Eaton Vance Corp (NYSE:EV) – Stock analysts at Jefferies Group boosted their Q2 2018 earnings estimates for shares of Eaton Vance in a research note issued on Wednesday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will earn $0.85 per share for the quarter, up from their prior forecast of $0.69. Jefferies Group has a “Hold” rating and a $46.00 price target on the stock. Jefferies Group also issued estimates for Eaton Vance’s Q3 2018 earnings at $0.90 EPS, FY2018 earnings at $3.38 EPS and FY2019 earnings at $3.86 EPS.
Several other research analysts also recently weighed in on the stock. ValuEngine raised shares of Eaton Vance from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research downgraded shares of Eaton Vance from a “buy” rating to a “hold” rating in a report on Monday, November 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $53.00 target price on shares of Eaton Vance in a report on Friday, November 10th. Bank of America upped 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, Deutsche Bank began coverage on shares of Eaton Vance in a report on Tuesday, October 17th. They issued a “buy” rating and a $57.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $52.06.
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 consensus estimate of $0.71 by ($0.01). The firm had revenue of $405.70 million during the quarter, compared to the consensus estimate of $407.75 million. Eaton Vance had a return on equity of 33.45% and a net margin of 18.45%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS.
A number of hedge funds have recently made changes to their positions in EV. Janus Henderson Group PLC lifted its stake in Eaton Vance by 13,411.4% in the 2nd quarter. Janus Henderson Group PLC now owns 1,557,593 shares of the asset manager’s stock worth $73,705,000 after purchasing an additional 1,546,065 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Eaton Vance by 33.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,421,942 shares of the asset manager’s stock worth $218,311,000 after purchasing an additional 1,113,748 shares in the last quarter. Junto Capital Management LP purchased a new stake in Eaton Vance in the 2nd quarter worth $33,813,000. Balyasny Asset Management LLC lifted its stake in Eaton Vance by 579.4% in the 2nd quarter. Balyasny Asset Management LLC now owns 239,882 shares of the asset manager’s stock worth $11,351,000 after purchasing an additional 204,575 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. lifted its stake in Eaton Vance by 46.7% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 509,947 shares of the asset manager’s stock worth $25,176,000 after purchasing an additional 162,436 shares in the last quarter. Institutional investors and hedge funds own 68.73% of the company’s stock.
In other Eaton Vance news, Director Dorothy E. Puhy sold 5,953 shares of the business’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $51.08, for a total value of $304,079.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas E. Faust, Jr. sold 72,314 shares of the business’s stock in a transaction on Tuesday, October 17th. The stock was sold at an average price of $51.05, for a total transaction of $3,691,629.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 174,146 shares of company stock worth $8,952,337.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.07%. The ex-dividend date is Tuesday, January 30th. Eaton Vance’s payout ratio is currently 51.24%.
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About Eaton Vance
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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