Trading Report: Today, Zacks Investment Research Downgrades Eaton Vance Corp. (EV) to Hold

Today, Zacks Investment Research Downgrades Eaton Vance Corp. (EV) to Hold

Eaton Vance Corp. (NYSE:EV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Eaton Vance Corp.’s principal business is creating, marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries, Eaton Vance Management and Boston Management and Research.The Company’s growth has resulted from its ability to develop, offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. “

Several other analysts have also recently issued reports on the company. Credit Suisse Group AG reissued a “hold” rating and issued a $37.00 target price on shares of Eaton Vance Corp. in a research note on Thursday, September 1st. Jefferies Group raised their target price on Eaton Vance Corp. from $34.00 to $38.00 and gave the stock a “hold” rating in a research note on Tuesday, August 16th. Finally, Keefe, Bruyette & Woods raised their target price on Eaton Vance Corp. from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Friday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $37.54.

Shares of Eaton Vance Corp. (NYSE:EV) opened at 38.92 on Wednesday. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 18.69 and a beta of 1.76. Eaton Vance Corp. has a 12 month low of $26.44 and a 12 month high of $40.36. The company’s 50 day moving average price is $39.23 and its 200 day moving average price is $36.52.

Eaton Vance Corp. (NYSE:EV) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.01. The firm had revenue of $341.20 million for the quarter. Eaton Vance Corp. had a return on equity of 39.06% and a net margin of 17.83%. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. On average, equities analysts expect that Eaton Vance Corp. will post $2.13 EPS for the current fiscal year.

In other news, Director Brian D. Langstraat sold 38,012 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $39.79, for a total value of $1,512,497.48. Following the sale, the director now directly owns 107,712 shares of the company’s stock, valued at approximately $4,285,860.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Dorothy E. Puhy sold 6,197 shares of the business’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $38.75, for a total value of $240,133.75. Following the completion of the sale, the director now directly owns 15,787 shares in the company, valued at $611,746.25. The disclosure for this sale can be found here.

Several hedge funds have recently modified their holdings of EV. Norges Bank bought a new stake in shares of Eaton Vance Corp. during the fourth quarter worth approximately $31,742,000. American Century Companies Inc. boosted its stake in shares of Eaton Vance Corp. by 683.9% in the second quarter. American Century Companies Inc. now owns 1,020,561 shares of the company’s stock worth $36,067,000 after buying an additional 890,365 shares in the last quarter. State Street Corp boosted its stake in shares of Eaton Vance Corp. by 9.9% in the first quarter. State Street Corp now owns 9,593,020 shares of the company’s stock worth $321,555,000 after buying an additional 866,198 shares in the last quarter. Smith Asset Management Group LP bought a new stake in shares of Eaton Vance Corp. during the second quarter worth approximately $12,635,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Eaton Vance Corp. by 24.7% in the first quarter. JPMorgan Chase & Co. now owns 1,393,494 shares of the company’s stock worth $46,710,000 after buying an additional 275,913 shares in the last quarter. 70.88% of the stock is currently owned by hedge funds and other institutional investors.

About Eaton Vance Corp.

Eaton Vance Corp. is engaged in business of managing investment funds and providing investment management and advisory services to individuals and institutions. The Company seeks to develop and sustain management expertise across a range of investment disciplines, and offer investment products and services through various distribution channels.

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