Alliancebernstein L.P. cut its stake in E*TRADE Financial Corporation (NASDAQ:ETFC) by 5.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 477,835 shares of the financial services provider’s stock after selling 26,435 shares during the quarter. Alliancebernstein L.P. owned about 0.17% of E*TRADE Financial Corporation worth $18,172,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisors Asset Management Inc. raised its holdings in E*TRADE Financial Corporation by 80.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 3,239 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 1,448 shares in the last quarter. Exane Derivatives bought a new position in E*TRADE Financial Corporation in the 2nd quarter worth $130,000. Meeder Asset Management Inc. raised its holdings in E*TRADE Financial Corporation by 163.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 5,656 shares of the financial services provider’s stock worth $215,000 after purchasing an additional 3,513 shares in the last quarter. Eagle Global Advisors LLC bought a new position in E*TRADE Financial Corporation in the 2nd quarter worth $221,000. Finally, Candriam Luxembourg S.C.A. bought a new position in E*TRADE Financial Corporation in the 2nd quarter worth $226,000. Institutional investors and hedge funds own 92.64% of the company’s stock.

Several research analysts have commented on the stock. Zacks Investment Research lowered shares of E*TRADE Financial Corporation from a “buy” rating to a “hold” rating in a report on Wednesday. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $50.00 price target on shares of E*TRADE Financial Corporation in a research note on Monday, September 18th. Barclays PLC assumed coverage on shares of E*TRADE Financial Corporation in a research note on Friday, September 8th. They issued an “overweight” rating and a $45.00 price target for the company. BidaskClub lowered shares of E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $43.00 price target (up from $40.00) on shares of E*TRADE Financial Corporation in a research note on Tuesday, July 25th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $43.13.

TRADEMARK VIOLATION NOTICE: This news story was originally reported by Daily Political and is owned by of Daily Political. If you are viewing this news story on another domain, it was copied illegally and republished in violation of US and international trademark & copyright laws. The legal version of this news story can be viewed at https://www.dailypolitical.com/2017/09/23/alliancebernstein-l-p-decreases-holdings-in-etrade-financial-corporation-etfc.html.

In other news, insider Michael John Curcio sold 33,474 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $40.38, for a total transaction of $1,351,680.12. Following the sale, the insider now owns 267,151 shares in the company, valued at $10,787,557.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brent Simonich sold 5,696 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $41.50, for a total value of $236,384.00. Following the sale, 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 have sold 72,623 shares of company stock worth $2,915,711 in the last 90 days. Insiders own 0.17% of the company’s stock.

Shares of E*TRADE Financial Corporation (NASDAQ ETFC) opened at 41.82 on Friday. E*TRADE Financial Corporation has a one year low of $27.33 and a one year high of $42.19. The stock has a market cap of $11.52 billion, a P/E ratio of 19.54 and a beta of 1.46. The stock’s 50 day moving average is $40.64 and its 200-day moving average is $37.26.

E*TRADE Financial Corporation (NASDAQ:ETFC) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.52 earnings per share for the quarter, topping the Zacks’ 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 $577.00 million for the quarter, compared to analyst estimates of $553.31 million. During the same quarter in the previous year, the firm earned $0.48 earnings per share. The company’s revenue was up 21.7% on a year-over-year basis. On average, equities analysts forecast that E*TRADE Financial Corporation will post $2.26 EPS for the current year.

E*TRADE Financial Corporation announced that its Board of Directors has authorized a share buyback program 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 programs are typically a sign that the company’s board believes its shares are undervalued.

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.

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.