Eaton Vance Corp (EV) Plans Quarterly Dividend of $0.35

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Eaton Vance Corp (NYSE:EV) declared a quarterly dividend on Thursday, January 10th, RTT News reports. Stockholders of record on Thursday, January 31st will be given a dividend of 0.35 per share by the asset manager on Friday, February 15th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.80%.

Eaton Vance has increased its dividend by an average of 8.0% annually over the last three years and has raised its dividend annually for the last 38 consecutive years. Eaton Vance has a payout ratio of 43.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Eaton Vance to earn $2.01 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 69.7%.

EV traded up $0.08 during midday trading on Thursday, reaching $36.80. 80,788 shares of the company’s stock traded hands, compared to its average volume of 1,342,204. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 0.77 and a beta of 1.60. The company has a debt-to-equity ratio of 1.35, a current ratio of 5.67 and a quick ratio of 5.67. Eaton Vance has a 52 week low of $32.28 and a 52 week high of $60.95.

Eaton Vance (NYSE:EV) last issued its earnings results on Tuesday, November 27th. The asset manager reported $0.85 EPS for the quarter, meeting the consensus estimate of $0.85. Eaton Vance had a return on equity of 35.94% and a net margin of 22.44%. The business had revenue of $435.97 million for the quarter, compared to the consensus estimate of $435.02 million. As a group, sell-side analysts expect that Eaton Vance will post 3.18 EPS for the current fiscal year.

In related news, CEO Thomas E. Faust, Jr. sold 33,407 shares of the company’s stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $45.50, for a total value of $1,520,018.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leo I. Higdon, Jr. sold 5,943 shares of the company’s stock in a transaction on Tuesday, October 23rd. The shares were sold at an average price of $43.97, for a total transaction of $261,313.71. The disclosure for this sale can be found here. Insiders sold 136,984 shares of company stock valued at $6,000,600 in the last quarter.

A number of brokerages have recently weighed in on EV. Jefferies Financial Group restated a “hold” rating and set a $45.00 price objective on shares of Eaton Vance in a research report on Monday, November 19th. Zacks Investment Research reiterated a “sell” rating on shares of Eaton Vance in a research report on Tuesday, November 13th. JPMorgan Chase & Co. downgraded shares of Eaton Vance from a “neutral” rating to an “underweight” rating and set a $38.00 price objective for the company. in a research note on Wednesday, November 28th. Citigroup downgraded shares of Eaton Vance from a “buy” rating to a “neutral” rating and decreased their price target for the company from $60.50 to $47.00 in a research note on Monday, November 19th. Finally, Deutsche Bank cut their price target on shares of Eaton Vance from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Thursday, September 27th. Three analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Eaton Vance currently has an average rating of “Hold” and an average price target of $51.13.

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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.

Further Reading: Quiet Period

Dividend History for Eaton Vance (NYSE:EV)

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