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It appears that the mandatory regulatory repositioning of Etrade stock is complete. U.S. Securities and Exchange Commission filings show that Etrade's largest shareholder, Citadel, has now sold off $206.8 million over the last couple weeks. These sales reduce their stake to a more comfortable level of 9.4% of the shares outstanding. Citadel's primary purpose for selling is to stay below the 10% mark; bank stakes above 9.9% require investors to submit intensive federal oversight that a hedge fund like Citadel desperately wants to avoid. Citadel actually owns much more than 9.4% of Etrade but because of an agreement that restricts their ability to convert Etrade debt into stock, they are able to escape the regulatory headache. Citadel may want to continue to reduce their holdings in order to have increased wiggle room underneath 9.9% for future conversions but the rate of sales appears to have moderated significantly.
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