E*TRADE Financial Corporation
) hit a new 52-week high, touching $15.35 in the first half of
the trading session on Aug 2. However, the stock closed the
session at $15.29, reflecting a solid year-to-date return of
66.4%. The trading volume for the session was 2.1 million shares.
Despite the strong price appreciation, this Zacks Rank #2 (Buy)
bank has plenty of upside left, given its strong estimate
revisions over the past 30 days and expected year-over-year
earnings growth of 12.0% for 2013.
E*TRADE's impressive price performance reflects solid
second-quarter 2013 results, including a positive earnings
surprise of 61.54%. Additionally, the company maintains a robust
capital position in compliance with the regulatory guidelines.
On Jul 22, E*TRADE declared net income of 21 cents per share,
substantially beating the Zacks Consensus Estimate of 13 cents
and higher than the prior quarter figure of 12 cents.
The top line improved with daily average revenue trades (DARTs)
for the reported quarter increasing 1% sequentially to 150,000.
Moreover, excluding the goodwill impairment and other
non-recurring items, core operating expenses declined $21 million
sequentially to $262 million.
Estimate Revisions Show Potency
In the last 30 days, the Zacks Consensus Estimate for 2013
increased 26.0% to 63 cents per share. For 2014, the Zacks
Consensus Estimate advanced 19.7% to 73 cents per share over the
same time frame.
Some other banks that are also worth considering include
TD Ameritrade Holding Corporation
) with a Zacks Rank #1 (Strong Buy), and
BGC Partners, Inc.
) with a Zacks Rank #2.
TD AMERITRADE (AMTD): Free Stock Analysis
BGC PARTNRS INC (BGCP): Free Stock Analysis
E TRADE FINL CP (ETFC): Free Stock Analysis
FXCM INC-A (FXCM): Free Stock Analysis Report
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