Eaton Vance Corp. Downgraded by Goldman Sachs Group Inc. to Sell (EV)
Eaton Vance Corp. (NYSE:EV) was downgraded by stock analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a report issued on Monday, TheFlyOnTheWall.com reports. They currently have a $33.00 price target on the stock, down from their previous price target of $45.00. Goldman Sachs Group Inc.’s target price suggests a potential downside of 8.05% from the stock’s previous close.
The analysts wrote, “negative catalyst”. Irizarry commented, “We expect shares of EV to underperform given: (1) Decelerating flow trends and growing capacity concerns in floating rate funds (15% of AuM, 60% of flows in 2013); (2) EM exposure could drive flow/performance choppiness for Parametric and Global Macro Absolute (GMAR), together 10% of AuM; and (3) lackluster performance in the core equity business limits EV’s participation in better industry flows.”
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital raised their price target on shares of Eaton Vance Corp. from $49.00 to $52.00 in a research note to investors on Wednesday, January 22nd. They now have an “outperform” rating on the stock. Separately, analysts at Citigroup Inc. downgraded shares of Eaton Vance Corp. from a “neutral” rating to a “sell” rating in a research note to investors on Thursday, January 16th. They now have a $37.00 price target on the stock, down previously from $40.00. Finally, analysts at William Blair initiated coverage on shares of Eaton Vance Corp. in a research note to investors on Wednesday, December 4th. They set a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $40.11.
Eaton Vance Corp. (NYSE:EV) traded down 5.73% on Monday, hitting $35.89. The stock had a trading volume of 2,830,642 shares. Eaton Vance Corp. has a 1-year low of $35.82 and a 1-year high of $44.58. The stock has a 50-day moving average of $41.07 and a 200-day moving average of $40.64. The company has a market cap of $4.225 billion and a P/E ratio of 24.88.
Eaton Vance Corp. (NYSE:EV) last posted its quarterly earnings results on Tuesday, November 26th. The company reported $0.55 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.59 by $0.04. The company had revenue of $356.90 million for the quarter, compared to the consensus estimate of $364.24 million. During the same quarter last year, the company posted $0.53 earnings per share. Eaton Vance Corp.’s revenue was up 15.2% compared to the same quarter last year. Analysts expect that Eaton Vance Corp. will post $2.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, February 12th. Stockholders of record on Friday, January 31st will be paid a dividend of 0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Wednesday, January 29th.
Eaton Vance Corp. is engaged in managing investment funds and providing investment management and counseling services to high-net-worth individuals and institutions.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.