Eaton Vance Corporation (EV) Downgraded by Zacks Investment Research
Eaton Vance Corporation (NYSE:EV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. “
A number of other brokerages have also commented on EV. Jefferies Group LLC reiterated a “hold” rating and issued a $45.00 price target on shares of Eaton Vance Corporation in a research note on Wednesday, June 28th. Deutsche Bank AG initiated coverage on shares of Eaton Vance Corporation in a research note on Tuesday. They issued a “buy” rating and a $57.00 price target for the company. BidaskClub lowered shares of Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. J P Morgan Chase & Co upgraded shares of Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 price target for the company in a research note on Thursday, August 24th. Finally, Credit Suisse Group lifted their price target on shares of Eaton Vance Corporation from $46.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, August 11th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $50.64.
Eaton Vance Corporation (NYSE:EV) traded down 0.22% on Tuesday, hitting $50.99. 501,538 shares of the stock were exchanged. The company has a 50-day moving average of $48.26 and a 200-day moving average of $46.88. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of 22.17 and a beta of 1.84. Eaton Vance Corporation has a 12 month low of $34.44 and a 12 month high of $51.88.
Eaton Vance Corporation (NYSE:EV) last announced its quarterly earnings results on Wednesday, August 23rd. The asset manager reported $0.62 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $393.70 million during the quarter, compared to the consensus estimate of $398.74 million. During the same quarter in the prior year, the firm earned $0.56 earnings per share. The business’s revenue was up 15.4% compared to the same quarter last year. On average, equities analysts predict that Eaton Vance Corporation will post $2.47 EPS for the current year.
In related news, insider Frederick S. Marius sold 8,915 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were 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 directly owns 30,955 shares in the company, valued at $1,471,910.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Frederick S. Marius sold 7,574 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $47.99, for a total transaction of $363,476.26. Following the sale, the insider now owns 26,128 shares of the company’s stock, valued at $1,253,882.72. The disclosure for this sale can be found here. Insiders have sold 421,891 shares of company stock valued at $20,856,305 over the last 90 days.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital One National Association grew its position in Eaton Vance Corporation by 10.4% during the second quarter. Capital One National Association now owns 44,547 shares of the asset manager’s stock valued at $2,108,000 after buying an additional 4,190 shares during the period. HighTower Advisors LLC grew its position in Eaton Vance Corporation by 4.5% during the first quarter. HighTower Advisors LLC now owns 166,598 shares of the asset manager’s stock valued at $7,426,000 after buying an additional 7,172 shares during the period. Marshall Wace North America L.P. bought a new stake in Eaton Vance Corporation during the second quarter valued at approximately $2,350,000. UBS Group AG grew its position in Eaton Vance Corporation by 22.9% during the first quarter. UBS Group AG now owns 132,230 shares of the asset manager’s stock valued at $5,945,000 after buying an additional 24,680 shares during the period. Finally, Legal & General Group Plc grew its position in Eaton Vance Corporation by 12.9% during the second quarter. Legal & General Group Plc now owns 210,367 shares of the asset manager’s stock valued at $9,956,000 after buying an additional 24,112 shares during the period. Institutional investors own 68.90% of the company’s stock.
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.
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