Eaton Vance Corp (NYSE:EV) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 4,370,000 shares, a growth of 29.3% from the August 30th total of 3,380,000 shares. Approximately 4.0% of the company’s stock are sold short. Based on an average daily trading volume, of 694,300 shares, the days-to-cover ratio is presently 6.3 days.
EV stock traded up $0.86 on Friday, hitting $43.47. The company’s stock had a trading volume of 614,794 shares, compared to its average volume of 615,725. The firm has a 50 day moving average of $43.60 and a two-hundred day moving average of $42.02. Eaton Vance has a 1 year low of $32.28 and a 1 year high of $47.44. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 2.27 and a beta of 1.55. The company has a current ratio of 11.85, a quick ratio of 11.85 and a debt-to-equity ratio of 1.98.
Eaton Vance (NYSE:EV) last released its quarterly earnings results on Tuesday, August 27th. The asset manager reported $0.90 EPS for the quarter, beating the 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 firm had revenue of $431.24 million during the quarter, compared to the consensus estimate of $433.98 million. During the same quarter in the prior year, the firm earned $0.82 EPS. Eaton Vance’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities analysts forecast that Eaton Vance will post 3.4 EPS for the current fiscal year.
Eaton Vance announced that its board has approved a stock repurchase plan on Wednesday, July 10th that allows the company to repurchase 8,000,000 shares. This repurchase authorization allows the asset manager to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.375 dividend. This is an increase from Eaton Vance’s previous quarterly dividend of $0.35. This represents a $1.50 annualized dividend and a yield of 3.45%. Eaton Vance’s dividend payout ratio is 43.61%.
In other news, Director Brian D. Langstraat sold 3,772 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $43.89, for a total transaction of $165,553.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leo I. Higdon, Jr. sold 4,883 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $44.32, for a total transaction of $216,414.56. The disclosure for this sale can be found here.
Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in Eaton Vance by 2.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,890,867 shares of the asset manager’s stock valued at $80,930,000 after buying an additional 41,251 shares during the period. Northern Trust Corp increased its stake in Eaton Vance by 0.8% in the 2nd quarter. Northern Trust Corp now owns 1,252,493 shares of the asset manager’s stock valued at $54,019,000 after buying an additional 10,416 shares during the period. Invesco Ltd. increased its stake in Eaton Vance by 16.8% in the 2nd quarter. Invesco Ltd. now owns 1,238,869 shares of the asset manager’s stock valued at $53,432,000 after buying an additional 178,553 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Eaton Vance by 3.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,150,040 shares of the asset manager’s stock valued at $49,602,000 after buying an additional 37,233 shares during the period. Finally, Schroder Investment Management Group increased its stake in Eaton Vance by 18.6% in the 2nd quarter. Schroder Investment Management Group now owns 963,410 shares of the asset manager’s stock valued at $41,552,000 after buying an additional 151,422 shares during the period. Hedge funds and other institutional investors own 70.78% of the company’s stock.
EV has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Friday, August 30th. ValuEngine upgraded shares of Eaton Vance from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Eaton Vance from $44.00 to $42.00 and set an “underweight” rating for the company in a research report on Wednesday, August 28th. Finally, Credit Suisse Group boosted their price objective on shares of Eaton Vance from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $43.57.
Eaton Vance Company Profile
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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