Eaton Vance Corp. (EV) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Eaton Vance Corp. (NYSE:EV) from a hold rating to a buy rating in a research note released on Friday. Zacks Investment Research currently has $43.00 price target on the stock.
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. “
Several other equities analysts have also commented on the company. Credit Suisse Group AG reaffirmed a hold rating and set a $37.00 target price on shares of Eaton Vance Corp. in a report on Thursday, September 1st. Jefferies Group upped their target price on Eaton Vance Corp. from $34.00 to $38.00 and gave the company a hold rating in a report on Tuesday, August 16th. Finally, Keefe, Bruyette & Woods upped their target price on Eaton Vance Corp. from $36.00 to $38.00 and gave the company a market perform rating in a report on Friday, May 27th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $37.54.
Eaton Vance Corp. (NYSE:EV) opened at 38.86 on Friday. The firm’s 50-day moving average price is $39.02 and its 200 day moving average price is $35.94. Eaton Vance Corp. has a 52-week low of $26.44 and a 52-week high of $40.36. The stock has a market cap of $4.23 billion, a P/E ratio of 18.66 and a beta of 1.70.
Eaton Vance Corp. (NYSE:EV) last posted its earnings results on Wednesday, August 17th. The company reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.01. The company earned $341.20 million during the quarter. Eaton Vance Corp. had a return on equity of 39.06% and a net margin of 17.83%. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period last year, the company posted $0.57 earnings per share. Equities analysts predict that Eaton Vance Corp. will post $2.14 earnings per share for the current year.
In other news, insider Jeffrey P. Beale sold 53,153 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $39.58, for a total value of $2,103,795.74. Following the transaction, the insider now directly owns 327,591 shares of the company’s stock, valued at $12,966,051.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Winthrop H. Smith, Jr. sold 8,197 shares of the company’s stock in a transaction on Thursday, June 23rd. The stock was sold at an average price of $37.20, for a total transaction of $304,928.40. Following the completion of the transaction, the director now directly owns 17,197 shares in the company, valued at $639,728.40. The disclosure for this sale can be found here.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Eaton Vance Corp. by 23.6% in the first quarter. BlackRock Inc. now owns 278,488 shares of the company’s stock worth $9,335,000 after buying an additional 53,141 shares during the period. Aston Asset Management LLC increased its position in Eaton Vance Corp. by 30.0% in the first quarter. Aston Asset Management LLC now owns 28,322 shares of the company’s stock worth $949,000 after buying an additional 6,533 shares during the period. Prudential Financial Inc. increased its position in Eaton Vance Corp. by 6.7% in the first quarter. Prudential Financial Inc. now owns 122,912 shares of the company’s stock worth $4,120,000 after buying an additional 7,690 shares during the period. TIAA CREF Investment Management LLC increased its position in Eaton Vance Corp. by 0.3% in the first quarter. TIAA CREF Investment Management LLC now owns 429,176 shares of the company’s stock worth $14,386,000 after buying an additional 1,280 shares during the period. Finally, Pacad Investment Ltd. bought a new position in Eaton Vance Corp. during the first quarter worth $1,867,000. 70.88% of the stock is currently owned by institutional investors and hedge funds.
Eaton Vance Corp. Company Profile
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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