E-Trade Financial Corp. (ETFC) Coverage Initiated at Credit Suisse Group AG
Equities researchers at Credit Suisse Group AG started coverage on shares of E-Trade Financial Corp. (NASDAQ:ETFC) in a note issued to investors on Wednesday. The firm set an “outperform” rating and a $33.00 price target on the stock. Credit Suisse Group AG’s price objective indicates a potential upside of 15.79% from the company’s previous close.
The analysts wrote, “The E*Trade story is at another critical inflexion point — the lack of core business growth resulted in the ouster of the CEO last week; the new management team has effectively been set an implicit target of 2–3 percent incremental business growth or ‘we’ll consider that this company is better in other people’s hand in terms of shareholder value,'” analyst Christian Bolu wrote in a note.Commenting on the possibility of a takeout by TD Ameritrade Holding Corp. (NASDAQ: AMTD)/Charles Schwab Corp (NYSE: SCHW), the analyst said the acquisition would offer “little to no premium to current prices”
ETFC has been the topic of several other research reports. Goldman Sachs Group Inc. cut shares of E-Trade Financial Corp. from a “buy” rating to a “neutral” rating and set a $26.00 price target on the stock. in a research note on Friday, July 22nd. Compass Point dropped their price target on shares of E-Trade Financial Corp. from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, July 22nd. Nomura reiterated a “buy” rating on shares of E-Trade Financial Corp. in a research note on Monday, July 11th. Deutsche Bank AG reiterated a “buy” rating and set a $31.00 price target on shares of E-Trade Financial Corp. in a research note on Sunday, June 5th. Finally, Bank of America Corp. restated a “buy” rating and set a $28.00 price objective on shares of E-Trade Financial Corp. in a research report on Tuesday, September 13th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $30.16.
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E-Trade Financial Corp. (NASDAQ:ETFC) traded up 1.10% during trading on Wednesday, reaching $28.50. The company’s stock had a trading volume of 4,995,446 shares. The company has a 50-day moving average of $26.08 and a 200 day moving average of $25.33. The firm has a market cap of $7.89 billion, a PE ratio of 37.35 and a beta of 1.89. E-Trade Financial Corp. has a one year low of $19.61 and a one year high of $30.98.
E-Trade Financial Corp. (NASDAQ:ETFC) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.10. The business had revenue of $474 million for the quarter, compared to analysts’ expectations of $472.50 million. E-Trade Financial Corp. had a net margin of 15.07% and a return on equity of 7.64%. Analysts expect that E-Trade Financial Corp. will post $1.69 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of ETFC. Vanguard Group Inc. boosted its position in shares of E-Trade Financial Corp. by 0.9% in the second quarter. Vanguard Group Inc. now owns 25,221,597 shares of the company’s stock worth $592,455,000 after buying an additional 218,178 shares during the last quarter. Bank of New York Mellon Corp boosted its position in E-Trade Financial Corp. by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 13,940,715 shares of the company’s stock worth $327,468,000 after buying an additional 170,691 shares in the last quarter. Primecap Management Co. CA boosted its position in E-Trade Financial Corp. by 5.0% in the second quarter. Primecap Management Co. CA now owns 11,913,900 shares of the company’s stock worth $279,858,000 after buying an additional 570,600 shares in the last quarter. State Street Corp boosted its position in E-Trade Financial Corp. by 0.5% in the second quarter. State Street Corp now owns 11,500,647 shares of the company’s stock worth $270,149,000 after buying an additional 54,252 shares in the last quarter. Finally, Southpoint Capital Advisors LP boosted its position in E-Trade Financial Corp. by 44.9% in the first quarter. Southpoint Capital Advisors LP now owns 5,000,000 shares of the company’s stock worth $122,450,000 after buying an additional 1,550,000 shares in the last quarter. 91.48% of the stock is owned by institutional investors and hedge funds.
About E-Trade Financial Corp.
E*Trade Financial Corporation is a financial services company. The Company provides 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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