Brokerages expect that Eaton Vance Corporation (NYSE:EV) will report $409.74 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Eaton Vance Corporation’s earnings, with the lowest sales estimate coming in at $406.24 million and the highest estimate coming in at $412.59 million. Eaton Vance Corporation reported sales of $346.85 million during the same quarter last year, which would indicate a positive year over year growth rate of 18.1%. The business is expected to announce its next earnings report before the market opens on Tuesday, November 21st.
According to Zacks, analysts expect that Eaton Vance Corporation will report full-year sales of $409.74 million for the current year, with estimates ranging from $1.53 billion to $1.55 billion. For the next financial year, analysts anticipate that the firm will report sales of $1.70 billion per share, with estimates ranging from $1.67 billion to $1.72 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Eaton Vance Corporation.
Eaton Vance Corporation (NYSE:EV) last issued its quarterly earnings data on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Eaton Vance Corporation had a return on equity of 34.47% and a net margin of 18.03%. The business had revenue of $393.70 million during the quarter, compared to analyst estimates of $398.74 million. During the same quarter last year, the firm earned $0.56 EPS. Eaton Vance Corporation’s revenue for the quarter was up 15.4% compared to the same quarter last year.
Several equities research analysts have commented on the stock. Bank of America Corporation upped their price objective on shares of Eaton Vance Corporation from $49.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday. Jefferies Group LLC reaffirmed a “hold” rating and set a $46.00 price objective on shares of Eaton Vance Corporation in a report on Thursday, October 26th. Zacks Investment Research raised shares of Eaton Vance Corporation from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday. Credit Suisse Group increased their price target on shares of Eaton Vance Corporation from $46.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, August 11th. Finally, Deutsche Bank AG initiated coverage on shares of Eaton Vance Corporation in a report on Tuesday, October 17th. They issued a “buy” rating and a $57.00 price target on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Eaton Vance Corporation has an average rating of “Hold” and a consensus price target of $51.69.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.43%. This is an increase from Eaton Vance Corporation’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, October 30th. Eaton Vance Corporation’s dividend payout ratio is presently 53.91%.
In related news, CEO Thomas E. Faust, Jr. sold 73,982 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $48.20, for a total value of $3,565,932.40. Following the sale, the chief executive officer now directly owns 2,697,576 shares of the company’s stock, valued at $130,023,163.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann E. Berman sold 6,865 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $48.88, for a total transaction of $335,561.20. Following the completion of the sale, the director now directly owns 6,865 shares in the company, valued at $335,561.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 596,037 shares of company stock worth $29,808,641.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. raised its stake in Eaton Vance Corporation by 88.2% in the third quarter. Prudential Financial Inc. now owns 174,372 shares of the asset manager’s stock valued at $8,609,000 after purchasing an additional 81,740 shares in the last quarter. Cambridge Trust Co. raised its stake in Eaton Vance Corporation by 3.9% in the third quarter. Cambridge Trust Co. now owns 191,322 shares of the asset manager’s stock valued at $9,446,000 after purchasing an additional 7,119 shares in the last quarter. State of Tennessee Treasury Department grew its position in Eaton Vance Corporation by 160.0% during the third quarter. State of Tennessee Treasury Department now owns 130,000 shares of the asset manager’s stock valued at $6,418,000 after acquiring an additional 80,000 shares during the last quarter. Capital Management Corp VA grew its position in Eaton Vance Corporation by 2.9% during the third quarter. Capital Management Corp VA now owns 143,673 shares of the asset manager’s stock valued at $7,093,000 after acquiring an additional 4,100 shares during the last quarter. Finally, State of Wisconsin Investment Board grew its position in Eaton Vance Corporation by 11.1% during the third quarter. State of Wisconsin Investment Board now owns 53,567 shares of the asset manager’s stock valued at $2,645,000 after acquiring an additional 5,358 shares during the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.
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About Eaton Vance Corporation
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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