Eaton Vance Corp (NYSE:EV) has been given an average recommendation of “Hold” by the nine analysts that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $42.00.
Several research firms recently weighed in on EV. ValuEngine cut shares of Eaton Vance from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Bank of America cut shares of Eaton Vance from a “buy” rating to an “underperform” rating in a research report on Monday, May 20th. Zacks Investment Research upgraded shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Friday, May 24th. Finally, Credit Suisse Group began coverage on shares of Eaton Vance in a research report on Wednesday, June 12th. They issued a “neutral” rating and a $44.00 price objective on the stock.
Shares of EV traded down $0.16 during midday trading on Friday, hitting $39.06. 16,284 shares of the company traded hands, compared to its average volume of 688,375. The stock’s 50-day moving average is $43.32. Eaton Vance has a one year low of $32.28 and a one year high of $54.44. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 12.21, a P/E/G ratio of 2.25 and a beta of 1.58. The company has a debt-to-equity ratio of 1.49, a quick ratio of 11.82 and a current ratio of 11.82.
Eaton Vance (NYSE:EV) last announced its quarterly earnings results on Tuesday, May 21st. The asset manager reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.13. Eaton Vance had a return on equity of 35.53% and a net margin of 23.50%. The firm had revenue of $411.86 million for the quarter, compared to analysts’ expectations of $411.42 million. During the same period in the prior year, the business posted $0.77 earnings per share. The company’s revenue was down .2% on a year-over-year basis. On average, equities research analysts predict that Eaton Vance will post 3.36 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend is Tuesday, July 30th. Eaton Vance’s dividend payout ratio (DPR) is 43.61%.
Eaton Vance announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 10th that permits the company to repurchase 8,000,000 shares. This repurchase authorization permits the asset manager to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other Eaton Vance news, Director Brian D. Langstraat sold 3,772 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $43.89, for a total value of $165,553.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Leo I. Higdon, Jr. sold 4,883 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $44.32, for a total value of $216,414.56. The disclosure for this sale can be found here.
A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Eaton Vance by 0.7% during the first quarter. BlackRock Inc. now owns 12,257,615 shares of the asset manager’s stock valued at $494,104,000 after purchasing an additional 87,850 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Eaton Vance by 6.2% during the first quarter. Wells Fargo & Company MN now owns 5,045,119 shares of the asset manager’s stock valued at $203,370,000 after purchasing an additional 294,170 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Eaton Vance by 2.2% during the second quarter. JPMorgan Chase & Co. now owns 1,890,867 shares of the asset manager’s stock valued at $80,930,000 after purchasing an additional 41,251 shares during the period. Geode Capital Management LLC boosted its stake in shares of Eaton Vance by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 1,306,590 shares of the asset manager’s stock valued at $45,939,000 after purchasing an additional 47,990 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Eaton Vance by 0.8% during the second quarter. Northern Trust Corp now owns 1,252,493 shares of the asset manager’s stock valued at $54,019,000 after purchasing an additional 10,416 shares during the period. 71.60% of the stock is owned by institutional investors and hedge funds.
About Eaton Vance
Eaton Vance Corp., through its subsidiaries, engages in the creation, marketing, and management of investment funds in the United States. It also provides investment management and counseling services to institutions and individuals. Further, the company operates as an adviser and distributor of investment companies and separate accounts.
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