Eaton Vance Corporation (NYSE:EV) – Research analysts at Jefferies Group upped their FY2017 earnings per share estimates for Eaton Vance Corporation in a research note issued on Wednesday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will earn $2.48 per share for the year, up from their prior estimate 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 Corporation’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.
A number of other research firms have also issued reports on EV. Bank of America Corporation upped their price target on Eaton Vance Corporation from $49.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. Zacks Investment Research upgraded Eaton Vance Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Deutsche Bank AG initiated coverage on Eaton Vance Corporation in a research report on Tuesday, October 17th. They issued a “buy” rating and a $57.00 price objective for the company. BidaskClub lowered Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $53.00 price objective on shares of Eaton Vance Corporation in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $52.06.
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Shares of Eaton Vance Corporation (NYSE EV) opened at $51.79 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 5.74 and a quick ratio of 5.74. The stock has a market capitalization of $6,016.09, a P/E ratio of 22.13, a PEG ratio of 0.99 and a beta of 1.86. Eaton Vance Corporation has a 52-week low of $38.98 and a 52-week high of $52.36.
Eaton Vance Corporation (NYSE:EV) last posted its quarterly earnings results on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The company had revenue of $393.70 million during the quarter, compared to analysts’ expectations of $398.74 million. Eaton Vance Corporation had a net margin of 18.03% and a return on equity of 34.47%. Eaton Vance Corporation’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter last year, the company earned $0.56 earnings per share.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Eaton Vance Corporation by 1.2% during the second quarter. Vanguard Group Inc. now owns 10,523,293 shares of the asset manager’s stock worth $497,962,000 after buying an additional 124,336 shares during the period. Wells Fargo & Company MN boosted its position in shares of Eaton Vance Corporation by 2.1% during the second quarter. Wells Fargo & Company MN now owns 5,490,011 shares of the asset manager’s stock worth $259,787,000 after buying an additional 113,967 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Eaton Vance Corporation by 33.7% during the third quarter. Bank of New York Mellon Corp now owns 4,421,942 shares of the asset manager’s stock worth $218,311,000 after buying an additional 1,113,748 shares during the period. Earnest Partners LLC boosted its position in shares of Eaton Vance Corporation by 0.5% during the third quarter. Earnest Partners LLC now owns 1,795,310 shares of the asset manager’s stock worth $88,634,000 after buying an additional 8,804 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Eaton Vance Corporation by 2.7% in the third quarter. JPMorgan Chase & Co. now owns 1,768,996 shares of the asset manager’s stock valued at $87,689,000 after acquiring an additional 46,140 shares in the last quarter. Institutional investors and hedge funds own 69.49% of the company’s stock.
In other news, CEO Matthew J. Witkos sold 46,844 shares of the firm’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $48.39, for a total transaction of $2,266,781.16. Following the completion of the transaction, the chief executive officer now directly owns 234,169 shares in the company, valued at $11,331,437.91. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Thomas E. Faust, Jr. sold 73,982 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 2,697,576 shares of the company’s stock, valued at $130,023,163.20. The disclosure for this sale can be found here. Insiders sold 596,037 shares of company stock valued at $29,808,641 over the last quarter.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.39%. This is a positive change from Eaton Vance Corporation’s previous quarterly dividend of $0.28. The ex-dividend date was Monday, October 30th. Eaton Vance Corporation’s dividend payout ratio is presently 53.91%.
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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