Eaton Vance Corporation (EV) Receives Consensus Recommendation of “Hold” from Brokerages
Eaton Vance Corporation (NYSE:EV) has received an average rating of “Hold” from the eight brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $49.58.
A number of equities research analysts have recently weighed in on EV shares. Citigroup Inc. upgraded shares of Eaton Vance Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $52.00 to $54.50 in a research report on Monday, June 5th. Jefferies Group LLC lifted their price objective on shares of Eaton Vance Corporation from $42.00 to $45.00 and gave the company a “hold” rating in a research note on Monday, May 22nd. BidaskClub downgraded shares of Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Bank of America Corporation lifted their price target on shares of Eaton Vance Corporation from $47.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, May 25th. Finally, J P Morgan Chase & Co raised shares of Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 price target for the company in a research report on Thursday, August 24th.
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Eaton Vance Corporation (EV) traded up 0.64% during mid-day trading on Friday, hitting $45.73. The stock had a trading volume of 945,877 shares. The company has a 50 day moving average price of $47.62 and a 200 day moving average price of $46.37. Eaton Vance Corporation has a one year low of $34.44 and a one year high of $50.10. The stock has a market cap of $5.09 billion, a P/E ratio of 19.88 and a beta of 1.85.
Eaton Vance Corporation (NYSE:EV) last issued its quarterly earnings data on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by $0.05. The company had revenue of $393.70 million during the quarter, compared to the consensus estimate of $398.74 million. Eaton Vance Corporation had a net margin of 18.03% and a return on equity of 34.47%. Eaton Vance Corporation’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.56 earnings per share. On average, equities analysts anticipate that Eaton Vance Corporation will post $2.46 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date was Thursday, July 27th. Eaton Vance Corporation’s dividend payout ratio is currently 48.70%.
In other Eaton Vance Corporation news, insider Frederick S. Marius sold 8,915 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $47.55, for a total value of $423,908.25. Following the completion of the sale, the insider now owns 30,955 shares of the company’s stock, valued at $1,471,910.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Witkos sold 24,152 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $47.65, for a total value of $1,150,842.80. Following the completion of the sale, the chief executive officer now directly owns 231,477 shares of the company’s stock, valued at approximately $11,029,879.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,410 shares of company stock worth $3,475,018.
Institutional investors and hedge funds have recently modified their holdings of the business. WFG Advisors LP boosted its stake in shares of Eaton Vance Corporation by 0.6% during the second quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock valued at $111,000 after purchasing an additional 14 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Eaton Vance Corporation by 20.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,901 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 501 shares during the period. Nordea Investment Management AB boosted its stake in shares of Eaton Vance Corporation by 131.9% during the first quarter. Nordea Investment Management AB now owns 3,341 shares of the asset manager’s stock valued at $150,000 after purchasing an additional 1,900 shares during the period. Pacad Investment Ltd. purchased a new stake in shares of Eaton Vance Corporation during the second quarter valued at approximately $166,000. Finally, Neuburgh Advisers LLC boosted its stake in shares of Eaton Vance Corporation by 25.8% during the first quarter. Neuburgh Advisers LLC now owns 3,744 shares of the asset manager’s stock valued at $168,000 after purchasing an additional 768 shares during the period. 68.91% of the stock is owned by institutional investors and hedge funds.
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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