Jefferies Group Research Analysts Decrease Earnings Estimates for Eaton Vance Corporation (EV)
Eaton Vance Corporation (NYSE:EV) – Investment analysts at Jefferies Group lowered their Q3 2017 earnings estimates for shares of Eaton Vance Corporation in a research note issued on Thursday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings of $0.65 per share for the quarter, down from their prior estimate of $0.67. Jefferies Group currently has a “Hold” rating and a $46.00 target price on the stock.
A number of other equities research analysts also recently weighed in on the company. BidaskClub downgraded Eaton Vance Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday. Credit Suisse Group raised their price target on Eaton Vance Corporation from $46.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, August 11th. Zacks Investment Research downgraded Eaton Vance Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. J P Morgan Chase & Co reaffirmed an “underweight” rating and set a $47.00 price target (up from $40.00) on shares of Eaton Vance Corporation in a research note on Tuesday, June 6th. Finally, Citigroup Inc. raised Eaton Vance Corporation from a “neutral” rating to a “buy” rating and raised their price target for the stock from $52.00 to $54.50 in a research note on Monday, June 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. Eaton Vance Corporation presently has an average rating of “Hold” and a consensus price target of $50.07.
Eaton Vance Corporation (NYSE:EV) opened at 47.16 on Monday. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of 20.68 and a beta of 1.84. The firm’s 50-day moving average is $48.16 and its 200 day moving average is $46.07. Eaton Vance Corporation has a 52 week low of $34.44 and a 52 week high of $50.10.
Eaton Vance Corporation (NYSE:EV) last announced its quarterly earnings data on Wednesday, May 24th. The asset manager reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $374.60 million during the quarter, compared to analyst estimates of $373.28 million. Eaton Vance Corporation had a net margin of 18.39% and a return on equity of 36.63%. Eaton Vance Corporation’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.48 earnings per share.
Several hedge funds have recently made changes to their positions in EV. WFG Advisors LP increased its stake in shares of Eaton Vance Corporation by 0.6% in the second quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock worth $111,000 after buying an additional 14 shares in the last quarter. TrimTabs Asset Management LLC increased its position in Eaton Vance Corporation by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,705 shares of the asset manager’s stock valued at $122,000 after buying an additional 1,272 shares during the period. Mn Services Vermogensbeheer B.V. increased its position in Eaton Vance Corporation by 5.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,028 shares of the asset manager’s stock valued at $127,000 after buying an additional 148 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Eaton Vance Corporation by 20.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,901 shares of the asset manager’s stock valued at $130,000 after buying an additional 501 shares during the period. Finally, Nordea Investment Management AB increased its position in Eaton Vance Corporation by 131.9% in the first quarter. Nordea Investment Management AB now owns 3,341 shares of the asset manager’s stock valued at $150,000 after buying an additional 1,900 shares during the period. Institutional investors own 71.01% of the company’s stock.
In other Eaton Vance Corporation news, CEO Matthew J. Witkos sold 24,152 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $47.65, for a total value of $1,150,842.80. Following the sale, the chief executive officer now owns 231,477 shares of the company’s stock, valued at approximately $11,029,879.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey P. Beale sold 39,343 shares of the firm’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $48.30, for a total value of $1,900,266.90. Following the completion of the sale, 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 sold a total of 127,943 shares of company stock worth $6,149,649 in the last ninety days.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Thursday, July 27th. Eaton Vance Corporation’s dividend payout ratio (DPR) is currently 49.34%.
Eaton Vance Corporation Company Profile
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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