Eaton Vance Corporation (NYSE:EV) Downgraded to "Hold" at Zacks Investment Research

Cornelia Mascio
Agosto 13, 2017

Keefe, Bruyette & Woods reiterated a "hold" rating and set a $50.00 price target on shares of Eaton Vance Corporation in a research report on Tuesday, May 23rd. Bank of America Corporation upped their price target on shares of Eaton Vance Corporation from $47.00 to $49.00 and gave the company a neutral rating in a research report on Thursday, May 25th. Eaton Vance Corporation now has an average rating of "Hold" and an average target price of $49.93. Two equities research 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. Eaton Vance Corporation now has a consensus rating of Hold and an average target price of $49.93.

Shares of Eaton Vance Corporation (NYSE:EV) traded up 0.34% during trading on Friday, reaching $47.32. MI ADV now owns 63,000 shares of the investment management company's stock worth $1,265,000 after buying an additional 11,500 shares in the last quarter. Eaton Vance Corporation has a 1-year low of $34.44 and a 1-year high of $50.10. The firm has a 50 day moving average of $14.05 and a 200-day moving average of $14.01.

Eaton Vance Corporation (NYSE:EV) last announced its earnings results on Wednesday, May 24th. The company had revenue of $374.60 million for the quarter, compared to analyst estimates of $373.28 million. Eaton Vance Corporation had a return on equity of 36.63% and a net margin of 18.39%.

Eaton Vance Municipal Bond Fund has decreased its dividend payment by an average of 3.0% per year over the last three years.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. Eaton Vance Corporation's dividend payout ratio is presently 49.34%.

In other news, CEO Matthew J. Witkos sold 40,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $48.30, for a total transaction of $1,900,266.90. The company's stock had a trading volume of 484,163 shares. Also, Director Dorothy E. Puhy sold 2,563 shares of the firm's stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $48.46, for a total transaction of $124,202.98. 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. Over the last ninety days, insiders have sold 127,943 shares of company stock worth $6,149,649.

A number of other large investors have also recently made changes to their positions in the company. TrimTabs Asset Management LLC boosted its position in Eaton Vance Corporation by 88.8% in the first quarter. Mn Services Vermogensbeheer B.V. boosted its position in Eaton Vance Corporation by 5.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,028 shares of the asset manager's stock worth $127,000 after buying an additional 148 shares during the last quarter. Bank of Montreal Can raised its position in Eaton Vance Corporation by 1.0% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 347,511 shares of the asset manager's stock worth $16,444,000 after buying an additional 222,268 shares during the period. CENTRAL TRUST Co now owns 3,293 shares of the asset manager's stock worth $148,000 after buying an additional 3,242 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in shares of Eaton Vance Tax-Managed Global Dive Eq by 29.0% in the second quarter.

Eaton Vance Municipal Bond Fund is a non-diversified, closed-end management investment company. The Fund holds investments in various sectors, such as aerospace and defense, auto components, banks, beverages, biotechnology, capital markets, chemicals, diversified telecommunication services, electric utilities, electrical equipment, equity real estate investment trusts, food products, healthcare equipment and supplies, household durables, household products, insurance, Internet and direct marketing retail, Internet software and services, information technology services, machinery, media, metals and mining, multi-utilities, personal products, pharmaceuticals, professional services, road and rail, specialty retail, tobacco and wireless telecommunication services.

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