Meridian Investment Counsel Inc. continued to hold its stake in shares of E*TRADE Financial Corporation (NASDAQ:ETFC) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 8,400 shares of the financial services provider’s stock at the end of the second quarter. Meridian Investment Counsel Inc.’s holdings in E*TRADE Financial Corporation were worth $319,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management raised its stake in shares of E*TRADE Financial Corporation by 4.3% in the second quarter. Picton Mahoney Asset Management now owns 261,600 shares of the financial services provider’s stock worth $9,947,000 after purchasing an additional 10,800 shares during the last quarter. Capstone Investment Advisors Netherlands B.V. purchased a new position in shares of E*TRADE Financial Corporation in the second quarter worth about $244,000. PDT Partners LLC raised its stake in shares of E*TRADE Financial Corporation by 39.6% in the second quarter. PDT Partners LLC now owns 243,226 shares of the financial services provider’s stock worth $9,250,000 after purchasing an additional 68,972 shares during the last quarter. Junto Capital Management LP raised its stake in shares of E*TRADE Financial Corporation by 144.3% in the second quarter. Junto Capital Management LP now owns 1,475,008 shares of the financial services provider’s stock worth $56,095,000 after purchasing an additional 871,208 shares during the last quarter. Finally, Frontier Wealth Management LLC purchased a new position in shares of E*TRADE Financial Corporation in the second quarter worth about $234,000. Hedge funds and other institutional investors own 92.64% of the company’s stock.

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E*TRADE Financial Corporation (NASDAQ:ETFC) traded up 0.95% during mid-day trading on Friday, hitting $43.61. The stock had a trading volume of 2,165,361 shares. E*TRADE Financial Corporation has a 12-month low of $27.33 and a 12-month high of $43.67. The stock has a 50-day moving average price of $40.64 and a 200 day moving average price of $37.26. The firm has a market cap of $12.01 billion, a P/E ratio of 20.38 and a beta of 1.46.

E*TRADE Financial Corporation (NASDAQ:ETFC) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $553.31 million. During the same period last year, the firm earned $0.48 EPS. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. Equities analysts anticipate that E*TRADE Financial Corporation will post $2.26 EPS for the current fiscal year.

E*TRADE Financial Corporation declared that its Board of Directors has initiated a share repurchase program on Thursday, July 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Several research analysts have recently issued reports on the company. Zacks Investment Research cut E*TRADE Financial Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, September 20th. SunTrust Banks, Inc. restated a “buy” rating and issued a $50.00 price objective on shares of E*TRADE Financial Corporation in a research note on Monday, September 18th. Barclays PLC assumed coverage on E*TRADE Financial Corporation in a research note on Friday, September 8th. They issued an “overweight” rating and a $45.00 price objective for the company. BidaskClub cut E*TRADE Financial Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $43.00 price objective (up from $40.00) on shares of E*TRADE Financial Corporation in a research note on Tuesday, July 25th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $43.13.

In other E*TRADE Financial Corporation news, insider Michael John Curcio sold 33,474 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 267,151 shares of the company’s stock, valued at approximately $10,787,557.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brent Simonich sold 5,696 shares of the stock in a transaction that occurred on 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 directly owns 31,557 shares of the company’s stock, valued at $1,309,615.50. The disclosure for this sale can be found here. Insiders have sold a total of 72,623 shares of company stock valued at $2,915,711 over the last ninety days. 0.17% of the stock is owned by insiders.

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.

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

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