Eaton Vance (NYSE:EV) Upgraded to “Neutral” by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Eaton Vance (NYSE:EV) from an underweight rating to a neutral rating in a research note released on Friday morning, BenzingaRatingsTable reports. They currently have $49.00 target price on the asset manager’s stock.

A number of other equities research analysts have also recently issued reports on EV. Evercore ISI restated a hold rating and set a $49.00 price objective on shares of Eaton Vance in a report on Thursday, November 28th. Credit Suisse Group reduced their price objective on Eaton Vance from $53.00 to $51.00 and set a neutral rating for the company in a report on Wednesday, November 27th. Zacks Investment Research cut Eaton Vance from a buy rating to a hold rating and set a $52.00 price objective for the company. in a report on Friday, November 29th. Deutsche Bank reduced their price objective on Eaton Vance from $51.00 to $49.00 and set a hold rating for the company in a report on Wednesday, November 27th. Finally, ValuEngine cut Eaton Vance from a hold rating to a sell rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company has a consensus rating of Hold and an average target price of $48.17.

Shares of NYSE:EV traded up $0.26 during trading on Friday, reaching $47.31. 613,458 shares of the stock were exchanged, compared to its average volume of 549,893. Eaton Vance has a 12 month low of $32.28 and a 12 month high of $48.98. The firm has a market cap of $5.35 billion, a PE ratio of 13.71, a PEG ratio of 2.60 and a beta of 1.53. The stock has a 50-day moving average price of $47.17 and a 200-day moving average price of $43.86. The company has a current ratio of 4.81, a quick ratio of 11.85 and a debt-to-equity ratio of 0.52.

Eaton Vance (NYSE:EV) last issued its quarterly earnings data on Tuesday, November 26th. The asset manager reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.07. Eaton Vance had a return on equity of 35.32% and a net margin of 23.77%. The company had revenue of $433.74 million during the quarter, compared to analysts’ expectations of $438.42 million. During the same quarter in the previous year, the company posted $0.85 earnings per share. The business’s revenue was up .7% on a year-over-year basis. On average, sell-side analysts expect that Eaton Vance will post 3.56 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.375 dividend. This is a boost from Eaton Vance’s previous quarterly dividend of $0.35. This represents a $1.50 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Wednesday, October 30th. Eaton Vance’s payout ratio is 43.48%.

In other Eaton Vance news, Director Brian D. Langstraat sold 3,743 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $45.03, for a total transaction of $168,547.29. Also, Director Ann E. Berman sold 11,777 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $46.78, for a total value of $550,928.06. Over the last quarter, insiders sold 159,741 shares of company stock valued at $7,335,760.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EV. First Trust Advisors LP lifted its stake in Eaton Vance by 963.4% during the second quarter. First Trust Advisors LP now owns 58,508 shares of the asset manager’s stock worth $2,523,000 after purchasing an additional 53,006 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Eaton Vance by 10.4% during the second quarter. BNP Paribas Arbitrage SA now owns 20,493 shares of the asset manager’s stock worth $884,000 after buying an additional 1,925 shares in the last quarter. Dupont Capital Management Corp acquired a new position in shares of Eaton Vance during the second quarter worth $522,000. KBC Group NV increased its holdings in shares of Eaton Vance by 75.6% during the second quarter. KBC Group NV now owns 146,908 shares of the asset manager’s stock worth $6,336,000 after buying an additional 63,230 shares in the last quarter. Finally, Aperio Group LLC increased its holdings in shares of Eaton Vance by 1.2% during the second quarter. Aperio Group LLC now owns 83,023 shares of the asset manager’s stock worth $3,581,000 after buying an additional 982 shares in the last quarter. Hedge funds and other institutional investors own 69.20% of the company’s stock.

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: What are the qualifications of a portfolio manager?

Analyst Recommendations for Eaton Vance (NYSE:EV)

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