United Services Automobile Association reduced its stake in shares of Eaton Vance Corporation (NYSE:EV) by 80.8% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 7,869 shares of the asset manager’s stock after selling 33,150 shares during the period. United Services Automobile Association’s holdings in Eaton Vance Corporation were worth $354,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of EV. Wells Fargo & Company MN boosted its stake in Eaton Vance Corporation by 1.8% in the first quarter. Wells Fargo & Company MN now owns 5,376,044 shares of the asset manager’s stock valued at $241,707,000 after buying an additional 95,042 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in 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. JPMorgan Chase & Co. boosted its stake in Eaton Vance Corporation by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 1,718,318 shares of the asset manager’s stock valued at $77,255,000 after buying an additional 14,028 shares in the last quarter. Norges Bank acquired a new stake in Eaton Vance Corporation during the fourth quarter valued at approximately $43,128,000. Finally, Dimensional Fund Advisors LP boosted its stake in Eaton Vance Corporation by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 917,531 shares of the asset manager’s stock valued at $38,427,000 after buying an additional 29,592 shares in the last quarter. 71.19% of the stock is owned by institutional investors.
Eaton Vance Corporation (NYSE:EV) traded down 0.52% on Friday, hitting $48.27. The stock had a trading volume of 392,685 shares. Eaton Vance Corporation has a 1-year low of $34.44 and a 1-year high of $50.10. The company has a market cap of $5.35 billion, a P/E ratio of 21.16 and a beta of 1.84. The stock has a 50 day moving average price of $48.14 and a 200 day moving average price of $45.45.
Eaton Vance Corporation (NYSE:EV) last posted its earnings results on Wednesday, May 24th. The asset manager reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Eaton Vance Corporation had a return on equity of 36.63% and a net margin of 18.39%. The firm had revenue of $374.60 million for the quarter, compared to the consensus estimate of $373.28 million. During the same quarter in the prior year, the business earned $0.48 EPS. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities research analysts expect that Eaton Vance Corporation will post $2.55 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Eaton Vance Corporation’s payout ratio is currently 49.34%.
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Several research firms recently commented on EV. BidaskClub cut Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research note on Friday. Jefferies Group LLC reaffirmed a “hold” rating and set a $45.00 target price on shares of Eaton Vance Corporation in a research note on Wednesday, June 28th. J P Morgan Chase & Co reaffirmed an “underweight” rating and set a $47.00 target price (up previously from $40.00) on shares of Eaton Vance Corporation in a research note on Tuesday, June 6th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $50.00 price objective on shares of Eaton Vance Corporation in a research note on Tuesday, May 23rd. Finally, Citigroup Inc. raised their price objective on Eaton Vance Corporation from $46.50 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, May 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $48.07.
In related news, Director Dorothy E. Puhy sold 2,563 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $48.46, for a total value of $124,202.98. Following the sale, the director now owns 14,473 shares in the company, valued at approximately $701,361.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Winthrop H. Smith, Jr. sold 21,885 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $48.03, for a total value of $1,051,136.55. Following the completion of the sale, the director now owns 15,420 shares in the company, valued at approximately $740,622.60. The disclosure for this sale can be found here. Insiders sold a total of 127,943 shares of company stock worth $6,149,649 in the last 90 days.
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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