The E-Trade Financial Corp. (ETFC) Downgraded by Bank of America Corp.

The E-Trade Financial Corp. (ETFC) Downgraded by Bank of America Corp.

E-Trade Financial Corp. (NASDAQ:ETFC) was downgraded by investment analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research report issued on Thursday, The Fly reports.

Other analysts have also issued reports about the company. Barclays PLC set a $30.00 target price on E-Trade Financial Corp. and gave the stock a “buy” rating in a research report on Tuesday, August 9th. Nomura reaffirmed a “buy” rating and set a $32.00 target price on shares of E-Trade Financial Corp. in a research report on Wednesday, August 3rd. Compass Point dropped their target price on E-Trade Financial Corp. from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, July 22nd. Deutsche Bank AG lifted their target price on E-Trade Financial Corp. from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, July 18th. Finally, Buckingham Research initiated coverage on E-Trade Financial Corp. in a research report on Wednesday, July 13th. They set a “buy” rating and a $29.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $30.65.

Shares of E-Trade Financial Corp. (NASDAQ:ETFC) opened at 28.71 on Thursday. E-Trade Financial Corp. has a 1-year low of $19.61 and a 1-year high of $30.98. The firm’s 50-day moving average price is $27.69 and its 200 day moving average price is $25.78. The stock has a market capitalization of $7.95 billion, a P/E ratio of 37.63 and a beta of 1.70.

E-Trade Financial Corp. (NASDAQ:ETFC) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.38 by $0.10. E-Trade Financial Corp. had a return on equity of 7.64% and a net margin of 15.07%. The company had revenue of $474 million for the quarter, compared to analyst estimates of $472.50 million. Analysts expect that E-Trade Financial Corp. will post $1.70 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Capstone Asset Management Co. increased its position in shares of E-Trade Financial Corp. by 0.8% in the third quarter. Capstone Asset Management Co. now owns 34,321 shares of the company’s stock valued at $999,000 after buying an additional 259 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of E-Trade Financial Corp. during the third quarter valued at about $515,000. Eagle Asset Management Inc. increased its position in shares of E-Trade Financial Corp. by 0.5% in the third quarter. Eagle Asset Management Inc. now owns 127,789 shares of the company’s stock valued at $3,721,000 after buying an additional 590 shares in the last quarter. Cupps Capital Management LLC increased its position in shares of E-Trade Financial Corp. by 16.0% in the third quarter. Cupps Capital Management LLC now owns 53,443 shares of the company’s stock valued at $1,556,000 after buying an additional 7,371 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of E-Trade Financial Corp. by 13.5% in the third quarter. Fisher Asset Management LLC now owns 1,262,365 shares of the company’s stock valued at $36,760,000 after buying an additional 150,516 shares in the last quarter. Institutional investors and hedge funds own 91.48% of the company’s stock.

E-Trade Financial Corp. Company Profile

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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