Eaton Vance Corporation (EV) Expected to Announce Quarterly Sales of $396.88 Million
Brokerages forecast that Eaton Vance Corporation (NYSE:EV) will announce $396.88 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Eaton Vance Corporation’s earnings, with estimates ranging from $396.40 million to $397.40 million. Eaton Vance Corporation posted sales of $341.17 million in the same quarter last year, which would indicate a positive year over year growth rate of 16.3%. The business is scheduled to announce its next quarterly earnings results on Wednesday, August 16th.
On average, analysts expect that Eaton Vance Corporation will report full-year sales of $396.88 million for the current fiscal year. For the next financial year, analysts forecast that the firm will post sales of $1.67 billion per share, with estimates ranging from $1.67 billion to $1.68 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Eaton Vance Corporation.
Eaton Vance Corporation (NYSE:EV) last issued its quarterly earnings data on Wednesday, May 24th. The asset manager reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $374.60 million during the quarter, compared to analyst estimates of $373.28 million. Eaton Vance Corporation had a return on equity of 36.63% and a net margin of 18.39%. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS.
A number of equities analysts have weighed in on the stock. Credit Suisse Group raised their target price on shares of Eaton Vance Corporation from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, August 11th. Zacks Investment Research downgraded shares of Eaton Vance Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub downgraded shares of Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Jefferies Group LLC reaffirmed a “hold” rating and set a $45.00 target price on shares of Eaton Vance Corporation in a research note on Wednesday, June 28th. Finally, J P Morgan Chase & Co reaffirmed an “underweight” rating and set a $47.00 target price (up previously from $40.00) on shares of Eaton Vance Corporation in a research note on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.93.
In related news, Director Dorothy E. Puhy sold 2,563 shares of the firm’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 transaction of $124,202.98. Following the completion of the sale, the director now owns 14,473 shares of the company’s stock, valued at $701,361.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Winthrop H. Smith, Jr. sold 21,885 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,051,136.55. Following the sale, the director now directly owns 15,420 shares of the company’s stock, valued at approximately $740,622.60. The disclosure for this sale can be found here. Insiders have sold 127,943 shares of company stock valued at $6,149,649 in the last three months.
A number of large investors have recently bought and sold shares of EV. BlackRock Inc. increased its stake in Eaton Vance Corporation by 3,407.1% in the first quarter. BlackRock Inc. now owns 10,878,915 shares of the asset manager’s stock worth $489,118,000 after buying an additional 10,568,715 shares during the period. Vanguard Group Inc. increased its stake in Eaton Vance Corporation by 1.2% in the second quarter. Vanguard Group Inc. now owns 10,523,293 shares of the asset manager’s stock worth $497,962,000 after buying an additional 124,336 shares during the period. Wells Fargo & Company MN increased its stake in Eaton Vance Corporation by 2.1% in the second quarter. Wells Fargo & Company MN now owns 5,490,011 shares of the asset manager’s stock worth $259,787,000 after buying an additional 113,967 shares during the period. Bank of New York Mellon Corp increased its stake in Eaton Vance Corporation by 34.3% in the second quarter. Bank of New York Mellon Corp now owns 3,308,194 shares of the asset manager’s stock worth $156,544,000 after buying an additional 844,813 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Eaton Vance Corporation by 0.3% in the second quarter. JPMorgan Chase & Co. now owns 1,722,856 shares of the asset manager’s stock worth $81,525,000 after buying an additional 4,538 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.
Shares of Eaton Vance Corporation (EV) opened at 48.17 on Wednesday. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 21.12 and a beta of 1.84. The firm’s 50-day moving average price is $48.22 and its 200-day moving average price is $45.93. Eaton Vance Corporation has a one year low of $34.44 and a one year high of $50.10.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Thursday, July 27th. Eaton Vance Corporation’s dividend payout ratio (DPR) is currently 49.34%.
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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