E-Trade Shares Jump After Earnings Beat, Upgrade

NEW YORK (TheStreet) -- E-Trade Financial Corp.  (ETFC) Shares were among the best performers in the financial sector Thursday after first quarter earnings results handily beat analyst estimates and Sander O'Neill analyst Richard Repetto upgraded the stock.

Shares were higher by 6.23% to $22.84 shortly before noon on Thursday.

E-Trade earned $0.33 per share versus a consensus expectation of $0.23, the online broker reported late Wednesday after the market closed.

KBW analyst Joel Jeffrey cited "higher than expected net interest income and a lower than expected provision expense," for the positive results. He left his recommendation unchanged at market perform but raised earnings estimates and his target price due to the results as well as "more favorable company guidance." 

Repetto's report could not immediately be obtained.

Follow @dan_freed

 

 

 

 

 

 

 

 

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

More from Stocks

Tech Stocks Have You Baffled? Educate Yourself in Some Portfolio Diversification

Tech Stocks Have You Baffled? Educate Yourself in Some Portfolio Diversification

Alphabet Shares Rise on Earnings, Revenue Beat But Some Concerns Remain

Alphabet Shares Rise on Earnings, Revenue Beat But Some Concerns Remain

Semiconductor Stocks Get Smashed Again as Earnings Weakness Continues
Dow and Nasdaq Finish Lower as 10-Year Treasury Yield Hovers Near 3%

Dow and Nasdaq Finish Lower as 10-Year Treasury Yield Hovers Near 3%

Video: Jim Cramer on Trade Tariffs, Rising Rates, Kimberly Clark and Hasbro

Video: Jim Cramer on Trade Tariffs, Rising Rates, Kimberly Clark and Hasbro