Eaton Vance Corp. (EV) to Issue Dividend Increase – $0.28 Per Share
Eaton Vance Corp. (NYSE:EV) declared a quarterly dividend on Thursday, October 13th. Shareholders of record on Monday, October 31st will be paid a dividend of 0.28 per share on Tuesday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 3.01%. This is a positive change from Eaton Vance Corp.’s previous quarterly dividend of $0.27.
Eaton Vance Corp. (NYSE:EV) opened at 37.26 on Friday. Eaton Vance Corp. has a 52 week low of $26.44 and a 52 week high of $40.36. The stock has a market cap of $4.06 billion, a PE ratio of 17.90 and a beta of 1.76. The firm’s 50-day moving average price is $38.94 and its 200-day moving average price is $36.67.
Eaton Vance Corp. (NYSE:EV) last issued its quarterly earnings results on Wednesday, August 17th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.01. Eaton Vance Corp. had a return on equity of 39.06% and a net margin of 17.83%. The firm had revenue of $341.20 million for the quarter. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. Equities analysts predict that Eaton Vance Corp. will post $2.13 earnings per share for the current fiscal year.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Eaton Vance Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Credit Suisse Group AG reiterated a “hold” rating and issued a $37.00 price target on shares of Eaton Vance Corp. in a report on Thursday, September 1st. Keefe, Bruyette & Woods increased their price target on Eaton Vance Corp. from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Friday, August 19th. Finally, Jefferies Group increased their price target on Eaton Vance Corp. from $34.00 to $38.00 and gave the stock a “hold” rating in a report on Tuesday, August 16th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Eaton Vance Corp. currently has a consensus rating of “Hold” and an average target price of $37.54.
In other news, insider Jeffrey P. Beale sold 53,153 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $39.58, for a total value of $2,103,795.74. Following the completion of the sale, the insider now owns 327,591 shares of the company’s stock, valued at approximately $12,966,051.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian D. Langstraat sold 38,012 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $39.79, for a total value of $1,512,497.48. Following the completion of the sale, the director now directly owns 107,712 shares of the company’s stock, valued at approximately $4,285,860.48. The disclosure for this sale can be found here.
Hedge funds have recently bought and sold shares of the company. American Century Companies Inc. boosted its stake in Eaton Vance Corp. by 683.9% in the second quarter. American Century Companies Inc. now owns 1,020,561 shares of the company’s stock worth $36,067,000 after buying an additional 890,365 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Eaton Vance Corp. by 3.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,703,742 shares of the company’s stock worth $130,890,000 after buying an additional 136,425 shares during the last quarter. HighTower Advisors LLC boosted its stake in Eaton Vance Corp. by 573.1% in the second quarter. HighTower Advisors LLC now owns 130,443 shares of the company’s stock worth $4,608,000 after buying an additional 111,063 shares during the last quarter. State of Tennessee Treasury Department acquired a new stake in Eaton Vance Corp. during the second quarter worth $3,181,000. Finally, BlackRock Fund Advisors boosted its stake in Eaton Vance Corp. by 1.9% in the second quarter. BlackRock Fund Advisors now owns 4,242,317 shares of the company’s stock worth $149,923,000 after buying an additional 80,703 shares during the last quarter. 70.88% of the stock is owned by hedge funds and other institutional investors.
About Eaton Vance Corp.
Eaton Vance Corp. is engaged in business of managing investment funds and providing investment management and advisory services to individuals and institutions. The Company seeks to develop and sustain management expertise across a range of investment disciplines, and offer investment products and services through various distribution channels.
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