NEW YORK (TheStreet) -- E*Trade Financial (ETFC) shares are climbing 2.4% to $22.01 in after-market trading on Wednesday following the release of the company's first quarter earnings results.
E*Trade posted quarterly net income of $97 million, or 33 cents per share, more than doubling the $35 million it reported during the same period in 2013.
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Year over year quarterly revenue increased 11% to $475 million, beating analysts consensus estimates of $454.5 million.
The online brokerage company increased brokerage accounts registered with the site by 72,000.
TheStreet Ratings team rates E TRADE FINANCIAL CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate E TRADE FINANCIAL CORP (ETFC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations, expanding profit margins and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."