ValuEngine upgraded shares of Eaton Vance Corporation (NYSE:EV) from a hold rating to a buy rating in a report released on Wednesday morning.
Several other brokerages also recently weighed in on EV. Zacks Investment Research upgraded shares of Eaton Vance from a sell rating to a hold rating in a research report on Tuesday, October 24th. Deutsche Bank AG began coverage on shares of Eaton Vance in a research report on Tuesday, October 17th. They set a buy rating and a $57.00 price objective for the company. Keefe, Bruyette & Woods reiterated a hold rating and issued a $53.00 price target on shares of Eaton Vance in a research report on Friday, November 10th. Jefferies Group LLC reiterated a hold rating and issued a $46.00 price target on shares of Eaton Vance in a research report on Thursday, October 26th. Finally, Bank of America Corporation upped their price target on shares of Eaton Vance from $49.00 to $51.00 and gave the company a neutral rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $52.06.
Shares of Eaton Vance (NYSE:EV) opened at $52.61 on Wednesday. The firm has a market cap of $6,130.00, a P/E ratio of 21.30, a PEG ratio of 1.01 and a beta of 1.85. The company has a current ratio of 1.85, a quick ratio of 5.74 and a debt-to-equity ratio of 0.01. Eaton Vance has a 12-month low of $39.93 and a 12-month high of $53.30.
Eaton Vance (NYSE:EV) last issued its quarterly earnings data on Tuesday, November 21st. The asset manager reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.01). The company had revenue of $405.70 million for the quarter, compared to analysts’ expectations of $407.75 million. Eaton Vance had a return on equity of 33.45% and a net margin of 18.45%. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. research analysts expect that Eaton Vance will post 2.96 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st were given a $0.31 dividend. This is an increase from Eaton Vance’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, October 30th. This represents a $1.24 annualized dividend and a yield of 2.36%. Eaton Vance’s dividend payout ratio is 51.24%.
In other Eaton Vance news, CEO Thomas E. Faust, Jr. sold 73,982 shares of the company’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $48.20, for a total transaction of $3,565,932.40. Following the completion of the transaction, the chief executive officer now owns 2,697,576 shares in the company, valued at approximately $130,023,163.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Frederick S. Marius sold 8,915 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $47.55, for a total transaction of $423,908.25. Following the transaction, the insider now owns 30,955 shares of the company’s stock, valued at approximately $1,471,910.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 596,037 shares of company stock valued at $29,808,641.
Institutional investors have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. raised its position in Eaton Vance by 437.3% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock worth $100,000 after buying an additional 1,653 shares during the last quarter. WFG Advisors LP raised its position in Eaton Vance by 0.6% during the 2nd quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock worth $111,000 after buying an additional 14 shares during the last quarter. Pacad Investment Ltd. purchased a new position in Eaton Vance during the 2nd quarter worth $166,000. CIBC Asset Management Inc purchased a new position in Eaton Vance during the 3rd quarter worth $200,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Eaton Vance by 44.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,197 shares of the asset manager’s stock worth $199,000 after buying an additional 1,296 shares during the last quarter. Institutional investors own 69.49% of the company’s stock.
About Eaton Vance
Eaton Vance Corp. is engaged in the business of managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. The Company operates as an investment advisor to funds and separate accounts. The Company, through its subsidiaries and other affiliates, manages active equity, income and alternative strategies across a range of investment styles and asset classes, including the United States and global equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds.
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