Eaton Vance Corporation (EV) Upgraded at Zacks Investment Research
Eaton Vance Corporation (NYSE:EV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm currently has a $57.00 price objective on the asset manager’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.94% from the company’s previous close.
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. “
Several other equities analysts have also recently issued reports on the company. BidaskClub cut Eaton Vance Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 19th. J P Morgan Chase & Co raised Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 target price on the stock in a research note on Thursday, August 24th. Jefferies Group LLC reissued a “hold” rating and set a $46.00 target price on shares of Eaton Vance Corporation in a research note on Friday, August 18th. Deutsche Bank AG initiated coverage on Eaton Vance Corporation in a research note on Tuesday, October 17th. They set a “buy” rating and a $57.00 target price on the stock. Finally, Credit Suisse Group boosted their target price on Eaton Vance Corporation from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, August 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Eaton Vance Corporation presently has a consensus rating of “Hold” and an average price target of $51.69.
COPYRIGHT VIOLATION NOTICE: This piece was originally reported by American Banking News and is the property of of American Banking News. If you are reading this piece on another site, it was stolen and republished in violation of U.S. and international copyright & trademark laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/11/02/eaton-vance-corporation-ev-upgraded-at-zacks-investment-research.html.
In other Eaton Vance Corporation news, Director Ann E. Berman sold 6,865 shares of the business’s stock in a transaction 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 sale, the director now directly owns 6,865 shares of the company’s stock, valued at $335,561.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas E. Faust, Jr. sold 73,982 shares of the business’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $48.20, for a total value of $3,565,932.40. Following the completion of the sale, the chief executive officer now directly owns 2,697,576 shares in the company, valued at $130,023,163.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 596,037 shares of company stock worth $29,808,641.
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 124,336 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Eaton Vance Corporation by 2.1% during the second quarter. Wells Fargo & Company MN now owns 5,490,011 shares of the asset manager’s stock valued at $259,787,000 after purchasing an additional 113,967 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Eaton Vance Corporation by 34.3% during the second quarter. Bank of New York Mellon Corp now owns 3,308,194 shares of the asset manager’s stock valued at $156,544,000 after purchasing an additional 844,813 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Eaton Vance Corporation by 0.3% during the second quarter. JPMorgan Chase & Co. now owns 1,722,856 shares of the asset manager’s stock valued at $81,525,000 after purchasing an additional 4,538 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Eaton Vance Corporation by 13,411.4% during the second quarter. Janus Henderson Group PLC now owns 1,557,593 shares of the asset manager’s stock valued at $73,705,000 after purchasing an additional 1,546,065 shares in the last quarter. 68.30% of the stock is currently 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Eaton Vance Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton Vance Corporation and related companies with MarketBeat.com's FREE daily email newsletter.