Eaton Vance Corporation (EV) Reaches New 12-Month High Following Dividend Announcement

Eaton Vance Corporation (NYSE:EV) shares hit a new 52-week high during trading on Friday following a dividend announcement from the company. The stock traded as high as $51.45 and last traded at $0.00, with a volume of shares changing hands. The newly announced dividend which will be paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st will be given a $0.31 dividend. This is a positive change from Eaton Vance Corporation’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a yield of 2.45%. Eaton Vance Corporation’s payout ratio is presently 48.70%.

Several equities analysts have commented on EV shares. Zacks Investment Research downgraded shares of Eaton Vance Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Jefferies Group LLC reissued a “hold” rating and issued a $46.00 price target on shares of Eaton Vance Corporation in a research report on Friday, August 18th. J P Morgan Chase & Co raised 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 report on Thursday, August 24th. Credit Suisse Group boosted their price target on shares of Eaton Vance Corporation from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, August 11th. Finally, BidaskClub cut shares of Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. Eaton Vance Corporation currently has an average rating of “Hold” and a consensus price target of $49.58.

Eaton Vance Corporation (NYSE:EV) last posted its quarterly earnings results on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). The firm had revenue of $393.70 million for the quarter, compared to the consensus estimate of $398.74 million. Eaton Vance Corporation had a return on equity of 34.47% and a net margin of 18.03%. The firm’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 EPS.

In other news, CEO Thomas E. Faust, Jr. sold 73,982 shares of Eaton Vance Corporation stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $48.20, for a total value of $3,565,932.40. Following the sale, the chief executive officer now directly owns 2,697,576 shares in the company, valued at approximately $130,023,163.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Frederick S. Marius sold 8,915 shares of Eaton Vance Corporation stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $47.55, for a total value of $423,908.25. Following the completion of the sale, the insider now owns 30,955 shares in the company, valued at $1,471,910.25. The disclosure for this sale can be found here. Insiders have sold a total of 317,903 shares of company stock worth $15,539,158 over the last quarter.

A number of large investors have recently made changes to their positions in the business. WFG Advisors LP raised 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 purchasing an additional 14 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Eaton Vance Corporation in the second quarter worth $748,000. Verition Fund Management LLC grew its holdings in shares of Eaton Vance Corporation by 53.4% in the second quarter. Verition Fund Management LLC now owns 16,995 shares of the asset manager’s stock worth $804,000 after acquiring an additional 5,913 shares during the period. Ameritas Investment Partners Inc. grew its holdings in shares of Eaton Vance Corporation by 1.8% in the second quarter. Ameritas Investment Partners Inc. now owns 34,453 shares of the asset manager’s stock worth $1,630,000 after acquiring an additional 620 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Eaton Vance Corporation in the second quarter worth $439,000. Institutional investors and hedge funds own 68.91% of the company’s stock.

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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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