Zacks Investment Research Upgrades Eaton Vance Corporation (EV) to Hold
Eaton Vance Corporation (NYSE:EV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Eaton Vance Corp.’s principal business is creating, marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries, Eaton Vance Management and Boston Management and Research.The Company’s growth has resulted from its ability to develop, offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. “
Other analysts have also issued reports about the company. Jefferies Group LLC reissued a “hold” rating and issued a $46.00 price objective on shares of Eaton Vance Corporation in a report on Friday, August 18th. BidaskClub lowered Eaton Vance Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Deutsche Bank AG assumed coverage on Eaton Vance Corporation in a report on Tuesday, October 17th. They issued a “buy” rating and a $57.00 price objective on the stock. Credit Suisse Group raised their price objective on Eaton Vance Corporation from $46.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 11th. Finally, J P Morgan Chase & Co raised Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 price objective on the stock in a report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Eaton Vance Corporation presently has an average rating of “Hold” and a consensus target price of $50.64.
Shares of Eaton Vance Corporation (EV) traded up 0.82% on Tuesday, hitting $51.71. The company had a trading volume of 571,260 shares. The stock’s 50-day moving average is $48.96 and its 200 day moving average is $47.19. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of 22.48 and a beta of 1.84. Eaton Vance Corporation has a 52 week low of $34.44 and a 52 week high of $52.36.
Eaton Vance Corporation (NYSE:EV) last issued its quarterly earnings data on Wednesday, August 23rd. The asset manager reported $0.62 EPS 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 during the quarter, compared to analyst estimates of $398.74 million. During the same period in the previous year, the business posted $0.56 earnings per share. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. Equities analysts expect that Eaton Vance Corporation will post $2.47 EPS for the current year.
In related news, CEO Thomas E. Faust, Jr. sold 73,982 shares of Eaton Vance Corporation stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $48.20, for a total transaction of $3,565,932.40. Following the transaction, the chief executive officer now owns 2,697,576 shares in the company, valued at $130,023,163.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ann E. Berman sold 6,865 shares of Eaton Vance Corporation stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $48.88, for a total value of $335,561.20. Following the transaction, the director now owns 6,865 shares in the company, valued at approximately $335,561.20. The disclosure for this sale can be found here. Insiders sold 518,345 shares of company stock worth $25,787,765 over the last ninety days.
A number of institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP lifted its position in Eaton Vance Corporation by 11.0% during the third quarter. First Trust Advisors LP now owns 128,516 shares of the asset manager’s stock worth $6,345,000 after buying an additional 12,764 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Eaton Vance Corporation by 437.3% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock worth $100,000 after buying an additional 1,653 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Eaton Vance Corporation by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 400,000 shares of the asset manager’s stock worth $19,748,000 after buying an additional 20,000 shares in the last quarter. APG Asset Management N.V. lifted its position in Eaton Vance Corporation by 18.1% during the third quarter. APG Asset Management N.V. now owns 109,561 shares of the asset manager’s stock worth $5,409,000 after buying an additional 16,800 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. lifted its position in Eaton Vance Corporation by 3.1% during the third quarter. Farmers & Merchants Investments Inc. now owns 61,372 shares of the asset manager’s stock worth $3,030,000 after buying an additional 1,830 shares in the last quarter. Hedge funds and other institutional investors own 68.86% of the company’s stock.
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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