Boston Financial Mangement LLC lowered its stake in Eaton Vance Corporation (NYSE:EV) by 9.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,278 shares of the asset manager’s stock after selling 2,102 shares during the period. Boston Financial Mangement LLC’s holdings in Eaton Vance Corporation were worth $912,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Eaton Vance Corporation by 3,407.1% in the first quarter. BlackRock Inc. now owns 10,878,915 shares of the asset manager’s stock valued at $489,118,000 after buying an additional 10,568,715 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Eaton Vance Corporation by 36.2% in the first quarter. Bank of New York Mellon Corp now owns 2,463,381 shares of the asset manager’s stock valued at $110,753,000 after buying an additional 654,761 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Eaton Vance Corporation by 6.1% in the first quarter. Vanguard Group Inc. now owns 10,398,957 shares of the asset manager’s stock valued at $467,537,000 after buying an additional 600,222 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Eaton Vance Corporation by 63.7% in the first quarter. Schroder Investment Management Group now owns 802,743 shares of the asset manager’s stock valued at $36,035,000 after buying an additional 312,456 shares in the last quarter. Finally, FMR LLC bought a new stake in shares of Eaton Vance Corporation during the fourth quarter valued at about $7,152,000. 71.01% of the stock is owned by institutional investors.
Eaton Vance Corporation (EV) opened at 46.76 on Friday. Eaton Vance Corporation has a 52-week low of $34.44 and a 52-week high of $50.10. The company has a market cap of $5.18 billion, a P/E ratio of 20.50 and a beta of 1.84. The company has a 50-day moving average of $48.18 and a 200-day moving average of $45.98.
Eaton Vance Corporation (NYSE:EV) last posted its earnings results on Wednesday, May 24th. The asset manager reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Eaton Vance Corporation had a net margin of 18.39% and a return on equity of 36.63%. The firm had revenue of $374.60 million during the quarter, compared to analyst estimates of $373.28 million. During the same quarter in the prior year, the business posted $0.48 EPS. The business’s revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Eaton Vance Corporation will post $2.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were paid a $0.28 dividend. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Eaton Vance Corporation’s payout ratio is 49.34%.
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Several equities research analysts have recently issued reports on EV shares. Bank of America Corporation increased their price objective on shares of Eaton Vance Corporation from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, May 25th. Citigroup Inc. raised shares of Eaton Vance Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $52.00 to $54.50 in a research report on Monday, June 5th. Zacks Investment Research downgraded shares of Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research report on Monday, May 1st. Jefferies Group LLC increased their price objective on shares of Eaton Vance Corporation from $42.00 to $45.00 and gave the stock a “hold” rating in a research report on Monday, May 22nd. Finally, J P Morgan Chase & Co reaffirmed an “underweight” rating and issued a $47.00 target price (up previously from $40.00) on shares of Eaton Vance Corporation in a research report on Tuesday, June 6th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $50.07.
In related news, insider Jeffrey P. Beale sold 39,343 shares of the stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $48.30, for a total transaction of $1,900,266.90. Following the completion of the transaction, the insider now owns 343,509 shares in the company, valued at $16,591,484.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Dorothy E. Puhy sold 2,563 shares of the stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $48.46, for a total transaction of $124,202.98. Following the transaction, the director now owns 14,473 shares of the company’s stock, valued at approximately $701,361.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,943 shares of company stock valued at $6,149,649.
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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