Credit Suisse Group Cuts Eaton Vance (EV) Price Target to $43.00

Eaton Vance (NYSE:EV) had its price target lowered by investment analysts at Credit Suisse Group from $51.00 to $43.00 in a research report issued to clients and investors on Monday, The Fly reports. The brokerage currently has a “neutral” rating on the asset manager’s stock. Credit Suisse Group’s target price suggests a potential upside of 16.53% from the company’s current price.

EV has been the topic of a number of other research reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $45.00 price target on shares of Eaton Vance in a research report on Monday, November 19th. Zacks Investment Research reaffirmed a “sell” rating on shares of Eaton Vance in a research report on Tuesday, November 13th. JPMorgan Chase & Co. lowered Eaton Vance from a “neutral” rating to an “underweight” rating and set a $38.00 price target on the stock. in a research report on Wednesday, November 28th. Citigroup lowered Eaton Vance from a “buy” rating to a “neutral” rating and reduced their price target for the company from $60.50 to $47.00 in a research report on Monday, November 19th. Finally, Deutsche Bank reduced their price target on Eaton Vance from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday, September 27th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $45.88.

EV stock traded down $0.10 during mid-day trading on Monday, reaching $36.90. The company had a trading volume of 11,555 shares, compared to its average volume of 1,272,051. The company has a debt-to-equity ratio of 1.35, a current ratio of 5.67 and a quick ratio of 5.67. The firm has a market capitalization of $4.22 billion, a P/E ratio of 11.53, a P/E/G ratio of 0.81 and a beta of 1.60. Eaton Vance has a fifty-two week low of $32.28 and a fifty-two week high of $60.95.



Eaton Vance (NYSE:EV) last posted its quarterly earnings results on Tuesday, November 27th. The asset manager reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. The company had revenue of $435.97 million for the quarter, compared to analyst estimates of $435.02 million. Eaton Vance had a return on equity of 35.94% and a net margin of 22.44%. On average, analysts expect that Eaton Vance will post 3.11 EPS for the current year.

In other news, CEO Thomas E. Faust, Jr. sold 33,407 shares of the firm’s stock in a transaction dated Monday, October 22nd. The stock was sold at an average price of $45.50, for a total transaction of $1,520,018.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Leo I. Higdon, Jr. sold 5,943 shares of the firm’s stock in a transaction dated Tuesday, October 23rd. The stock was sold at an average price of $43.97, for a total value of $261,313.71. The disclosure for this sale can be found here. Insiders have sold a total of 136,984 shares of company stock worth $6,000,600 in the last three months.

Large investors have recently added to or reduced their stakes in the stock. Cerebellum GP LLC grew its stake in Eaton Vance by 525.0% during the 3rd quarter. Cerebellum GP LLC now owns 3,325 shares of the asset manager’s stock worth $175,000 after buying an additional 2,793 shares during the last quarter. Korea Investment CORP purchased a new position in Eaton Vance during the 2nd quarter worth approximately $193,000. Daiwa SB Investments Ltd. purchased a new position in Eaton Vance during the 3rd quarter worth approximately $200,000. Caisse DE Depot ET Placement DU Quebec purchased a new position in Eaton Vance during the 2nd quarter worth approximately $227,000. Finally, IFP Advisors Inc grew its stake in Eaton Vance by 51.0% during the 3rd quarter. IFP Advisors Inc now owns 4,509 shares of the asset manager’s stock worth $237,000 after buying an additional 1,523 shares during the last quarter. Hedge funds and other institutional investors own 67.47% of the company’s stock.

About Eaton Vance

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.

Read More: The Role of a Fiduciary and Individual Investors

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