Deutsche Bank AG assumed coverage on shares of Eaton Vance Corporation (NYSE:EV) in a research report sent to investors on Tuesday, October 17th. The brokerage issued a buy rating and a $57.00 price target on the asset manager’s stock.
A number of other brokerages have also issued reports on EV. BidaskClub lowered shares of Eaton Vance Corporation from a hold rating to a sell rating in a research report on Friday, July 28th. Zacks Investment Research cut Eaton Vance Corporation from a buy rating to a hold rating in a research report on Tuesday, August 8th. Jefferies Group LLC restated a hold rating and issued a $45.00 target price on shares of Eaton Vance Corporation in a research note on Wednesday, June 28th. Credit Suisse Group boosted their target price on Eaton Vance Corporation from $46.00 to $50.00 and gave the stock a neutral rating in a research report on Friday, August 11th. Finally, J P Morgan Chase & Co upgraded Eaton Vance Corporation from an underweight rating to a neutral rating and set a $48.00 price objective on the stock in a report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Eaton Vance Corporation presently has a consensus rating of Hold and a consensus price target of $51.69.
Eaton Vance Corporation (NYSE:EV) traded down $0.12 during trading on Tuesday, hitting $50.95. The company had a trading volume of 291,070 shares, compared to its average volume of 485,676. Eaton Vance Corporation has a 52 week low of $34.84 and a 52 week high of $52.36. The stock has a market cap of $5,932.45, a P/E ratio of 21.83, a P/E/G ratio of 0.98 and a beta of 1.86. The company has a debt-to-equity ratio of 0.69, a current ratio of 5.74 and a quick ratio of 5.74.
Eaton Vance Corporation (NYSE:EV) last announced its quarterly earnings results on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The business had revenue of $393.70 million for the quarter, compared to analyst estimates of $398.74 million. Eaton Vance Corporation had a net margin of 18.03% and a return on equity of 34.47%. The company’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period last year, the firm earned $0.56 earnings per share. research analysts predict that Eaton Vance Corporation will post 2.48 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be issued a dividend of $0.31 per share. This is a positive change from Eaton Vance Corporation’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Monday, October 30th. Eaton Vance Corporation’s dividend payout ratio (DPR) is 53.91%.
In other news, insider Payson F. Swaffield sold 71,739 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $51.81, for a total value of $3,716,797.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dorothy E. Puhy sold 5,953 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $51.08, for a total value of $304,079.24. The disclosure for this sale can be found here. Insiders sold 596,037 shares of company stock valued at $29,808,641 over the last three months.
A number of hedge funds have recently added to or reduced their stakes in EV. Benjamin F. Edwards & Company Inc. grew its position in shares of Eaton Vance Corporation by 437.3% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 1,653 shares in the last quarter. WFG Advisors LP raised its stake in shares of Eaton Vance Corporation by 0.6% during the second quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock valued at $111,000 after acquiring an additional 14 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of Eaton Vance Corporation during the second quarter valued at approximately $166,000. OLD Mutual Customised Solutions Proprietary Ltd. increased its holdings in Eaton Vance Corporation by 53.8% during the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 4,000 shares of the asset manager’s stock valued at $180,000 after buying an additional 1,400 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Eaton Vance Corporation by 44.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,197 shares of the asset manager’s stock valued at $199,000 after buying an additional 1,296 shares during the period. 68.31% of the stock is currently owned by institutional investors and hedge funds.
Eaton Vance Corporation Company Profile
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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