Eaton Vance (NYSE:EV) Downgraded by ValuEngine

ValuEngine lowered shares of Eaton Vance (NYSE:EV) from a hold rating to a sell rating in a research note released on Thursday morning, ValuEngine reports.

A number of other equities analysts also recently weighed in on EV. Zacks Investment Research raised shares of Eaton Vance from a hold rating to a buy rating and set a $45.00 target price for the company in a research note on Friday, May 24th. Bank of America downgraded shares of Eaton Vance from a buy rating to an underperform rating in a research note on Monday, May 20th. Finally, Credit Suisse Group began coverage on shares of Eaton Vance in a research note on Wednesday, June 12th. They set a neutral rating and a $44.00 target price for the company. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Eaton Vance currently has a consensus rating of Hold and an average target price of $42.00.

Shares of EV stock traded down $0.47 during trading hours on Thursday, hitting $42.33. 631,625 shares of the company’s stock traded hands, compared to its average volume of 708,631. The firm has a 50 day moving average price of $43.50. The stock has a market cap of $4.88 billion, a PE ratio of 13.19, a PEG ratio of 2.40 and a beta of 1.58. Eaton Vance has a 12 month low of $32.28 and a 12 month high of $54.44. The company has a current ratio of 11.82, a quick ratio of 11.82 and a debt-to-equity ratio of 1.49.

Eaton Vance (NYSE:EV) last released its quarterly earnings results on Tuesday, May 21st. The asset manager reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.13. Eaton Vance had a net margin of 23.50% and a return on equity of 35.53%. The firm had revenue of $411.86 million during the quarter, compared to the consensus estimate of $411.42 million. During the same quarter last year, the firm earned $0.77 earnings per share. The company’s revenue for the quarter was down .2% on a year-over-year basis. Equities analysts forecast that Eaton Vance will post 3.36 earnings per share for the current fiscal year.

Eaton Vance declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 10th that permits the company to buyback 8,000,000 shares. This buyback authorization permits the asset manager to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Tuesday, July 30th. Eaton Vance’s dividend payout ratio is presently 43.61%.

In other Eaton Vance news, Director Leo I. Higdon, Jr. sold 4,883 shares of Eaton Vance stock in a transaction on 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian D. Langstraat sold 3,772 shares of Eaton Vance stock in a transaction on 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.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC acquired a new position in shares of Eaton Vance during the first quarter valued at about $31,000. Quadrant Capital Group LLC grew its holdings in shares of Eaton Vance by 295.2% during the first quarter. Quadrant Capital Group LLC now owns 913 shares of the asset manager’s stock valued at $33,000 after buying an additional 682 shares during the last quarter. Rehmann Capital Advisory Group grew its holdings in shares of Eaton Vance by 127.0% during the first quarter. Rehmann Capital Advisory Group now owns 901 shares of the asset manager’s stock valued at $36,000 after buying an additional 504 shares during the last quarter. Advisory Services Network LLC grew its holdings in shares of Eaton Vance by 59.4% during the second quarter. Advisory Services Network LLC now owns 1,092 shares of the asset manager’s stock valued at $47,000 after buying an additional 407 shares during the last quarter. Finally, Flagship Harbor Advisors LLC grew its holdings in shares of Eaton Vance by 155.6% during the second quarter. Flagship Harbor Advisors LLC now owns 1,411 shares of the asset manager’s stock valued at $60,000 after buying an additional 859 shares during the last quarter. 71.60% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: Different Types of Derivatives

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Eaton Vance (NYSE:EV)

Receive News & Ratings for Eaton Vance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton Vance and related companies with MarketBeat.com's FREE daily email newsletter.