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E*Trade up 3% after beat and buyback announcement

Published 07/21/2017, 09:01 AM
© Reuters.  E*Trade up 3% after beat and buyback announcement
ETFC
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  • After items, net income of $143M or $0.52 per share vs. $145M and $0.48 one year ago. Expectations had been for $0.48.
  • There was some good news on the credit front, where the company booked a $99M benefit to loan loss provisions thanks to the outperformance (vs. expectations) of loans as they converted from interest-only to amortizing.
  • Thanks to a lower leverage ratio threshold, the company announces a $1B buyback program.
  • ETFC +3% premarket
  • Previously: E*TRADE Financial beats by $0.04, beats on revenue (July 20)
  • Now read: BGC Partners (BGCP) Acquires Berkeley Point Financial - M&A Slideshow


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