Jefferies Group Reiterates “Hold” Rating for Eaton Vance Corp. (EV)
Eaton Vance Corp. (NYSE:EV)‘s stock had its “hold” rating reaffirmed by Jefferies Group in a note issued to investors on Wednesday. They presently have a $37.00 price objective on the stock. Jefferies Group’s target price indicates a potential downside of 8.30% from the company’s current price.
The analysts wrote, “EV reported F4Q16 adjusted EPS of $0.57 (JEF $0.60 / Consensus $0.59). Operating income missed our forecast by -$4.6M as blended fee rates continued to trend lower (down ~2% q/q) and compensation was slightly above expectations (+$2.4M).””
Several other research analysts have also recently issued reports on EV. Zacks Investment Research raised shares of Eaton Vance Corp. from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Friday, September 16th. Credit Suisse Group AG reissued a “hold” rating and set 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 shares of 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, Citigroup Inc. reissued a “neutral” rating on shares of Eaton Vance Corp. in a report on Sunday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $37.11.
Eaton Vance Corp. (NYSE:EV) opened at 40.35 on Wednesday. Eaton Vance Corp. has a one year low of $26.44 and a one year high of $40.85. The stock’s 50 day moving average price is $37.67 and its 200 day moving average price is $37.35. The firm has a market capitalization of $4.40 billion, a PE ratio of 19.38 and a beta of 1.78.
Eaton Vance Corp. (NYSE:EV) last announced its earnings results on Tuesday, November 22nd. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by $0.02. Eaton Vance Corp. had a net margin of 17.97% and a return on equity of 39.77%. The business earned $346.85 million during the quarter, compared to analysts’ expectations of $341.46 million. During the same period in the previous year, the company posted $0.53 earnings per share. Eaton Vance Corp.’s quarterly revenue was up 1.6% on a year-over-year basis. Analysts expect that Eaton Vance Corp. will post $2.43 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Stockholders of record on Monday, October 31st were given a $0.28 dividend. The ex-dividend date of this dividend was Thursday, October 27th. This is a positive change from Eaton Vance Corp.’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 2.78%. Eaton Vance Corp.’s dividend payout ratio is currently 53.33%.
In other news, Director Brian D. Langstraat sold 38,012 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $39.79, for a total value of $1,512,497.48. Following the sale, the director now directly owns 107,712 shares in the company, valued at $4,285,860.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas E. Faust, Jr. sold 166,789 shares of the stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $35.94, for a total transaction of $5,994,396.66. Following the completion of the sale, the chief executive officer now owns 2,589,258 shares in the company, valued at $93,057,932.52. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in EV. Americafirst Capital Management LLC acquired a new stake in Eaton Vance Corp. during the second quarter valued at approximately $102,000. Acrospire Investment Management LLC raised its stake in Eaton Vance Corp. by 44.4% in the third quarter. Acrospire Investment Management LLC now owns 2,600 shares of the company’s stock valued at $102,000 after buying an additional 800 shares in the last quarter. Strs Ohio raised its stake in Eaton Vance Corp. by 4,947.9% in the second quarter. Strs Ohio now owns 3,685 shares of the company’s stock valued at $130,000 after buying an additional 3,612 shares in the last quarter. Tredje AP fonden raised its stake in Eaton Vance Corp. by 467.5% in the second quarter. Tredje AP fonden now owns 4,540 shares of the company’s stock valued at $160,000 after buying an additional 3,740 shares in the last quarter. Finally, Advisor Group Inc. acquired a new stake in Eaton Vance Corp. during the second quarter valued at approximately $171,000. Institutional investors and hedge funds own 72.30% of the company’s stock.
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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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