E*TRADE Financial up 6.6% on Strong Q1 Earnings

E*TRADE Financial

is trading higher on the session following its Q1 earnings announcement earlier today. The company reported an EPS of $0.13 vs $0.09 estimates and revenues $489 million vs $455.10 million estimates. Steven Freiberg, Chief Executive Officer of E*TRADE Financial stated: “We started the year off with a solid first quarter, reflecting good momentum in the core brokerage business, and continued improvement in our legacy loan portfolio. Achieving firm records in net new brokerage assets and account retention are a testament to our ongoing efforts in sales and service, while trading activity benefited from market-wide reengagement of the retail investor during the quarter. Meanwhile, we continued to improve our risk profile as our legacy loan portfolio declined in size and risk – now accounting for less than a quarter of the firm's assets with total special mention delinquencies down 20 percent sequentially, and down 26 percent year over year.” E*TRADE Financial is currently trading at $10.52, a gain of $0.65 or 6.58%. The stock is up 32% year-to-date.