Occidental Asset Management LLC raised its holdings in shares of Eaton Vance Corp (NYSE:EV) by 20.1% in the second quarter, Holdings Channel.com reports. The firm owned 15,806 shares of the asset manager’s stock after buying an additional 2,642 shares during the period. Occidental Asset Management LLC’s holdings in Eaton Vance were worth $682,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Norges Bank bought a new position in Eaton Vance during the 4th quarter worth approximately $33,744,000. Lazard Asset Management LLC bought a new stake in shares of Eaton Vance in the 1st quarter worth approximately $14,750,000. Wells Fargo & Company MN lifted its holdings in shares of Eaton Vance by 6.2% in the 1st quarter. Wells Fargo & Company MN now owns 5,045,119 shares of the asset manager’s stock worth $203,370,000 after purchasing an additional 294,170 shares during the last quarter. OLD Republic International Corp lifted its holdings in shares of Eaton Vance by 39.8% in the 1st quarter. OLD Republic International Corp now owns 702,000 shares of the asset manager’s stock worth $28,298,000 after purchasing an additional 200,000 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its holdings in shares of Eaton Vance by 30.5% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 533,693 shares of the asset manager’s stock worth $23,018,000 after purchasing an additional 124,800 shares during the last quarter. Hedge funds and other institutional investors own 71.60% of the company’s stock.
Shares of NYSE EV traded down $0.49 during mid-day trading on Thursday, hitting $38.73. The company had a trading volume of 27,517 shares, compared to its average volume of 688,375. The firm has a market cap of $4.49 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 2.25 and a beta of 1.58. Eaton Vance Corp 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. The firm’s 50 day simple moving average is $43.32.
Eaton Vance (NYSE:EV) last announced its earnings results on Tuesday, May 21st. The asset manager reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.13. The firm had revenue of $411.86 million for the quarter, compared to the consensus estimate of $411.42 million. Eaton Vance had a return on equity of 35.53% and a net margin of 23.50%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 EPS. Equities analysts anticipate that Eaton Vance Corp will post 3.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.61%. The ex-dividend date is Tuesday, July 30th. Eaton Vance’s payout ratio is currently 43.61%.
Eaton Vance announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 10th that allows the company to buyback 8,000,000 outstanding shares. This buyback authorization allows the asset manager to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several analysts recently issued reports on EV shares. ValuEngine downgraded Eaton Vance from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Zacks Investment Research raised Eaton Vance from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Friday, May 24th. Credit Suisse Group started coverage on Eaton Vance in a report on Wednesday, June 12th. They issued a “neutral” rating and a $44.00 price target on the stock. Finally, Bank of America downgraded Eaton Vance from a “buy” rating to an “underperform” rating in a report on Monday, May 20th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $42.00.
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 stock was sold at an average price of $44.32, for a total transaction of $216,414.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 value of $165,553.08. The disclosure for this sale can be found here.
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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