Eaton Vance Corp. (EV) Sees Unusually-High Trading Volume Following Dividend Announcement
Shares of Eaton Vance Corp. (NYSE:EV) saw an uptick in trading volume on Friday after the company announced a dividend. 973,568 shares changed hands during mid-day trading, an increase of 20% from the previous session’s volume of 809,754 shares.The stock last traded at $37.14 and had previously closed at $37.26.
The newly announced dividend which will be paid on Tuesday, November 15th. Shareholders of record on Monday, October 31st will be paid a dividend of $0.28 per share. This is an increase from Eaton Vance Corp.’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $1.12 annualized dividend and a yield of 3.01%. Eaton Vance Corp.’s payout ratio is presently 51.46%.
Several brokerages have commented on EV. Zacks Investment Research downgraded Eaton Vance Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Jefferies Group reissued a “hold” rating on shares of Eaton Vance Corp. in a research note on Monday, August 1st. Keefe, Bruyette & Woods boosted 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, Credit Suisse Group AG restated a “hold” rating and set a $37.00 price target on shares of Eaton Vance Corp. in a report on Thursday, September 1st. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $37.54.
The company’s 50 day moving average is $38.88 and its 200 day moving average is $36.71. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 17.87 and a beta of 1.76.
Eaton Vance Corp. (NYSE:EV) last released its quarterly earnings results on Wednesday, August 17th. The company reported $0.56 earnings per share for the quarter, beating 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 period in the previous year, the business earned $0.57 EPS. The business’s revenue was down 4.0% on a year-over-year basis. On average, equities analysts predict that Eaton Vance Corp. will post $2.13 EPS for the current fiscal year.
In other Eaton Vance Corp. news, Director Dorothy E. Puhy sold 6,197 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $38.75, for a total value of $240,133.75. Following the sale, the director now owns 15,787 shares of the company’s stock, valued at approximately $611,746.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Witkos sold 94,408 shares of the firm’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $40.08, for a total value of $3,783,872.64. Following the completion of the sale, the chief executive officer now directly owns 197,077 shares in the company, valued at approximately $7,898,846.16. The disclosure for this sale can be found here.
Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in Eaton Vance Corp. by 9.1% in the first quarter. Geode Capital Management LLC now owns 762,095 shares of the company’s stock valued at $25,534,000 after buying an additional 63,820 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Eaton Vance Corp. by 24.4% in the first quarter. Goldman Sachs Group Inc. now owns 330,356 shares of the company’s stock worth $11,074,000 after buying an additional 64,890 shares in the last quarter. Rafferty Asset Management LLC boosted its position in shares of Eaton Vance Corp. by 49.0% in the first quarter. Rafferty Asset Management LLC now owns 15,547 shares of the company’s stock worth $521,000 after buying an additional 5,112 shares in the last quarter. State Street Corp boosted its position in shares of Eaton Vance Corp. by 9.9% in the first quarter. State Street Corp now owns 9,593,020 shares of the company’s stock worth $321,555,000 after buying an additional 866,198 shares in the last quarter. Finally, Zebra Capital Management LLC boosted its position in shares of Eaton Vance Corp. by 30.5% in the first quarter. Zebra Capital Management LLC now owns 45,892 shares of the company’s stock worth $1,538,000 after buying an additional 10,715 shares in the last quarter. 70.88% of the stock is currently 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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