The operator, as you say, seems to evoke periodicity, but this is in general illusory, aside from when the quantum system has energy eigenstates whose energies are rational number multiples of one another. The quantum harmonic oscillator is a simple example of this, indeed one of the very few possible examples when we talk about countably infinite dimensional (separable) quantum state spaces. I discuss the special nature of the quantum harmonic oscillator in my answer here.
As the notation correctly implies, the time variation of each energy eigenstate is the time harmonic function $\exp\left(-i\,\frac{E}{\hbar}\,t\right)$. But if there are two or more of these eigenfunctions present, a linear superposition of them can only be harmonic if all the energies are rational number multiples of one another. To understand this statement, think of the two eigenstate superposition: $A\,exp(-i\alpha\,t) + B\,\exp(-i\beta\,t)$. This comes back to its beginning value only if $exp(-i\alpha\,t) = \exp(-i\beta\,t) = 1$ which can only be so if $\beta\,t = 2 b \pi;\,\alpha\,t = 2 a \pi$ for $a,\,b\in\mathbb{N}$. Otherwise put, $\alpha / \beta = a/b$, so the ratio must be rational.
A wonderful way to picture this is to think of the quantum state space as the torus: the Cartesian product of two circles. Trajectories through time for a superposition of the two eigenstates are helices that wind themselves around the torus like a wire on a toroidal inductor. If the eigenfrequencies are rationally related, the trajectory meets up with itself and a periodic cycle follows. If not, the thread winding around the torus never gets back to its beginning point and indeed the trajectory is dense on the torus! As the ratio becomes "less rational" i.e. $a/b$ in its standard form (with all cancelations done) becomes the ratio of bigger and bigger numbers, the period becomes longer and longer.
Now if you add into the mix many eigenfrequencies, all of which can be irrationally related, you can see that pretty quickly the superposition is going to become highly complicated and all likeness of periodicity will vanish, aside from for special cases like the QHO.