Short Interest in E-Trade Financial Corp. (ETFC) Grows By 33.7%
E-Trade Financial Corp. (NASDAQ:ETFC) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 5,051,980 shares, a growth of 33.7% from the August 31st total of 3,779,996 shares. Based on an average daily volume of 4,237,569 shares, the days-to-cover ratio is currently 1.2 days. Currently, 1.9% of the company’s stock are short sold.
A number of institutional investors have recently made changes to their positions in the company. Mizuho Asset Management Co. Ltd. purchased a new position in shares of E-Trade Financial Corp. during the second quarter worth $110,000. Meeder Asset Management Inc. bought a new stake in shares of E-Trade Financial Corp. during the first quarter worth $132,000. FNY Managed Accounts LLC raised its stake in shares of E-Trade Financial Corp. by 128.3% in the second quarter. FNY Managed Accounts LLC now owns 6,850 shares of the company’s stock worth $161,000 after buying an additional 3,850 shares in the last quarter. I.G. Investment Management LTD. raised its stake in shares of E-Trade Financial Corp. by 11.8% in the second quarter. I.G. Investment Management LTD. now owns 7,758 shares of the company’s stock worth $182,000 after buying an additional 821 shares in the last quarter. Finally, Seven Eight Capital LLC bought a new stake in shares of E-Trade Financial Corp. during the first quarter worth $196,000. Institutional investors own 91.48% of the company’s stock.
E-Trade Financial Corp. (NASDAQ:ETFC) opened at 29.65 on Friday. The firm has a market cap of $8.21 billion, a PE ratio of 38.86 and a beta of 1.70. The stock’s 50 day moving average price is $27.23 and its 200-day moving average price is $25.66. E-Trade Financial Corp. has a 12-month low of $19.61 and a 12-month high of $30.98.
E-Trade Financial Corp. (NASDAQ:ETFC) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.10. E-Trade Financial Corp. had a net margin of 15.07% and a return on equity of 7.64%. The company earned $474 million during the quarter, compared to analyst estimates of $472.50 million. Equities research analysts anticipate that E-Trade Financial Corp. will post $1.70 earnings per share for the current fiscal year.
Several research analysts have recently commented on the company. Morgan Stanley assumed coverage on E-Trade Financial Corp. in a research note on Monday, September 26th. They set an “equal weight” rating and a $29.00 target price for the company. Credit Agricole SA lifted their target price on E-Trade Financial Corp. from $29.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, September 22nd. Credit Suisse Group AG assumed coverage on E-Trade Financial Corp. in a research note on Wednesday, September 21st. They set an “outperform” rating and a $33.00 target price for the company. Bank of America Corp. reiterated a “buy” rating and set a $28.00 target price on shares of E-Trade Financial Corp. in a research note on Tuesday, September 13th. Finally, Barclays PLC set a $30.00 target price on E-Trade Financial Corp. and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $30.32.
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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