Eaton Vance (NYSE:EV) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Eaton Vance (NYSE:EV) from a buy rating to a hold rating in a research report released on Monday, November 27th.

According to Zacks, “Eaton Vance Corp.’s principal business is creating, marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries, Eaton Vance Management and Boston Management and Research.The Company’s growth has resulted from its ability to develop, offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. “

Several other research firms have also commented on EV. Keefe, Bruyette & Woods reiterated a hold rating and set a $53.00 price objective on shares of Eaton Vance in a research report on Friday, November 10th. Jefferies Group restated a hold rating and issued a $46.00 target price on shares of Eaton Vance in a report on Thursday, October 26th. BidaskClub lowered shares of Eaton Vance from a sell rating to a strong sell rating in a report on Saturday, August 19th. Bank of America raised their target price on shares of Eaton Vance from $49.00 to $51.00 and gave the stock a neutral rating in a report on Tuesday, October 31st. Finally, J P Morgan Chase & Co upgraded shares of Eaton Vance from an underweight rating to a neutral rating and set a $48.00 target price for the company in a report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $52.06.

Shares of Eaton Vance (NYSE:EV) traded up $0.15 during trading hours on Monday, hitting $55.92. 454,003 shares of the company were exchanged, compared to its average volume of 614,037. The company has a current ratio of 1.85, a quick ratio of 5.74 and a debt-to-equity ratio of 0.01. Eaton Vance has a 12-month low of $41.08 and a 12-month high of $56.74. The company has a market capitalization of $6,669.04, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 1.01 and a beta of 1.89.

Eaton Vance (NYSE:EV) last issued its earnings results on Tuesday, November 21st. The asset manager reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.71 by ($0.01). Eaton Vance had a return on equity of 33.45% and a net margin of 18.45%. The company had revenue of $405.70 million for the quarter, compared to the consensus estimate of $407.75 million. During the same quarter in the prior year, the company posted $0.57 EPS. Eaton Vance’s revenue was up 17.0% compared to the same quarter last year. equities research analysts anticipate that Eaton Vance will post 2.98 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st were given a dividend of $0.31 per share. This is an increase from Eaton Vance’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, October 30th. This represents a $1.24 dividend on an annualized basis and a yield of 2.22%. Eaton Vance’s dividend payout ratio (DPR) is 51.24%.

In other news, insider Payson F. Swaffield sold 71,739 shares of Eaton Vance stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $51.81, for a total value of $3,716,797.59. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey P. Beale sold 24,140 shares of Eaton Vance stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $51.36, for a total transaction of $1,239,830.40. The disclosure for this sale can be found here. Insiders have sold a total of 587,122 shares of company stock worth $29,384,733 in the last three months.

Several institutional investors have recently modified their holdings of EV. Teachers Advisors LLC boosted its stake in Eaton Vance by 1.6% in the 1st quarter. Teachers Advisors LLC now owns 148,048 shares of the asset manager’s stock worth $6,656,000 after purchasing an additional 2,389 shares in the last quarter. Capstone Asset Management Co. boosted its stake in Eaton Vance by 1.9% in the 2nd quarter. Capstone Asset Management Co. now owns 10,975 shares of the asset manager’s stock worth $519,000 after purchasing an additional 200 shares in the last quarter. Bank of Montreal Can boosted its stake in Eaton Vance by 1.7% in the 2nd quarter. Bank of Montreal Can now owns 72,055 shares of the asset manager’s stock worth $3,409,000 after purchasing an additional 1,213 shares in the last quarter. Creative Planning boosted its stake in Eaton Vance by 3.3% in the 2nd quarter. Creative Planning now owns 5,098 shares of the asset manager’s stock worth $241,000 after purchasing an additional 163 shares in the last quarter. Finally, Aperio Group LLC boosted its stake in Eaton Vance by 2.2% in the 2nd quarter. Aperio Group LLC now owns 49,132 shares of the asset manager’s stock worth $2,325,000 after purchasing an additional 1,041 shares in the last quarter. 69.14% of the stock is currently owned by hedge funds and other institutional investors.

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Eaton Vance Company Profile

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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