Eaton Vance Corp. (NYSE:EV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Eaton Vance Corp.’s principal business is creating, marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries, Eaton Vance Management and Boston Management and Research.The Company’s growth has resulted from its ability to develop, offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. “
In other Eaton Vance Corp. news, Director Winthrop H. Smith, Jr. sold 8,197 shares of the company’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $37.20, for a total value of $304,928.40. Following the completion of the sale, the director now directly owns 17,197 shares of the company’s stock, valued at approximately $639,728.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Eaton Vance Corp. (NYSE:EV) traded down 0.32% on Tuesday, hitting $37.51. 635,506 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $35.94 and its 200 day moving average price is $33.07. The stock has a market cap of $4.11 billion and a price-to-earnings ratio of 17.90. Eaton Vance Corp. has a 12-month low of $26.44 and a 12-month high of $39.72.
Eaton Vance Corp. (NYSE:EV) last released its quarterly earnings results on Wednesday, May 25th. The company reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48. The firm had revenue of $323.30 million for the quarter, compared to the consensus estimate of $322.37 million. During the same quarter in the prior year, the company posted $0.58 EPS. The firm’s revenue was down 8.1% on a year-over-year basis. On average, equities analysts predict that Eaton Vance Corp. will post $2.10 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, July 29th will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Wednesday, July 27th.
A number of hedge funds have recently bought and sold shares of EV. American Century Companies Inc. raised its stake in Eaton Vance Corp. by 683.9% in the second quarter. American Century Companies Inc. now owns 1,020,561 shares of the company’s stock worth $36,067,000 after buying an additional 890,365 shares in the last quarter. Boston Advisors LLC purchased a new stake in Eaton Vance Corp. during the second quarter worth approximately $351,000. Seaward Management Limited Partnership raised its stake in Eaton Vance Corp. by 2.4% in the second quarter. Seaward Management Limited Partnership now owns 20,944 shares of the company’s stock worth $740,000 after buying an additional 500 shares in the last quarter. Strs Ohio raised its stake in Eaton Vance Corp. by 4,947.9% in the second quarter. Strs Ohio now owns 3,685 shares of the company’s stock worth $130,000 after buying an additional 3,612 shares in the last quarter. Finally, Smith Asset Management Group LP purchased a new stake in Eaton Vance Corp. during the second quarter worth approximately $12,635,000.
Eaton Vance Corp. is engaged in business of managing investment funds and providing investment management and advisory services to individuals and institutions. The Company seeks to develop and sustain management expertise across a range of investment disciplines, and offer investment products and services through various distribution channels.
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