Eaton Vance Corporation (EV) Plans Dividend Increase – $0.31 Per Share
Eaton Vance Corporation (NYSE:EV) declared a quarterly dividend on Thursday, October 12th, RTT News reports. Shareholders of record on Tuesday, October 31st will be paid a dividend of 0.31 per share by the asset manager on Wednesday, November 15th. This represents a $1.24 dividend on an annualized basis and a yield of 2.45%. This is a boost from Eaton Vance Corporation’s previous quarterly dividend of $0.28.
Eaton Vance Corporation has increased its dividend by an average of 20.1% annually over the last three years and has raised its dividend annually for the last 36 consecutive years. Eaton Vance Corporation has a payout ratio of 45.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Eaton Vance Corporation to earn $2.94 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 38.1%.
Shares of Eaton Vance Corporation (NYSE EV) traded up 0.46% during trading on Thursday, reaching $50.57. 705,343 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $47.98 and a 200-day moving average price of $46.77. The company has a market capitalization of $5.67 billion, a PE ratio of 21.99 and a beta of 1.84. Eaton Vance Corporation has a 52-week low of $34.44 and a 52-week high of $50.87.
Eaton Vance Corporation (NYSE:EV) last issued its earnings results on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Eaton Vance Corporation had a net margin of 18.03% and a return on equity of 34.47%. The business had revenue of $393.70 million for the quarter, compared to analyst estimates of $398.74 million. During the same quarter last year, the firm posted $0.56 earnings per share. Eaton Vance Corporation’s revenue was up 15.4% on a year-over-year basis. On average, equities analysts forecast that Eaton Vance Corporation will post $2.47 earnings per share for the current year.
Several brokerages have recently weighed in on EV. Credit Suisse Group lifted 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 report on Friday, August 11th. Zacks Investment Research lowered shares of Eaton Vance Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Jefferies Group LLC reiterated a “hold” rating and set a $45.00 target price on shares of Eaton Vance Corporation in a research report on Wednesday, June 28th. BidaskClub lowered shares of Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, J P Morgan Chase & Co upgraded shares of Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 target price on the stock in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $49.58.
In other Eaton Vance Corporation news, CEO Thomas E. Faust, Jr. sold 57,832 shares of the business’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $49.67, for a total value of $2,872,515.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Laurie G. Hylton sold 17,003 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $49.60, for a total transaction of $843,348.80. Following the completion of the transaction, the chief financial officer now owns 207,578 shares in the company, valued at $10,295,868.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 317,903 shares of company stock worth $15,539,158.
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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