U S Global Investors Inc. Buys New Stake in Eaton Vance Corp (EV)
U S Global Investors Inc. bought a new stake in shares of Eaton Vance Corp (NYSE:EV) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 27,500 shares of the asset manager’s stock, valued at approximately $1,358,000.
Several other institutional investors have also modified their holdings of EV. Vanguard Group Inc. boosted its position in Eaton Vance by 1.2% in the second quarter. Vanguard Group Inc. now owns 10,523,293 shares of the asset manager’s stock valued at $497,962,000 after buying an additional 124,336 shares in the last quarter. Wells Fargo & Company MN boosted its position in Eaton Vance by 2.1% in the second quarter. Wells Fargo & Company MN now owns 5,490,011 shares of the asset manager’s stock valued at $259,787,000 after buying an additional 113,967 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Eaton Vance by 33.7% in the third quarter. Bank of New York Mellon Corp now owns 4,421,942 shares of the asset manager’s stock valued at $218,311,000 after buying an additional 1,113,748 shares in the last quarter. Earnest Partners LLC boosted its position in Eaton Vance by 0.5% in the third quarter. Earnest Partners LLC now owns 1,795,310 shares of the asset manager’s stock valued at $88,634,000 after buying an additional 8,804 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Eaton Vance by 2.7% in the third quarter. JPMorgan Chase & Co. now owns 1,768,996 shares of the asset manager’s stock valued at $87,689,000 after buying an additional 46,140 shares in the last quarter. Institutional investors and hedge funds own 69.14% of the company’s stock.
Shares of Eaton Vance Corp (NYSE:EV) traded up $0.38 during mid-day trading on Friday, hitting $56.84. 384,810 shares of the stock were exchanged, compared to its average volume of 595,254. Eaton Vance Corp has a 12 month low of $41.08 and a 12 month high of $56.87. The firm has a market capitalization of $6,711.55, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 0.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.85 and a quick ratio of 5.74.
Eaton Vance (NYSE:EV) last announced its earnings results on Tuesday, November 21st. The asset manager reported $0.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.71 by ($0.01). Eaton Vance had a return on equity of 33.45% and a net margin of 18.45%. The company had revenue of $405.70 million for the quarter, compared to analyst estimates of $407.75 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. Eaton Vance’s revenue for the quarter was up 17.0% on a year-over-year basis. equities research analysts anticipate that Eaton Vance Corp will post 2.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.18%. This is a positive change from Eaton Vance’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, October 30th. Eaton Vance’s dividend payout ratio is presently 51.24%.
A number of equities analysts have commented on EV shares. Zacks Investment Research upgraded shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, November 2nd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $53.00 price target on shares of Eaton Vance in a research report on Friday, November 10th. Jefferies Group restated a “hold” rating and issued a $46.00 price target on shares of Eaton Vance in a research report on Thursday, October 26th. BidaskClub lowered shares of Eaton Vance from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Finally, Bank of America upped their target price on shares of Eaton Vance from $49.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $52.06.
In related news, CEO Thomas E. Faust, Jr. sold 73,982 shares of the business’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $48.20, for a total transaction of $3,565,932.40. Following the completion of the sale, the chief executive officer now directly owns 2,697,576 shares of the company’s stock, valued at $130,023,163.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Frederick S. Marius sold 7,574 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $47.99, for a total transaction of $363,476.26. Following the sale, the insider now directly owns 26,128 shares of the company’s stock, valued at $1,253,882.72. The disclosure for this sale can be found here. Insiders have sold 587,122 shares of company stock worth $29,384,733 over the last quarter.
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About Eaton Vance
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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