Eaton Vance Corp. (EV) Downgraded by Zacks Investment Research
Eaton Vance Corp. (NYSE:EV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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 recently issued research reports about the stock. Credit Suisse Group AG restated a “hold” rating and issued a $37.00 price objective on shares of Eaton Vance Corp. in a research report on Thursday, September 1st. Keefe, Bruyette & Woods upped their price objective on shares of Eaton Vance Corp. from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Friday, August 19th. Finally, Jefferies Group upped their price objective on shares of Eaton Vance Corp. from $34.00 to $38.00 and gave the company a “hold” rating in a research report on Tuesday, August 16th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $37.54.
Eaton Vance Corp. (NYSE:EV) traded up 1.38% during mid-day trading on Wednesday, reaching $38.88. The company had a trading volume of 1,002,341 shares. The firm’s 50-day moving average price is $39.22 and its 200-day moving average price is $36.48. The stock has a market cap of $4.24 billion, a PE ratio of 18.67 and a beta of 1.76. Eaton Vance Corp. has a 12 month low of $26.44 and a 12 month high of $40.36.
Eaton Vance Corp. (NYSE:EV) last posted its quarterly earnings data on Wednesday, August 17th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. Eaton Vance Corp. had a return on equity of 39.06% and a net margin of 17.83%. The firm had revenue of $341.20 million for the quarter. During the same period in the prior year, the company posted $0.57 EPS. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. Equities research analysts forecast that Eaton Vance Corp. will post $2.13 EPS for the current fiscal year.
In other news, CEO Matthew J. Witkos sold 94,408 shares of the stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $40.08, for a total transaction of $3,783,872.64. Following the completion of the transaction, the chief executive officer now directly owns 197,077 shares in the company, valued at approximately $7,898,846.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Dorothy E. Puhy sold 6,197 shares of the stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $38.75, for a total transaction of $240,133.75. Following the transaction, the director now owns 15,787 shares of the company’s stock, valued at $611,746.25. The disclosure for this sale can be found here.
Several institutional investors have recently bought and sold shares of EV. Smith Asset Management Group LP acquired a new position in Eaton Vance Corp. during the second quarter worth approximately $12,635,000. BlackRock Japan Co. Ltd increased its position in Eaton Vance Corp. by 7.1% in the first quarter. BlackRock Japan Co. Ltd now owns 149,052 shares of the company’s stock worth $4,996,000 after buying an additional 9,922 shares in the last quarter. LS Investment Advisors LLC increased its position in Eaton Vance Corp. by 31.5% in the second quarter. LS Investment Advisors LLC now owns 11,921 shares of the company’s stock worth $421,000 after buying an additional 2,857 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Eaton Vance Corp. by 24.4% in the first quarter. Goldman Sachs Group Inc. now owns 330,356 shares of the company’s stock worth $11,074,000 after buying an additional 64,890 shares in the last quarter. Finally, Americafirst Capital Management LLC acquired a new position in Eaton Vance Corp. during the second quarter worth approximately $102,000. Institutional investors own 70.88% of the company’s stock.
About Eaton Vance Corp.
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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