Eaton Vance Corporation (EV) Stake Lifted by WFG Advisors LP
WFG Advisors LP lifted its holdings in Eaton Vance Corporation (NYSE:EV) by 0.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,337 shares of the asset manager’s stock after acquiring an additional 14 shares during the quarter. WFG Advisors LP’s holdings in Eaton Vance Corporation were worth $111,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Pacad Investment Ltd. acquired a new position in shares of Eaton Vance Corporation in the 2nd quarter worth approximately $166,000. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings 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 in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings 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 in the last quarter. Quantbot Technologies LP acquired a new position in shares of Eaton Vance Corporation in the 2nd quarter worth approximately $203,000. Finally, Connable Office Inc. acquired a new position in shares of Eaton Vance Corporation in the 2nd quarter worth approximately $208,000. 68.90% of the stock is currently owned by institutional investors and hedge funds.
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In related news, insider Frederick S. Marius sold 8,915 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $47.55, for a total value of $423,908.25. Following the transaction, the insider now owns 30,955 shares in the company, valued at $1,471,910.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffrey P. Beale sold 24,140 shares of the business’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $51.36, for a total transaction of $1,239,830.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 518,345 shares of company stock worth $25,787,765.
Several research firms have issued reports on EV. BidaskClub downgraded Eaton Vance Corporation from a “sell” rating to a “strong sell” rating in a report 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 price objective on the stock in a report on Thursday, August 24th. Credit Suisse Group upped their price objective on Eaton Vance Corporation from $46.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, August 11th. Deutsche Bank AG began coverage on Eaton Vance Corporation in a report on Tuesday. They set a “buy” rating and a $57.00 price objective on the stock. Finally, Zacks Investment Research downgraded Eaton Vance Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $50.64.
Shares of Eaton Vance Corporation (NYSE EV) opened at 51.90 on Friday. Eaton Vance Corporation has a 12 month low of $34.44 and a 12 month high of $52.06. The company has a market cap of $5.81 billion, a PE ratio of 22.57 and a beta of 1.84. The firm’s 50 day moving average is $48.85 and its 200 day moving average is $47.09.
Eaton Vance Corporation (NYSE:EV) last issued 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). The business had revenue of $393.70 million for the quarter, compared to analyst estimates of $398.74 million. Eaton Vance Corporation had a return on equity of 34.47% and a net margin of 18.03%. Eaton Vance Corporation’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 EPS. On average, equities analysts predict that Eaton Vance Corporation will post $2.47 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Monday, October 30th. This is a positive change from Eaton Vance Corporation’s previous quarterly dividend of $0.28. Eaton Vance Corporation’s payout ratio is 48.70%.
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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