Eaton Vance (EV) Hits New 12-Month High After Dividend Announcement
Eaton Vance Corp (NYSE:EV) reached a new 52-week high on Wednesday after the company announced a dividend. The company traded as high as $59.28 and last traded at $58.61, with a volume of 567900 shares trading hands. The stock had previously closed at $58.41.
The newly announced dividend which will be paid on Thursday, February 15th. Investors of record on Wednesday, January 31st will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Tuesday, January 30th. Eaton Vance’s payout ratio is presently 51.24%.
A number of equities analysts recently commented on EV shares. Deutsche Bank started coverage on shares of Eaton Vance in a research report on Tuesday, October 17th. They issued a “buy” rating and a $57.00 target price on the stock. Zacks Investment Research upgraded shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Thursday, November 2nd. ValuEngine upgraded shares of Eaton Vance from a “hold” rating to a “buy” rating in a research report on Wednesday, November 22nd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $53.00 price objective on shares of Eaton Vance in a research report on Friday, November 10th. Finally, Jefferies Group restated a “hold” rating and issued a $46.00 price objective on shares of Eaton Vance in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $52.06.
Eaton Vance (NYSE:EV) last announced its earnings results on Tuesday, November 21st. The asset manager reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The company had revenue of $405.70 million for the quarter, compared to the consensus estimate of $407.75 million. Eaton Vance had a net margin of 18.45% and a return on equity of 33.45%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. equities research analysts forecast that Eaton Vance Corp will post 3.11 earnings per share for the current year.
In other news, CEO Thomas E. Faust, Jr. sold 72,314 shares of Eaton Vance stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $51.05, for a total transaction of $3,691,629.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Payson F. Swaffield sold 71,739 shares of Eaton Vance stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $51.81, for a total transaction of $3,716,797.59. The disclosure for this sale can be found here. Insiders have sold a total of 174,146 shares of company stock worth $8,952,337 in the last ninety days.
Institutional investors and hedge funds have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Eaton Vance by 437.3% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,031 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 1,653 shares in the last quarter. WFG Advisors LP boosted its stake in Eaton Vance by 0.6% during the second quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock worth $111,000 after acquiring an additional 14 shares in the last quarter. Pacad Investment Ltd. bought a new stake in Eaton Vance during the second quarter worth about $166,000. CIBC Asset Management Inc bought a new stake in Eaton Vance during the third quarter worth about $200,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Eaton Vance by 44.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,197 shares of the asset manager’s stock worth $199,000 after acquiring an additional 1,296 shares in the last quarter. 68.73% of the stock is currently owned by hedge funds and other institutional investors.
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Eaton Vance Company Profile
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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