Eaton Vance Corporation (EV) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Eaton Vance Corporation (NYSE:EV) from a hold rating to a buy rating in a report published on Thursday. The firm currently has $57.00 price target on the asset manager’s 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 research analysts also recently weighed in on EV. BidaskClub downgraded Eaton Vance Corporation from a hold rating to a sell rating in a report on Friday, July 28th. Credit Suisse Group increased their price objective on Eaton Vance Corporation from $46.00 to $50.00 and gave the company a neutral rating in a report on Friday, August 11th. Jefferies Group LLC reissued a hold rating and issued a $46.00 price objective on shares of Eaton Vance Corporation in a report on Friday, August 18th. J P Morgan Chase & Co raised Eaton Vance Corporation from an underweight rating to a neutral rating and set a $48.00 price objective for the company in a report on Thursday, August 24th. Finally, Deutsche Bank AG initiated coverage on Eaton Vance Corporation in a report on Tuesday, October 17th. They issued a buy rating and a $57.00 price objective for the company. One 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. Eaton Vance Corporation currently has a consensus rating of Hold and an average target price of $51.69.
Shares of Eaton Vance Corporation (NYSE EV) traded down $0.12 during trading on Thursday, reaching $50.95. 291,070 shares of the company’s stock traded hands, compared to its average volume of 485,676. The stock has a market capitalization of $5,932.45, a price-to-earnings ratio of 21.83, a P/E/G ratio of 0.98 and a beta of 1.86. Eaton Vance Corporation has a one year low of $34.84 and a one year high of $52.36. 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 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.05). The company had revenue of $393.70 million during the quarter, compared to analysts’ expectations of $398.74 million. Eaton Vance Corporation had a net margin of 18.03% and a return on equity of 34.47%. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 earnings per share. sell-side analysts predict that Eaton Vance Corporation will post 2.48 earnings per share for the current year.
The business 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. The ex-dividend date is Monday, October 30th. This is an increase from Eaton Vance Corporation’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a dividend yield of 2.43%. Eaton Vance Corporation’s dividend payout ratio (DPR) is currently 53.91%.
In other Eaton Vance Corporation news, insider Frederick S. Marius sold 7,574 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $47.99, for a total value of $363,476.26. Following the completion of the transaction, the insider now owns 26,128 shares in the company, valued at $1,253,882.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Frederick S. Marius sold 8,915 shares of the stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $47.55, for a total value of $423,908.25. Following the completion of the transaction, the insider now 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. Insiders sold 596,037 shares of company stock valued at $29,808,641 in the last quarter.
Large investors have recently added to or reduced their stakes in the business. Benjamin F. Edwards & Company Inc. raised its position in Eaton Vance Corporation by 437.3% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock worth $100,000 after acquiring an additional 1,653 shares in the last quarter. WFG Advisors LP increased its position 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 valued at $111,000 after buying an additional 14 shares in the last quarter. Pacad Investment Ltd. purchased a new position in shares of Eaton Vance Corporation in the second quarter valued at $166,000. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of Eaton Vance Corporation by 53.8% in 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Eaton Vance Corporation by 44.7% in 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 in the last quarter. Hedge funds and other institutional investors own 68.31% 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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