Eaton Vance Corp. (EV) Shares Gap Up to $37.62
Shares of Eaton Vance Corp. (NYSE:EV) gapped up before the market opened on Friday . The stock had previously closed at $37.35, but opened at $37.62. Eaton Vance Corp. shares last traded at $38.40, with a volume of 335,587 shares.
A number of research firms have commented on EV. Sandler O’Neill raised their price objective on Eaton Vance Corp. from $29.00 to $34.00 in a research note on Tuesday, April 12th. Zacks Investment Research lowered Eaton Vance Corp. from a “hold” rating to a “sell” rating in a research note on Monday, May 23rd. Keefe, Bruyette & Woods raised their price objective on Eaton Vance Corp. from $36.00 to $38.00 and gave the stock a “market perform” rating in a research note on Friday, May 27th. Jefferies Group reiterated a “hold” rating and issued a $34.00 price target (up previously from $30.00) on shares of Eaton Vance Corp. in a research note on Thursday, May 19th. Finally, TheStreet upgraded Eaton Vance Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, April 7th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $36.34.
The firm has a 50 day moving average price of $36.42 and a 200 day moving average price of $33.51. The stock has a market cap of $4.24 billion and a price-to-earnings ratio of 18.45.
Eaton Vance Corp. (NYSE:EV) last posted its earnings results on Wednesday, May 25th. The company reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48. The company had revenue of $323.30 million for the quarter, compared to analysts’ expectations of $322.37 million. The company’s revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 EPS. Equities research analysts forecast that Eaton Vance Corp. will post $2.10 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, July 29th will be given a dividend of $0.265 per share. The ex-dividend date is Wednesday, July 27th. This represents a $1.06 annualized dividend and a dividend yield of 2.74%.
In other Eaton Vance Corp. news, Director Winthrop H. Smith, Jr. sold 8,197 shares of the stock in a transaction on Thursday, June 23rd. The stock was sold at an average price of $37.20, for a total transaction of $304,928.40. Following the sale, the director now owns 17,197 shares in the company, valued at $639,728.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Several large investors recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Eaton Vance Corp. by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 8,560,205 shares of the company’s stock valued at $277,608,000 after buying an additional 183,118 shares in the last quarter. TrimTabs Asset Management LLC bought a new stake in Eaton Vance Corp. during the fourth quarter valued at about $2,008,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Eaton Vance Corp. by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,069 shares of the company’s stock valued at $1,105,000 after buying an additional 146 shares in the last quarter. Schroder Investment Management Group increased its stake in Eaton Vance Corp. by 394.1% in the fourth quarter. Schroder Investment Management Group now owns 539,853 shares of the company’s stock valued at $17,507,000 after buying an additional 430,594 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Eaton Vance Corp. by 2.8% in the fourth quarter. Principal Financial Group Inc. now owns 375,880 shares of the company’s stock valued at $12,190,000 after buying an additional 10,273 shares in the last quarter.
Eaton Vance Corp. is engaged in business of managing investment funds and providing investment management and advisory services to individuals and institutions. The Company seeks to develop and sustain management expertise across a range of investment disciplines, and offer investment products and services through various distribution channels.
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