E TRADE Financial Corporation (NASDAQ:ETFC) Is Up 28% Since August


Dallas, Texas 10/22/2013 (Financialstrend) – E TRADE Financial Corporation (NASDAQ:ETFC) is a national investment management and brokerage firm.  In the past 90 days the stock has gained 28%. As of close of business on October 22, it was trading at $17.43 per share, up 3% from close of business previous week. At current valuations the stock of this $5 billion market capitalized trading house is trading just 1.6% lower than its 52 week high bench mark.

Since August it has recorded steady improvement in trading.  Its daily average revenue trade is posting a month on month increase over the past couple of months. In August, the average revenue trades went up by 5% in comparison to July trades. It has scripted an even more impressive 21% increase in the trading numbers in comparison to September of 2012. Over the trailing 12 months, it has posted sales of $2.08 billion.

Investors who had bought into the stock last year would have seen an 82% appreciation in the past 12 months. The general upturn in wider economic scenario is also reflected in the number of special delinquencies in its loan roster. The loan book defaulters classified as those which are delinquency age between 30 to 89 days has gone up 9%. While any increase in defaulter rate is bad for business, trade veterans point out that the special delinquencies have gone down 21% compared to same period of last year.

In its efforts to shed non core business and build its cash chest to support future loan disbursements, E TRADE Financial Corporation (NASDAQ:ETFC) has put its “G1 Execution Services (G1X) market-making unit” on the block since July this year. It was reported earlier that Citadel was one of the interested parties in the market making unit. On October 6, unconfirmed reports came out indicating Citadel’s disinterest in moving forward with the purchase discussions.

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