Bank of America Corp Raises Eaton Vance Corporation (EV) Price Target to $51.00
Eaton Vance Corporation (NYSE:EV) had its price target lifted by analysts at Bank of America Corp from $49.00 to $51.00 in a research note issued to investors on Tuesday. The firm presently has a “neutral” rating on the asset manager’s stock. Bank of America Corp’s price objective points to a potential upside of 1.05% from the company’s current price.
A number of other research analysts have also commented on the company. Jefferies Group LLC reissued a “hold” rating and set a $46.00 price objective on shares of Eaton Vance Corporation in a report on Thursday, October 26th. Zacks Investment Research raised Eaton Vance Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Deutsche Bank AG began coverage on Eaton Vance Corporation in a report on Tuesday, October 17th. They set a “buy” rating and a $57.00 price objective on the stock. 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. Finally, BidaskClub lowered Eaton Vance Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $50.93.
Shares of Eaton Vance Corporation (NYSE EV) traded up 0.74% during mid-day trading on Tuesday, hitting $50.47. The stock had a trading volume of 509,212 shares. Eaton Vance Corporation has a one year low of $34.44 and a one year high of $52.36. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 21.94 and a beta of 1.84. The company has a 50-day moving average of $49.61 and a 200 day moving average of $47.47.
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 return on equity of 34.47% and a net margin of 18.03%. The firm 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 company earned $0.56 earnings per share. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, equities research analysts forecast that Eaton Vance Corporation will post $2.47 earnings per share for the current year.
In related news, insider Frederick S. Marius sold 8,915 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $47.55, for a total transaction of $423,908.25. Following the completion of the sale, the insider now owns 30,955 shares in the company, valued at approximately $1,471,910.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Thomas E. Faust, Jr. sold 73,982 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $48.20, for a total value of $3,565,932.40. Following the sale, the chief executive officer now owns 2,697,576 shares of the company’s stock, valued at approximately $130,023,163.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 596,037 shares of company stock valued at $29,808,641.
Large investors have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. lifted its position in shares of Eaton Vance Corporation by 437.3% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock worth $100,000 after acquiring an additional 1,653 shares during the period. WFG Advisors LP lifted its position in shares of Eaton Vance Corporation by 0.6% in the 2nd quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock worth $111,000 after acquiring an additional 14 shares during the period. Pacad Investment Ltd. bought a new stake in shares of Eaton Vance Corporation in the 2nd quarter worth approximately $166,000. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in shares of Eaton Vance Corporation by 53.8% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 4,000 shares of the asset manager’s stock worth $180,000 after acquiring an additional 1,400 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Eaton Vance Corporation by 44.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,197 shares of the asset manager’s stock worth $199,000 after acquiring an additional 1,296 shares during the period. Hedge funds and other institutional investors own 68.30% 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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