ETFC Gains 20%+

E*TRADE FINANCIAL Corporation (ETFC) announced earlier today that "special mention" delinquencies (30 to 89 days delinquent) for its home equity portfolio declined by 16% since 2008, which suggests some stabilization.

Specifically, the delinquencies declined by 9% in January from December, and another 8% in February from January.

Shares of the company have surged by more than 20% today on the news.

Meanwhile, home equity “at risk” delinquencies (30 to 179 days delinquent) show a cumulative decline of 1% quarter to date.

ETFC also provided its Monthly Activity Report for February. The company's total retail accounts are now at a record 4.57 million. During the month, it opened 62,361 gross new retail accounts, with net new retail accounts of 10,684. Total Daily Average Revenue Trades (DARTs) declined sequentially by 1.3% to 181,744.

ETFC is currently a Zacks #3 Rank ("hold") company.

Read the full analyst report on ETFC