State Board of Administration of Florida Retirement System reduced its position in shares of Eaton Vance Corp (NYSE:EV) by 4.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 157,296 shares of the asset manager’s stock after selling 6,900 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.14% of Eaton Vance worth $6,784,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in shares of Eaton Vance by 0.7% during the 1st quarter. BlackRock Inc. now owns 12,257,615 shares of the asset manager’s stock worth $494,104,000 after purchasing an additional 87,850 shares during the last quarter. Wells Fargo & Company MN boosted its position in Eaton Vance by 6.2% in the 1st quarter. Wells Fargo & Company MN now owns 5,045,119 shares of the asset manager’s stock valued at $203,370,000 after buying an additional 294,170 shares during the period. Geode Capital Management LLC boosted its position in Eaton Vance by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 1,306,590 shares of the asset manager’s stock valued at $45,939,000 after buying an additional 47,990 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Eaton Vance by 9.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,140,735 shares of the asset manager’s stock valued at $40,130,000 after purchasing an additional 100,760 shares in the last quarter. Finally, BTIM Corp. raised its holdings in shares of Eaton Vance by 0.4% in the 2nd quarter. BTIM Corp. now owns 879,698 shares of the asset manager’s stock valued at $37,942,000 after purchasing an additional 3,139 shares in the last quarter. Hedge funds and other institutional investors own 70.83% of the company’s stock.
Shares of EV stock traded up $0.66 during trading hours on Wednesday, reaching $41.12. The stock had a trading volume of 2,147 shares, compared to its average volume of 715,608. The firm has a market capitalization of $4.48 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 2.57 and a beta of 1.58. The company has a debt-to-equity ratio of 1.49, a current ratio of 11.82 and a quick ratio of 11.82. The firm has a 50-day simple moving average of $42.42 and a 200-day simple moving average of $41.32. Eaton Vance Corp has a twelve month low of $32.28 and a twelve month high of $54.44.
Eaton Vance declared that its board has initiated a share buyback plan on Wednesday, July 10th that allows the company to repurchase 8,000,000 shares. This repurchase authorization allows the asset manager to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend was Tuesday, July 30th. Eaton Vance’s dividend payout ratio (DPR) is 43.61%.
In other news, Director Leo I. Higdon, Jr. sold 4,883 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $44.32, for a total value of $216,414.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Brian D. Langstraat sold 3,772 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $43.89, for a total transaction of $165,553.08. The disclosure for this sale can be found here.
Several equities research analysts recently commented on EV shares. Credit Suisse Group lifted their price target on shares of Eaton Vance from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday. Bank of America downgraded shares of Eaton Vance from a “buy” rating to an “underperform” rating in a report on Monday, May 20th. ValuEngine downgraded shares of Eaton Vance from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Zacks Investment Research raised shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Friday, May 24th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Eaton Vance from $44.00 to $42.00 and set an “underweight” rating for the company in a research report on Wednesday. Three analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $43.43.
Eaton Vance Company Profile
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: Limitations of the P/E Growth ratio
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