Eaton Vance Corporation (NYSE:EV) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of Eaton Vance Corporation (NYSE:EV) from a buy rating to a hold rating in a report issued 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. “
Other analysts have also recently issued research reports about the stock. Citigroup Inc. raised shares of Eaton Vance Corporation from a neutral rating to a buy rating and boosted their price objective for the stock from $52.00 to $54.50 in a research note on Monday, June 5th. Jefferies Group LLC reaffirmed a hold rating and set a $45.00 price target on shares of Eaton Vance Corporation in a research report on Wednesday, June 28th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $50.00 price target on shares of Eaton Vance Corporation in a research report on Tuesday, May 23rd. Bank of America Corporation upped their price target on shares of Eaton Vance Corporation from $47.00 to $49.00 and gave the company a neutral rating in a research report on Thursday, May 25th. Finally, BidaskClub cut shares of Eaton Vance Corporation from a hold rating to a sell rating in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $49.93.
Eaton Vance Corporation (NYSE:EV) traded up 0.34% on Tuesday, hitting $47.32. The stock had a trading volume of 484,163 shares. The company has a 50 day moving average of $48.14 and a 200 day moving average of $45.82. Eaton Vance Corporation has a 12-month low of $34.44 and a 12-month high of $50.10. The company has a market capitalization of $5.24 billion, a PE ratio of 20.75 and a beta of 1.84.
Eaton Vance Corporation (NYSE:EV) last issued its quarterly earnings data on Wednesday, May 24th. The asset manager reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.02. Eaton Vance Corporation had a net margin of 18.39% and a return on equity of 36.63%. The company had revenue of $374.60 million for the quarter, compared to analysts’ expectations of $373.28 million. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Eaton Vance Corporation’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that Eaton Vance Corporation will post $2.55 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, July 27th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Eaton Vance Corporation’s dividend payout ratio (DPR) is currently 49.34%.
In other news, Director Dorothy E. Puhy sold 2,563 shares of the stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $48.46, for a total transaction of $124,202.98. Following the transaction, the director now owns 14,473 shares of the company’s stock, valued at approximately $701,361.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey P. Beale sold 39,343 shares of the stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $48.30, for a total transaction of $1,900,266.90. Following the transaction, the insider now directly owns 343,509 shares in the company, valued at approximately $16,591,484.70. The disclosure for this sale can be found here. Insiders have sold 127,943 shares of company stock worth $6,149,649 in the last ninety days.
Several institutional investors have recently added to or reduced their stakes in EV. BlackRock Inc. boosted its position in Eaton Vance Corporation by 3,407.1% in the first quarter. BlackRock Inc. now owns 10,878,915 shares of the asset manager’s stock worth $489,118,000 after buying an additional 10,568,715 shares during the period. Bank of New York Mellon Corp boosted its position in Eaton Vance Corporation by 34.3% in the second quarter. Bank of New York Mellon Corp now owns 3,308,194 shares of the asset manager’s stock worth $156,544,000 after buying an additional 844,813 shares during the period. Vanguard Group Inc. boosted its position in Eaton Vance Corporation by 6.1% in the first quarter. Vanguard Group Inc. now owns 10,398,957 shares of the asset manager’s stock worth $467,537,000 after buying an additional 600,222 shares during the period. Schroder Investment Management Group boosted its position in Eaton Vance Corporation by 63.7% in the first quarter. Schroder Investment Management Group now owns 802,743 shares of the asset manager’s stock worth $36,035,000 after buying an additional 312,456 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its position in Eaton Vance Corporation by 177.5% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 347,511 shares of the asset manager’s stock worth $16,444,000 after buying an additional 222,268 shares during the period. 71.20% of the stock is currently owned by institutional investors.
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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