Janney Montgomery Scott LLC Boosts Stock Position in Eaton Vance Corp (NYSE:EV)
Janney Montgomery Scott LLC boosted its holdings in shares of Eaton Vance Corp (NYSE:EV) by 6.4% in the third quarter, Holdings Channel.com reports. The fund owned 11,986 shares of the asset manager’s stock after acquiring an additional 721 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Eaton Vance were worth $539,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen Asset Management LLC bought a new stake in Eaton Vance during the 2nd quarter valued at $18,651,000. Arcus Capital Partners LLC bought a new stake in Eaton Vance during the 2nd quarter valued at $91,000. Hunter Associates Investment Management LLC raised its position in Eaton Vance by 1.0% during the 2nd quarter. Hunter Associates Investment Management LLC now owns 80,350 shares of the asset manager’s stock valued at $3,465,000 after purchasing an additional 800 shares in the last quarter. Man Group plc raised its position in Eaton Vance by 173.8% during the 2nd quarter. Man Group plc now owns 76,655 shares of the asset manager’s stock valued at $3,306,000 after purchasing an additional 48,655 shares in the last quarter. Finally, Covenant Partners LLC bought a new stake in Eaton Vance during the 2nd quarter valued at $238,000. Institutional investors own 70.72% of the company’s stock.
In other Eaton Vance news, CEO Thomas E. Faust, Jr. sold 51,110 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $45.03, for a total transaction of $2,301,483.30. Also, CEO Matthew J. Witkos sold 34,761 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $46.19, for a total value of $1,605,610.59. In the last quarter, insiders have sold 147,964 shares of company stock worth $6,784,832.
Eaton Vance (NYSE:EV) last announced its earnings results on Tuesday, August 27th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.03. Eaton Vance had a return on equity of 35.45% and a net margin of 23.51%. The company had revenue of $431.24 million for the quarter, compared to analyst estimates of $433.98 million. During the same period in the prior year, the company posted $0.82 EPS. The firm’s quarterly revenue was up .6% compared to the same quarter last year. On average, analysts expect that Eaton Vance Corp will post 3.4 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Wednesday, October 30th. This is an increase from Eaton Vance’s previous quarterly dividend of $0.35. Eaton Vance’s payout ratio is presently 46.73%.
A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. decreased their target price on Eaton Vance from $44.00 to $42.00 and set an “underweight” rating for the company in a research report on Wednesday, August 28th. ValuEngine lowered Eaton Vance from a “hold” rating to a “sell” rating in a research report on Monday. Credit Suisse Group lifted their target price on Eaton Vance from $48.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, August 28th. Finally, Zacks Investment Research raised Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Friday, August 30th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $43.57.
About Eaton Vance
Eaton Vance Corp., through its subsidiaries, engages in the creation, marketing, and management of investment funds in the United States. It also provides investment management and counseling services to institutions and individuals. Further, the company operates as an adviser and distributor of investment companies and separate accounts.
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