Earnest Partners LLC lowered its stake in Eaton Vance Corp (NYSE:EV) by 9.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,570,843 shares of the asset manager’s stock after selling 157,465 shares during the period. Earnest Partners LLC owned about 1.38% of Eaton Vance worth $67,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of the business. Penserra Capital Management LLC purchased a new position in shares of Eaton Vance in the 1st quarter valued at about $31,000. Rehmann Capital Advisory Group grew its stake in Eaton Vance by 127.0% during the 1st quarter. Rehmann Capital Advisory Group now owns 901 shares of the asset manager’s stock worth $36,000 after buying an additional 504 shares during the last quarter. Advisory Services Network LLC grew its stake in Eaton Vance by 59.4% during the 2nd quarter. Advisory Services Network LLC now owns 1,092 shares of the asset manager’s stock worth $47,000 after buying an additional 407 shares during the last quarter. Flagship Harbor Advisors LLC grew its stake in Eaton Vance by 155.6% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 1,411 shares of the asset manager’s stock worth $60,000 after buying an additional 859 shares during the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in Eaton Vance during the 2nd quarter worth approximately $77,000. 70.16% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on EV shares. Credit Suisse Group raised their price target on Eaton Vance from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. reduced their price target on Eaton Vance from $44.00 to $42.00 and set an “underweight” rating for the company in a report on Wednesday, August 28th. Zacks Investment Research raised Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Friday, August 30th. Bank of America cut Eaton Vance from a “buy” rating to an “underperform” rating in a report on Monday, May 20th. Finally, ValuEngine cut Eaton Vance from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Eaton Vance currently has an average rating of “Hold” and a consensus price target of $43.57.
Shares of NYSE EV opened at $47.02 on Friday. The stock has a market capitalization of $5.32 billion, a P/E ratio of 14.65, a PEG ratio of 2.43 and a beta of 1.55. The stock’s 50 day moving average price is $42.21 and its two-hundred day moving average price is $41.54. Eaton Vance Corp has a 52-week low of $32.28 and a 52-week high of $54.17. The company has a quick ratio of 11.82, a current ratio of 11.85 and a debt-to-equity ratio of 1.98.
Eaton Vance (NYSE:EV) last issued its quarterly earnings data on Tuesday, August 27th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Eaton Vance had a return on equity of 35.45% and a net margin of 23.51%. The business had revenue of $431.24 million during the quarter, compared to analyst estimates of $433.98 million. During the same period in the prior year, the company posted $0.82 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts anticipate that Eaton Vance Corp will post 3.4 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.35 per share. The ex-dividend date was Tuesday, July 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.98%. Eaton Vance’s dividend payout ratio (DPR) is presently 43.61%.
Eaton Vance announced 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 buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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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