This is Deutsche Bank's takeaway on Ameritrade's AMTD Earnings.

TD Ameritrade Holding Corporation AMTD  reported earnings earlier this morning. AMTD beat on Q4 earnings and hiked its dividend.  TD Ameritrade’s net income for the quarter was $211 million, up 5.5% from the prior-year quarter. For full-year fiscal 2014, TD Ameritrade’s net income was $787 million, up 16.6% year over year.

Ameritrade reported $795 million in quarterly revenues; a 3% rise from average analyst expectation $771 million.

Deutsche Bank released a market research summary this morning on Ameritrade Holdings. This is the summary:

Deutsche Bank has rated Ameritrade AMTD  with a “Buy” rating; and, a price target of $39 per share.

The key takeaway was AMTD’s solid quarter performance; management’s confidence on outlook for 2015.

Deutsche Bank was impressed with trading revenue of $332 million exceeding by 3.43% vs the expectation of $321 million.

DB felt that AMTD was “likely to continue returning over 60%” of earnings in FY 2015 through the share repurchase program and quarterly dividends.  The dividend was raised 25% from $0.12 to $0.15.

On the negative front, Deutsche Bank felt that the accruement of new assets tailed DB’s expectations. AMTD gathered $13.4 billion vs the expectation of $14.6 billion, representing a 8% shortfall.

Overall, the tone was positive and DB reiterated its “buy” rating on the stock and increased price target to $39—based on AMTD performing 19-20x on DB’s 2016 modeling.

As of 10:25 shares of AMTD are trading up fractionally on average volume.