Eaton Vance Corporation (NYSE:EV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, November 2nd. The brokerage currently has a $57.00 target price on the asset manager’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.24% from the company’s previous close.
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. “
A number of other research firms have also recently issued reports on EV. Jefferies Group LLC restated a “hold” rating and set a $46.00 target price on shares of Eaton Vance Corporation in a research note on Thursday, October 26th. BidaskClub lowered shares of Eaton Vance Corporation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Bank of America Corporation raised their price target on shares of Eaton Vance Corporation from $49.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. J P Morgan Chase & Co raised shares of Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 price target on the stock in a research report on Thursday, August 24th. Finally, Deutsche Bank AG assumed coverage on shares of Eaton Vance Corporation in a report on Tuesday, October 17th. They issued a “buy” rating and a $57.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $52.06.
Shares of Eaton Vance Corporation (EV) opened at $52.18 on Thursday. Eaton Vance Corporation has a 12 month low of $38.98 and a 12 month high of $52.63. The company has a quick ratio of 5.74, a current ratio of 5.74 and a debt-to-equity ratio of 0.69. The company has a market cap of $6,071.85, a P/E ratio of 22.34, a price-to-earnings-growth ratio of 1.00 and a beta of 1.86.
Eaton Vance Corporation (NYSE:EV) last released its earnings results on Tuesday, November 21st. The asset manager reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The business had revenue of $405.70 million during the quarter, compared to the consensus estimate of $407.75 million. Eaton Vance Corporation had a net margin of 18.03% and a return on equity of 34.47%. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period last year, the business posted $0.57 EPS. equities research analysts forecast that Eaton Vance Corporation will post 2.46 EPS for the current fiscal year.
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In related news, CEO Matthew J. Witkos sold 82,617 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $51.27, for a total value of $4,235,773.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Frederick S. Marius sold 8,915 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 30,955 shares in the company, valued at $1,471,910.25. The disclosure for this sale can be found here. Insiders sold a total of 596,037 shares of company stock worth $29,808,641 over the last three months.
Several institutional investors have recently modified their holdings of the company. WFG Advisors LP grew its holdings in shares of Eaton Vance Corporation by 0.6% in the second quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock worth $111,000 after purchasing an additional 14 shares during the last quarter. Advisor Group Inc. grew its holdings in shares of Eaton Vance Corporation by 1.0% in the second quarter. Advisor Group Inc. now owns 4,782 shares of the asset manager’s stock worth $225,000 after purchasing an additional 47 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Eaton Vance Corporation by 1.0% in the second quarter. Stratos Wealth Partners LTD. now owns 5,081 shares of the asset manager’s stock worth $240,000 after purchasing an additional 49 shares during the last quarter. Bank of The West grew its holdings in shares of Eaton Vance Corporation by 0.6% in the second quarter. Bank of The West now owns 7,804 shares of the asset manager’s stock worth $369,000 after purchasing an additional 50 shares during the last quarter. Finally, Creative Planning grew its holdings in shares of Eaton Vance Corporation by 3.3% in the second quarter. Creative Planning now owns 5,098 shares of the asset manager’s stock worth $241,000 after purchasing an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 69.49% of the company’s stock.
About Eaton Vance Corporation
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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