Eaton Vance Corp (NYSE:EV) – Investment analysts at Jefferies Group raised their FY2017 earnings per share estimates for shares of Eaton Vance in a research note issued to investors on Wednesday, Zacks Investment Research reports. Jefferies Group analyst D. Fannon now forecasts that the asset manager will post earnings of $2.48 per share for the year, up from their previous forecast of $2.46. Jefferies Group currently has a “Hold” rating and a $46.00 target price on the stock. Jefferies Group also issued estimates for Eaton Vance’s Q4 2017 earnings at $0.71 EPS, Q1 2018 earnings at $0.71 EPS, Q2 2018 earnings at $0.71 EPS, Q3 2018 earnings at $0.75 EPS, Q4 2018 earnings at $0.76 EPS and FY2018 earnings at $2.92 EPS.
Eaton Vance (NYSE:EV) last announced its earnings results on Tuesday, November 21st. The asset manager reported $0.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.71 by ($0.01). Eaton Vance had a net margin of 18.45% and a return on equity of 33.45%. The business had revenue of $405.70 million during the quarter, compared to analyst estimates of $407.75 million. During the same period in the previous year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 17.0% on a year-over-year basis.
Several other equities research analysts have also issued reports on EV. Credit Suisse Group upped their price target on Eaton Vance from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, August 11th. ValuEngine raised Eaton Vance from a “hold” rating to a “buy” rating in a research report on Wednesday, November 22nd. Deutsche Bank began coverage on Eaton Vance in a research report on Tuesday, October 17th. They set a “buy” rating and a $57.00 price target on the stock. J P Morgan Chase & Co raised Eaton Vance from an “underweight” rating to a “neutral” rating and set a $48.00 price target on the stock in a research report on Thursday, August 24th. Finally, Zacks Investment Research lowered Eaton Vance from a “buy” rating to a “hold” rating in a research report on Monday, November 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $52.06.
Shares of Eaton Vance (NYSE:EV) traded up $0.54 on Monday, hitting $56.46. The company’s stock had a trading volume of 381,328 shares, compared to its average volume of 613,226. Eaton Vance has a one year low of $41.08 and a one year high of $56.76. The firm has a market cap of $6,585.21, a price-to-earnings ratio of 22.58, a price-to-earnings-growth ratio of 0.99 and a beta of 1.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.74 and a current ratio of 1.85.
Several large investors have recently added to or reduced their stakes in EV. Benjamin F. Edwards & Company Inc. grew its stake in shares of Eaton Vance by 437.3% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock worth $100,000 after purchasing an additional 1,653 shares in the last quarter. WFG Advisors LP grew its stake in shares of Eaton Vance 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 in the last quarter. Pacad Investment Ltd. bought a new position in shares of Eaton Vance in the second quarter worth $166,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Eaton Vance by 44.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,197 shares of the asset manager’s stock worth $199,000 after purchasing an additional 1,296 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in shares of Eaton Vance in the third quarter worth $200,000. 69.14% of the stock is owned by institutional investors.
In related news, CEO Thomas E. Faust, Jr. sold 73,982 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $48.20, for a total transaction of $3,565,932.40. Following the completion of the transaction, 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 document filed with the SEC, which is available through this link. Also, insider Payson F. Swaffield sold 71,739 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $51.81, for a total value of $3,716,797.59. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 587,122 shares of company stock valued at $29,384,733.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st were paid a dividend of $0.31 per share. 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 yield of 2.20%. The ex-dividend date was Monday, October 30th. Eaton Vance’s dividend payout ratio is presently 51.24%.
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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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