Eaton Vance Corporation (EV) Reaches New 52-Week High Following Dividend Announcement
Eaton Vance Corporation (NYSE:EV) reached a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $51.45 and last traded at $0.00, with a volume of shares. The newly announced dividend which will be paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st will be paid a dividend of $0.31 per share. The ex-dividend date is Monday, October 30th. This represents a $1.24 annualized dividend and a yield of 2.43%. This is a positive change from Eaton Vance Corporation’s previous quarterly dividend of $0.28. Eaton Vance Corporation’s payout ratio is 48.70%.
Several research analysts have recently commented on EV shares. Jefferies Group LLC reiterated a “hold” rating and issued a $45.00 price objective on shares of Eaton Vance Corporation in a report on Wednesday, June 28th. BidaskClub downgraded Eaton Vance Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Zacks Investment Research downgraded Eaton Vance Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Credit Suisse Group lifted their price objective on Eaton Vance Corporation from $46.00 to $50.00 and gave the stock a “neutral” rating in a 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 equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $49.58.
The firm has a market cap of $5.72 billion, a P/E ratio of 22.20 and a beta of 1.84. The stock’s 50-day moving average price is $48.22 and its 200 day moving average price is $46.85.
Eaton Vance Corporation (NYSE:EV) last announced its quarterly earnings data on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.05). The firm had revenue of $393.70 million during the quarter, compared to the consensus estimate of $398.74 million. Eaton Vance Corporation had a return on equity of 34.47% and a net margin of 18.03%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.56 EPS. Analysts forecast that Eaton Vance Corporation will post $2.47 earnings per share for the current year.
In other Eaton Vance Corporation news, Director Dorothy E. Puhy sold 6,495 shares of the firm’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $49.38, for a total value of $320,723.10. Following the completion of the sale, the director now owns 18,775 shares of the company’s stock, valued at $927,109.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Frederick S. Marius sold 8,915 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 30,955 shares of the company’s stock, valued at approximately $1,471,910.25. The disclosure for this sale can be found here. In the last three months, insiders sold 421,891 shares of company stock valued at $20,856,305.
Large investors have recently modified their holdings of the company. WFG Advisors LP increased its position 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 worth $111,000 after acquiring an additional 14 shares during the period. Nordea Investment Management AB increased its position in shares of Eaton Vance Corporation by 131.9% during the first quarter. Nordea Investment Management AB now owns 3,341 shares of the asset manager’s stock worth $150,000 after acquiring an additional 1,900 shares during the period. Pacad Investment Ltd. purchased a new position in shares of Eaton Vance Corporation during the second quarter worth approximately $166,000. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of 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 worth $180,000 after acquiring an additional 1,400 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of 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 worth $199,000 after acquiring an additional 1,296 shares during the period. 68.91% 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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