Eaton Vance Corp (NYSE:EV) was the recipient of a significant growth in short interest in 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. Based on an average trading volume of 694,300 shares, the days-to-cover ratio is presently 6.3 days. Approximately 4.0% of the shares of the company are short sold.
Several research firms recently commented on EV. Credit Suisse Group raised their price target on shares of Eaton Vance from $48.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. dropped their price target on shares of 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 upgraded shares of Eaton Vance from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded shares of 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. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.57.
In other news, Director Brian D. Langstraat sold 3,772 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $43.89, for a total value of $165,553.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leo I. Higdon, Jr. sold 4,883 shares of the stock in a transaction 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.
Institutional investors and hedge funds have recently bought and sold shares of the business. Advisor Group Inc. lifted its stake in shares of Eaton Vance by 21.8% in the first quarter. Advisor Group Inc. now owns 21,015 shares of the asset manager’s stock worth $847,000 after buying an additional 3,759 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Eaton Vance during the first quarter worth about $14,750,000. Rehmann Capital Advisory Group raised its stake in Eaton Vance by 127.0% during the first quarter. Rehmann Capital Advisory Group now owns 901 shares of the asset manager’s stock worth $36,000 after purchasing an additional 504 shares during the period. GYL Financial Synergies LLC acquired a new stake in shares of Eaton Vance during the first quarter valued at about $449,000. Finally, First Hawaiian Bank increased its position in shares of Eaton Vance by 26.0% during the second quarter. First Hawaiian Bank now owns 6,954 shares of the asset manager’s stock valued at $300,000 after acquiring an additional 1,434 shares during the last quarter. 70.78% of the stock is currently owned by institutional investors and hedge funds.
EV stock traded up $0.86 during midday trading on Friday, hitting $43.47. 614,794 shares of the stock traded hands, compared to its average volume of 615,725. The firm has a market cap of $4.78 billion, a P/E ratio of 13.54, a PEG ratio of 2.27 and a beta of 1.55. The company has a debt-to-equity ratio of 1.98, a current ratio of 11.85 and a quick ratio of 11.85. The stock’s fifty day simple moving average is $43.60 and its 200-day simple moving average is $42.02. Eaton Vance has a 1-year low of $32.28 and a 1-year high of $47.44.
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 Thomson Reuters’ consensus estimate of $0.87 by $0.03. The company had revenue of $431.24 million for the quarter, compared to analyst estimates of $433.98 million. Eaton Vance had a net margin of 23.51% and a return on equity of 35.45%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share. On average, research analysts predict that Eaton Vance will post 3.4 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 3.45%. This is an increase from Eaton Vance’s previous quarterly dividend of $0.35. Eaton Vance’s dividend payout ratio (DPR) is presently 43.61%.
Eaton Vance declared that its board has initiated a stock buyback plan on Wednesday, July 10th that authorizes the company to buyback 8,000,000 outstanding shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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