFC. SunTrust Banks, Inc. restated a “buy” rating and set a $50.00 price objective on shares of E*TRADE Financial Corporation in a research report on Monday, September 18th. Instinet reiterated a “buy” rating and issued a $47.00 price target (up previously from $44.00) on shares of E*TRADE Financial Corporation in a research report on Saturday, July 22nd. ValuEngine downgraded shares of E*TRADE Financial Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, July 22nd. JMP Securities reiterated an “outperform” rating and issued a $44.00 price target (up previously from $42.00) on shares of E*TRADE Financial Corporation in a research report on Sunday, July 23rd. Finally, Barclays PLC began coverage on shares of E*TRADE Financial Corporation in a research report on Friday, September 8th. They issued an “overweight” rating and a $45.00 price target for the company. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $44.25.

Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) opened at 43.99 on Monday. E*TRADE Financial Corporation has a 52-week low of $27.33 and a 52-week high of $45.70. The stock has a market cap of $12.12 billion, a PE ratio of 20.56 and a beta of 1.47. The company’s 50-day moving average is $41.78 and its 200-day moving average is $38.17.

E*TRADE Financial Corporation (NASDAQ:ETFC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.48 by $0.04. E*TRADE Financial Corporation had a net margin of 28.42% and a return on equity of 9.06%. The company had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $553.31 million. During the same quarter in the previous year, the business posted $0.48 EPS. The firm’s revenue was up 21.7% on a year-over-year basis. Equities analysts anticipate that E*TRADE Financial Corporation will post $2.24 EPS for the current year.

E*TRADE Financial Corporation announced that its Board of Directors has initiated a stock buyback plan on Thursday, July 20th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

TRADEMARK VIOLATION NOTICE: This piece was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this piece on another site, it was illegally stolen and reposted in violation of U.S. and international copyright law. The legal version of this piece can be read at https://ledgergazette.com/2017/10/11/etrade-financial-corporation-etfc-rating-increased-to-buy-at-bank-of-america-corporation.html.

In related news, Director James P. Healy purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was acquired at an average price of $41.97 per share, with a total value of $209,850.00. Following the completion of the transaction, the director now owns 40,792 shares of the company’s stock, valued at $1,712,040.24. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brent Simonich sold 5,696 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $41.50, for a total transaction of $236,384.00. Following the sale, the insider now directly owns 31,557 shares of the company’s stock, valued at approximately $1,309,615.50. The disclosure for this sale can be found here. Insiders sold 72,623 shares of company stock valued at $2,915,711 in the last ninety days. 0.17% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in E*TRADE Financial Corporation by 2,903.3% in the first quarter. BlackRock Inc. now owns 18,166,924 shares of the financial services provider’s stock worth $633,844,000 after purchasing an additional 17,562,024 shares during the period. BT Investment Management Ltd acquired a new position in E*TRADE Financial Corporation in the second quarter worth $97,155,000. FMR LLC boosted its holdings in E*TRADE Financial Corporation by 24.3% in the second quarter. FMR LLC now owns 10,737,023 shares of the financial services provider’s stock worth $408,329,000 after purchasing an additional 2,096,445 shares during the period. Morgan Stanley boosted its holdings in E*TRADE Financial Corporation by 272.0% in the first quarter. Morgan Stanley now owns 2,678,103 shares of the financial services provider’s stock worth $93,438,000 after purchasing an additional 1,958,159 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in E*TRADE Financial Corporation by 25.3% in the second quarter. Victory Capital Management Inc. now owns 7,845,331 shares of the financial services provider’s stock worth $298,357,000 after purchasing an additional 1,586,062 shares during the period. 92.64% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for E*TRADE Financial Corporation (NASDAQ:ETFC)

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