Earnest Partners LLC trimmed its holdings in shares of Eaton Vance Corp (NYSE:EV) by 9.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,570,843 shares of the asset manager’s stock after selling 157,465 shares during the period. Earnest Partners LLC’s holdings in Eaton Vance were worth $67,750,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of EV. Nomura Asset Management Co. Ltd. grew its position in shares of Eaton Vance by 4.8% in the first quarter. Nomura Asset Management Co. Ltd. now owns 21,216 shares of the asset manager’s stock valued at $855,000 after purchasing an additional 964 shares during the last quarter. Arcus Capital Partners LLC acquired a new stake in shares of Eaton Vance in the second quarter valued at about $91,000. Hunter Associates Investment Management LLC grew its position in shares of Eaton Vance by 1.0% in the second quarter. Hunter Associates Investment Management LLC now owns 80,350 shares of the asset manager’s stock valued at $3,465,000 after purchasing an additional 800 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Eaton Vance in the first quarter valued at about $640,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Eaton Vance by 9.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,140,735 shares of the asset manager’s stock valued at $40,130,000 after purchasing an additional 100,760 shares during the last quarter. 70.16% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on EV. JPMorgan Chase & Co. lowered their price target on Eaton Vance from $44.00 to $42.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 28th. ValuEngine downgraded Eaton Vance from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Zacks Investment Research raised Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Friday, August 30th. Credit Suisse Group raised their price target on Eaton Vance from $48.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, August 28th. Finally, Bank of America downgraded Eaton Vance from a “buy” rating to an “underperform” rating in a research report on Monday, May 20th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $43.57.
NYSE EV opened at $47.02 on Friday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 11.82 and a current ratio of 11.85. The firm has a 50-day simple moving average of $42.21 and a 200 day simple moving average of $41.54. Eaton Vance Corp has a twelve month low of $32.28 and a twelve month high of $54.17. The stock has a market cap of $5.32 billion, a PE ratio of 14.65, a PEG ratio of 2.43 and a beta of 1.55.
Eaton Vance (NYSE:EV) last released its earnings results on Tuesday, August 27th. The asset manager reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.03. Eaton Vance had a net margin of 23.51% and a return on equity of 35.45%. The business had revenue of $431.24 million during the quarter, compared to analysts’ expectations of $433.98 million. During the same quarter last year, the company earned $0.82 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. Research analysts forecast that Eaton Vance Corp will post 3.4 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Tuesday, July 30th. Eaton Vance’s payout ratio is presently 43.61%.
Eaton Vance declared that its Board of Directors has approved a share repurchase program on Wednesday, July 10th that allows the company to buyback 8,000,000 shares. This buyback authorization allows the asset manager to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Leo I. Higdon, Jr. sold 4,883 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $44.32, for a total value of $216,414.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian D. Langstraat sold 3,772 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $43.89, for a total transaction of $165,553.08. The disclosure for this sale can be found here.
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.
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