Jane Street Group LLC cut its holdings in Eaton Vance Corp (NYSE:EV) by 80.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,334 shares of the asset manager’s stock after selling 26,171 shares during the quarter. Jane Street Group LLC’s holdings in Eaton Vance were worth $273,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Rehmann Capital Advisory Group raised its stake in Eaton Vance by 127.0% in the first quarter. Rehmann Capital Advisory Group now owns 901 shares of the asset manager’s stock valued at $36,000 after buying an additional 504 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of Eaton Vance by 59.4% in the second quarter. Advisory Services Network LLC now owns 1,092 shares of the asset manager’s stock worth $47,000 after purchasing an additional 407 shares during the last quarter. Flagship Harbor Advisors LLC raised its stake in shares of Eaton Vance by 155.6% in the second quarter. Flagship Harbor Advisors LLC now owns 1,411 shares of the asset manager’s stock worth $60,000 after purchasing an additional 859 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in shares of Eaton Vance in the second quarter worth about $77,000. Finally, Arcus Capital Partners LLC purchased a new position in shares of Eaton Vance in the second quarter worth about $91,000. Institutional investors own 70.78% of the company’s stock.
Shares of NYSE:EV opened at $43.47 on Friday. Eaton Vance Corp has a 52-week low of $32.28 and a 52-week high of $47.44. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 2.27 and a beta of 1.55. The company has a quick ratio of 11.85, a current ratio of 11.85 and a debt-to-equity ratio of 1.98. The business has a 50-day moving average price of $43.60 and a 200-day moving average price of $42.02.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.375 per share. This is a boost from Eaton Vance’s previous quarterly dividend of $0.35. This represents a $1.50 annualized dividend and a yield of 3.45%. Eaton Vance’s dividend payout ratio (DPR) is currently 43.61%.
Eaton Vance declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 10th that authorizes the company to buyback 8,000,000 shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Several brokerages have recently issued reports on EV. ValuEngine upgraded Eaton Vance from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research upgraded Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Friday, August 30th. JPMorgan Chase & Co. reduced their price objective on Eaton Vance from $44.00 to $42.00 and set an “underweight” rating for the company in a research note on Wednesday, August 28th. Finally, Credit Suisse Group raised their price objective on Eaton Vance from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. Eaton Vance presently has a consensus rating of “Hold” and an average target price of $43.57.
In related news, Director Brian D. Langstraat sold 3,772 shares of Eaton Vance stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $43.89, for a total transaction of $165,553.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leo I. Higdon, Jr. sold 4,883 shares of Eaton Vance stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $44.32, for a total value of $216,414.56. The disclosure for this sale can be found here.
Eaton Vance Company Profile
Eaton Vance Corp., through its subsidiaries, engages in the creation, marketing, and management of investment funds in the United States. It also provides investment management and counseling services to institutions and individuals. Further, the company operates as an adviser and distributor of investment companies and separate accounts.
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