E TRADE Financial Stock Price Up 6.3% on Better-Than-Expected Earnings (ETFC)
E TRADE Financial (NASDAQ:ETFC)’s share price rose 6.3% on Thursday after the company announced better than expected quarterly earnings, AmericanBankingNews.com reports. The company traded as high as $23.25 and last traded at $22.85, with a volume of 8,275,327 shares changing hands. The stock had previously closed at $21.50.
The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.10. The company had revenue of $475.00 million for the quarter, compared to the consensus estimate of $454.51 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s revenue for the quarter was up 13.1% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Sandler O’Neill upgraded shares of E TRADE Financial from a “hold” rating to a “buy” rating in a research note on Thursday. They now have a $24.00 price target on the stock. Separately, analysts at Compass Point raised their price target on shares of E TRADE Financial from $25.00 to $26.00 in a research note on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Wells Fargo & Co. upgraded shares of E TRADE Financial from a “market perform” rating to an “outperform” rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $23.62.
The stock has a 50-day moving average of $22.50 and a 200-day moving average of $20.02. The company has a market cap of $6.490 billion and a price-to-earnings ratio of 74.14.
E*TRADE Financial Corporation (NASDAQ:ETFC) is a financial services company, which provides online brokerage and related products and services primarily to individual retail investors under the brand E*TRADE Financial.
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