Canada Pension Plan Investment Board boosted its stake in Eaton Vance Corp (NYSE:EV) by 54.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,700 shares of the asset manager’s stock after purchasing an additional 7,300 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Eaton Vance were worth $1,080,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc increased its holdings in Eaton Vance by 11.5% in the first quarter. Legal & General Group Plc now owns 260,541 shares of the asset manager’s stock valued at $14,504,000 after purchasing an additional 26,948 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in Eaton Vance by 14.2% in the second quarter. Steward Partners Investment Advisory LLC now owns 15,248 shares of the asset manager’s stock valued at $796,000 after purchasing an additional 1,898 shares during the last quarter. Gifford Fong Associates bought a new stake in shares of Eaton Vance in the first quarter worth about $557,000. Wells Fargo & Company MN increased its holdings in shares of Eaton Vance by 3.9% in the second quarter. Wells Fargo & Company MN now owns 5,254,672 shares of the asset manager’s stock worth $274,240,000 after acquiring an additional 195,599 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Eaton Vance by 18.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 867,666 shares of the asset manager’s stock worth $48,303,000 after acquiring an additional 134,178 shares in the last quarter. Institutional investors and hedge funds own 68.01% of the company’s stock.
Shares of Eaton Vance stock opened at $51.60 on Friday. Eaton Vance Corp has a 1 year low of $45.22 and a 1 year high of $60.95. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 0.88 and a beta of 1.62. The company has a quick ratio of 8.05, a current ratio of 8.35 and a debt-to-equity ratio of 0.69.
Eaton Vance (NYSE:EV) last announced its quarterly earnings results on Wednesday, August 29th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. Eaton Vance had a return on equity of 34.91% and a net margin of 21.44%. The company had revenue of $430.60 million during the quarter, compared to the consensus estimate of $430.11 million. During the same period in the prior year, the company earned $0.62 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. research analysts predict that Eaton Vance Corp will post 3.21 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Investors of record on Tuesday, July 31st were issued a dividend of $0.31 per share. The ex-dividend date was Monday, July 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.40%. Eaton Vance’s payout ratio is presently 50.00%.
Several brokerages have issued reports on EV. Citigroup increased their price target on Eaton Vance from $63.50 to $65.50 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Zacks Investment Research upgraded Eaton Vance from a “sell” rating to a “hold” rating in a report on Friday, May 18th. Credit Suisse Group increased their price target on Eaton Vance from $57.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, May 23rd. Finally, ValuEngine downgraded Eaton Vance from a “buy” rating to a “hold” rating in a report on Wednesday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $58.44.
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.
Further Reading: Leveraged Buyout (LBO)
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