Zacks Investment Research Lowers Eaton Vance (EV) to Hold
Zacks Investment Research lowered shares of Eaton Vance (NYSE:EV) from a buy rating to a hold rating in a research note issued to investors on Monday morning.
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. “
EV has been the topic of a number of other reports. Credit Suisse Group upped their target price on shares of Eaton Vance from $46.00 to $50.00 and gave the stock a neutral rating in a research note on Friday, August 11th. J P Morgan Chase & Co upgraded shares of Eaton Vance 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. BidaskClub downgraded shares of Eaton Vance from a sell rating to a strong sell rating in a research note on Saturday, August 19th. Keefe, Bruyette & Woods restated a hold rating and issued a $53.00 target price on shares of Eaton Vance in a research note on Friday, November 10th. Finally, Jefferies Group restated a hold rating and issued a $46.00 target price on shares of Eaton Vance in a research note on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. Eaton Vance currently has an average rating of Hold and an average price target of $52.06.
Eaton Vance (NYSE EV) opened at $54.63 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.85 and a quick ratio of 5.74. The company has a market cap of $6,326.61, a PE ratio of 21.69, a price-to-earnings-growth ratio of 0.96 and a beta of 1.86. Eaton Vance has a one year low of $39.99 and a one year high of $54.77.
Eaton Vance (NYSE:EV) last issued its earnings results on Tuesday, November 21st. The asset manager reported $0.70 EPS for the quarter, missing the Zacks’ consensus estimate of $0.71 by ($0.01). The company had revenue of $405.70 million during the quarter, compared to the consensus estimate of $407.75 million. Eaton Vance had a return on equity of 33.45% and a net margin of 18.45%. Eaton Vance’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. sell-side analysts anticipate that Eaton Vance will post 2.96 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, October 30th. This is an increase from Eaton Vance’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.27%. Eaton Vance’s dividend payout ratio (DPR) is currently 51.24%.
In related news, insider Frederick S. Marius sold 7,574 shares of the 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 completion of the sale, the insider now owns 26,128 shares of the company’s stock, valued at $1,253,882.72. 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 stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $48.20, for a total transaction of $3,565,932.40. Following the sale, the chief executive officer now directly owns 2,697,576 shares of the company’s stock, valued at approximately $130,023,163.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 587,122 shares of company stock worth $29,384,733.
Large investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. lifted its position in Eaton Vance by 437.3% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 1,653 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in Eaton Vance during the second quarter valued at approximately $2,350,000. Pacer Advisors Inc. lifted its position in Eaton Vance by 16.0% during the second quarter. Pacer Advisors Inc. now owns 18,164 shares of the asset manager’s stock valued at $860,000 after acquiring an additional 2,503 shares during the last quarter. Legal & General Group Plc lifted its position in Eaton Vance 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 acquiring an additional 24,112 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Eaton Vance during the second quarter valued at approximately $2,181,000. 70.26% of the stock is owned by institutional investors.
About Eaton Vance
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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