Zacks: Brokerages Anticipate Eaton Vance Corporation (EV) Will Announce Quarterly Sales of $396.88 Million
Equities research analysts forecast that Eaton Vance Corporation (NYSE:EV) will post sales of $396.88 million for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Eaton Vance Corporation’s earnings, with the lowest sales estimate coming in at $396.40 million and the highest estimate coming in at $397.40 million. Eaton Vance Corporation reported sales of $341.17 million in the same quarter last year, which indicates a positive year-over-year growth rate of 16.3%. The business is scheduled to issue its next earnings report on Wednesday, August 16th.
On average, analysts expect that Eaton Vance Corporation will report full year sales of $396.88 million for the current year. For the next financial year, analysts anticipate that the firm will post sales of $1.67 billion per share, with estimates ranging from $1.67 billion to $1.68 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Eaton Vance Corporation.
Eaton Vance Corporation (NYSE:EV) last announced its quarterly earnings results on Wednesday, May 24th. The asset manager reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Eaton Vance Corporation had a return on equity of 36.63% and a net margin of 18.39%. The company had revenue of $374.60 million during the quarter, compared to the consensus estimate of $373.28 million. During the same period in the prior year, the company earned $0.48 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year.
A number of analysts recently commented on EV shares. Citigroup Inc. boosted their target price on Eaton Vance Corporation from $46.50 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, May 25th. Zacks Investment Research raised Eaton Vance Corporation from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research report on Thursday, June 8th. Bank of America Corporation boosted their target price on Eaton Vance Corporation from $47.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, May 25th. Credit Suisse Group boosted their target price on Eaton Vance Corporation from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, August 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $50.00 target price on shares of Eaton Vance Corporation in a research report on Tuesday, May 23rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $49.93.
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In other news, insider Jeffrey P. Beale sold 39,343 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $48.30, for a total value of $1,900,266.90. Following the completion of the transaction, the insider now directly owns 343,509 shares of the company’s stock, valued at $16,591,484.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Dorothy E. Puhy sold 2,563 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $48.46, for a total value of $124,202.98. Following the completion of the transaction, the director now directly owns 14,473 shares of the company’s stock, valued at $701,361.58. The disclosure for this sale can be found here. Insiders have sold a total of 127,943 shares of company stock valued at $6,149,649 over the last three months.
Institutional investors have recently added to or reduced their stakes in the stock. TrimTabs Asset Management LLC raised its position in Eaton Vance Corporation by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,705 shares of the asset manager’s stock valued at $122,000 after buying an additional 1,272 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Eaton Vance Corporation by 20.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,901 shares of the asset manager’s stock valued at $130,000 after buying an additional 501 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its position in Eaton Vance Corporation by 5.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,028 shares of the asset manager’s stock valued at $127,000 after buying an additional 148 shares in the last quarter. Nordea Investment Management AB raised its position in Eaton Vance Corporation by 131.9% in the first quarter. Nordea Investment Management AB now owns 3,341 shares of the asset manager’s stock valued at $150,000 after buying an additional 1,900 shares in the last quarter. Finally, Pacad Investment Ltd. acquired a new position in Eaton Vance Corporation during the second quarter valued at about $166,000. 71.01% of the stock is owned by institutional investors.
Shares of Eaton Vance Corporation (EV) opened at 48.17 on Wednesday. The firm has a 50 day moving average price of $48.22 and a 200 day moving average price of $45.93. Eaton Vance Corporation has a one year low of $34.44 and a one year high of $50.10. The company has a market capitalization of $5.34 billion, a P/E ratio of 21.12 and a beta of 1.84.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Thursday, July 27th. Eaton Vance Corporation’s dividend payout ratio is currently 49.34%.
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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