E*TRADE Financial Corporation (ETFC) Position Raised by Southpoint Capital Advisors LP

Southpoint Capital Advisors LP increased its stake in E*TRADE Financial Corporation (NASDAQ:ETFC) by 54.8% during the first quarter, Holdings Channel reports. The firm owned 3,870,000 shares of the financial services provider’s stock after buying an additional 1,370,000 shares during the period. E*TRADE Financial Corporation comprises about 5.7% of Southpoint Capital Advisors LP’s holdings, making the stock its 5th largest position. Southpoint Capital Advisors LP’s holdings in E*TRADE Financial Corporation were worth $135,024,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new position in E*TRADE Financial Corporation during the fourth quarter valued at approximately $10,170,000. ING Groep NV increased its stake in E*TRADE Financial Corporation by 55.2% in the fourth quarter. ING Groep NV now owns 15,755 shares of the financial services provider’s stock worth $545,000 after buying an additional 5,606 shares during the last quarter. Commerzbank Aktiengesellschaft FI acquired a new stake in E*TRADE Financial Corporation during the fourth quarter worth about $206,000. Cleararc Capital Inc. acquired a new stake in E*TRADE Financial Corporation during the fourth quarter worth about $231,000. Finally, State Street Corp increased its stake in E*TRADE Financial Corporation by 8.3% in the fourth quarter. State Street Corp now owns 12,534,267 shares of the financial services provider’s stock worth $434,318,000 after buying an additional 955,318 shares during the last quarter. 92.00% of the stock is currently owned by hedge funds and other institutional investors.

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

E*TRADE Financial Corporation (ETFC) traded down 0.54% during mid-day trading on Friday, reaching $37.05. 3,172,593 shares of the company were exchanged. The stock’s 50-day moving average price is $35.26 and its 200-day moving average price is $35.38. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of 19.21 and a beta of 1.40. E*TRADE Financial Corporation has a 1-year low of $21.52 and a 1-year high of $38.61.

E*TRADE Financial Corporation (NASDAQ:ETFC) last released its earnings results on Thursday, April 20th. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.09. E*TRADE Financial Corporation had a return on equity of 9.09% and a net margin of 26.90%. The company had revenue of $553 million during the quarter, compared to the consensus estimate of $532.43 million. During the same period in the previous year, the company posted $0.43 EPS. E*TRADE Financial Corporation’s revenue was up 17.2% compared to the same quarter last year. On average, equities research analysts anticipate that E*TRADE Financial Corporation will post $1.96 EPS for the current fiscal year.

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A number of research firms recently issued reports on ETFC. SunTrust Banks, Inc. upped their price target on shares of E*TRADE Financial Corporation from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Friday. BidaskClub raised shares of E*TRADE Financial Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Zacks Investment Research downgraded shares of E*TRADE Financial Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, February 28th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $41.00 price target (up previously from $40.00) on shares of E*TRADE Financial Corporation in a research note on Monday. Finally, Sandler O’Neill downgraded shares of E*TRADE Financial Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, March 2nd. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $36.12.

In other news, insider Rodger A. Lawson sold 7,947 shares of the business’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $33.03, for a total transaction of $262,489.41. Following the completion of the transaction, the insider now directly owns 94,910 shares of the company’s stock, valued at $3,134,877.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.17% of the company’s stock.

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).

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