Jefferies Group Brokers Cut Earnings Estimates for Eaton Vance Corp (EV)

Eaton Vance Corp (NYSE:EV) – Equities researchers at Jefferies Group lowered their Q2 2018 earnings per share (EPS) estimates for Eaton Vance in a research report issued on Wednesday, April 11th. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings per share of $0.80 for the quarter, down from their prior forecast of $0.81. Jefferies Group also issued estimates for Eaton Vance’s FY2018 earnings at $3.34 EPS and FY2019 earnings at $3.79 EPS.

Eaton Vance (NYSE:EV) last posted its quarterly earnings data on Tuesday, February 27th. The asset manager reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.03. The firm had revenue of $421.40 million during the quarter, compared to analyst estimates of $420.62 million. Eaton Vance had a net margin of 18.77% and a return on equity of 34.09%. The company’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS.



Several other brokerages have also issued reports on EV. Zacks Investment Research upgraded shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Tuesday, January 23rd. ValuEngine upgraded shares of Eaton Vance from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. JPMorgan Chase set a $58.00 price target on shares of Eaton Vance and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Deutsche Bank raised their price target on shares of Eaton Vance from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, April 6th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $59.00 price target on shares of Eaton Vance in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Eaton Vance presently has a consensus rating of “Hold” and a consensus price target of $56.31.

Shares of EV stock opened at $54.58 on Thursday. The company has a quick ratio of 9.40, a current ratio of 9.40 and a debt-to-equity ratio of 0.60. Eaton Vance has a 12-month low of $42.20 and a 12-month high of $60.95. The company has a market cap of $6,579.88, a PE ratio of 20.15, a P/E/G ratio of 0.64 and a beta of 1.69.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Monday, April 30th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.27%. Eaton Vance’s payout ratio is currently 50.00%.

In related news, CEO Matthew J. Witkos sold 25,000 shares of Eaton Vance stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $60.35, for a total value of $1,508,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dorothy E. Puhy sold 9,490 shares of Eaton Vance stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $60.49, for a total transaction of $574,050.10. The disclosure for this sale can be found here.

A number of institutional investors have recently added to or reduced their stakes in EV. Russell Investments Group Ltd. grew its stake in Eaton Vance by 25.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 37,283 shares of the asset manager’s stock valued at $1,841,000 after buying an additional 7,595 shares in the last quarter. Legal & General Group Plc grew its stake in Eaton Vance by 8.1% in the 3rd quarter. Legal & General Group Plc now owns 227,396 shares of the asset manager’s stock valued at $11,227,000 after buying an additional 17,029 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Eaton Vance by 7.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,070,988 shares of the asset manager’s stock valued at $52,876,000 after buying an additional 77,906 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Eaton Vance by 20.3% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 91,871 shares of the asset manager’s stock valued at $4,536,000 after buying an additional 15,515 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in Eaton Vance by 2.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 206,723 shares of the asset manager’s stock valued at $10,208,000 after purchasing an additional 4,528 shares during the period. Institutional investors and hedge funds own 70.51% of the company’s stock.

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About Eaton Vance

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.

Earnings History and Estimates for Eaton Vance (NYSE:EV)

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