E-Trade Group Inc. is the latest discount broker to announce a stock split.
The on-line broker said Friday it would split its stock 2-for-1 on May 7. E-Trade has been publicly traded since August 1996. This is the company's second stock split. The first was in January. E-Trade's stock closed up $8.0625 at $104.0625 Friday.
Stocks of on-line brokerage firms have rocketed in recent months, as more retail investors trade stocks on the Internet. The rally has prompted some brokerages that are not publicly traded to explore stock offerings.
E-Trade's announcement came one day after Charles Schwab & Co. of San Francisco announced a stock split. It will be Schwab's seventh since 1991.