Convergence Investment Partners LLC increased its stake in E*TRADE Financial Corporation (NASDAQ:ETFC) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,018 shares of the financial services provider’s stock after buying an additional 538 shares during the period. Convergence Investment Partners LLC’s holdings in E*TRADE Financial Corporation were worth $3,385,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Macquarie Group Ltd. increased its stake in E*TRADE Financial Corporation by 1,850.8% in the fourth quarter. Macquarie Group Ltd. now owns 126,800 shares of the financial services provider’s stock valued at $4,394,000 after buying an additional 120,300 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in E*TRADE Financial Corporation by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 236,789 shares of the financial services provider’s stock valued at $8,262,000 after buying an additional 7,438 shares during the last quarter. Bank of Montreal Can increased its stake in E*TRADE Financial Corporation by 85.8% in the first quarter. Bank of Montreal Can now owns 527,196 shares of the financial services provider’s stock valued at $18,393,000 after buying an additional 243,420 shares during the last quarter. Capstone Asset Management Co. increased its stake in E*TRADE Financial Corporation by 11.7% in the first quarter. Capstone Asset Management Co. now owns 38,337 shares of the financial services provider’s stock valued at $1,338,000 after buying an additional 4,030 shares during the last quarter. Finally, Americafirst Capital Management LLC bought a new stake in E*TRADE Financial Corporation during the first quarter valued at about $152,000. Hedge funds and other institutional investors own 93.19% of the company’s stock.

E*TRADE Financial Corporation (NASDAQ:ETFC) opened at 40.07 on Friday. The firm has a market cap of $11.04 billion, a P/E ratio of 18.72 and a beta of 1.48. The company has a 50-day moving average price of $39.68 and a 200-day moving average price of $36.48. E*TRADE Financial Corporation has a 12-month low of $24.85 and a 12-month high of $42.19.

E*TRADE Financial Corporation (NASDAQ:ETFC) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.04. E*TRADE Financial Corporation had a return on equity of 9.06% and a net margin of 28.42%. The business had revenue of $577 million for the quarter, compared to analysts’ expectations of $553.31 million. During the same quarter in the previous year, the business posted $0.48 EPS. E*TRADE Financial Corporation’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, analysts predict that E*TRADE Financial Corporation will post $2.26 earnings per share for the current year.

E*TRADE Financial Corporation declared that its board has authorized a stock buyback plan on Thursday, July 20th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 9.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

ILLEGAL ACTIVITY NOTICE: This report was originally reported by Daily Political and is owned by of Daily Political. If you are reading this report on another website, it was stolen and reposted in violation of U.S. & international copyright and trademark legislation. The correct version of this report can be accessed at https://www.dailypolitical.com/2017/08/13/etrade-financial-corporation-nasdaqetfc-stake-raised-by-convergence-investment-partners-llc.html.

ETFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods restated a “hold” rating and set a $41.00 price objective on shares of E*TRADE Financial Corporation in a report on Friday, April 21st. SunTrust Banks, Inc. restated a “buy” rating and set a $42.00 price objective (up previously from $40.00) on shares of E*TRADE Financial Corporation in a report on Sunday, April 23rd. Deutsche Bank AG restated a “buy” rating and set a $40.00 price objective (up previously from $39.00) on shares of E*TRADE Financial Corporation in a report on Sunday, April 23rd. Instinet restated a “buy” rating and set a $44.00 price objective (up previously from $42.00) on shares of E*TRADE Financial Corporation in a report on Sunday, April 23rd. Finally, UBS AG restated a “buy” rating and set a $43.00 price objective (up previously from $42.00) on shares of E*TRADE Financial Corporation in a report on Monday, April 24th. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $40.94.

In other E*TRADE Financial Corporation news, Director James P. Healy acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were acquired at an average price of $41.97 per share, for a total transaction of $209,850.00. Following the acquisition, the director now directly owns 40,792 shares of the company’s stock, valued at approximately $1,712,040.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brent Simonich sold 5,696 shares of E*TRADE Financial Corporation stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $41.50, for a total value of $236,384.00. Following the transaction, the insider now owns 31,557 shares in the company, valued at approximately $1,309,615.50. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

E*TRADE Financial Corporation Company Profile

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.

Want to see what other hedge funds are holding ETFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for E*TRADE Financial Corporation (NASDAQ:ETFC).

Institutional Ownership by Quarter for E*TRADE Financial Corporation (NASDAQ:ETFC)

Receive News & Ratings for E*TRADE Financial Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for E*TRADE Financial Corporation and related companies with MarketBeat.com's FREE daily email newsletter.