Eaton Vance Corp (NYSE:EV) Expected to Post Quarterly Sales of $439.75 Million

Wall Street brokerages expect that Eaton Vance Corp (NYSE:EV) will announce sales of $439.75 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Eaton Vance’s earnings. The lowest sales estimate is $436.82 million and the highest is $443.03 million. Eaton Vance posted sales of $435.97 million during the same quarter last year, which suggests a positive year-over-year growth rate of 0.9%. The firm is scheduled to announce its next earnings results on Tuesday, November 26th.

On average, analysts expect that Eaton Vance will report full-year sales of $1.69 billion for the current financial year. For the next fiscal year, analysts expect that the company will post sales of $1.80 billion, with estimates ranging from $1.77 billion to $1.83 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Eaton Vance.

Eaton Vance (NYSE:EV) last released its quarterly earnings results on Tuesday, August 27th. The asset manager reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.03. The firm had revenue of $431.24 million for the quarter, compared to analysts’ expectations of $433.98 million. Eaton Vance had a net margin of 23.51% and a return on equity of 35.45%. The business’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS.



Several research analysts have weighed in on EV shares. ValuEngine cut shares of Eaton Vance from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. lowered their price target on shares of Eaton Vance from $44.00 to $42.00 and set an “underweight” rating on the stock in a report on Wednesday, August 28th. Zacks Investment Research raised shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Friday, August 30th. Finally, Credit Suisse Group increased their price target on shares of Eaton Vance from $48.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, August 28th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Eaton Vance presently has an average rating of “Hold” and an average target price of $43.57.

Eaton Vance stock traded down $0.82 during trading hours on Wednesday, hitting $45.00. The company had a trading volume of 1,212,584 shares, compared to its average volume of 665,430. The firm has a market cap of $5.16 billion, a PE ratio of 14.02, a PEG ratio of 2.45 and a beta of 1.55. The company has a debt-to-equity ratio of 1.98, a current ratio of 11.85 and a quick ratio of 11.85. Eaton Vance has a one year low of $32.28 and a one year high of $54.14. The firm has a 50-day moving average of $42.34 and a 200 day moving average of $41.72.

Eaton Vance declared that its Board of Directors has approved a stock buyback program on Wednesday, July 10th that allows the company to buyback 8,000,000 outstanding shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

In other news, Director Brian D. Langstraat sold 3,772 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $43.89, for a total transaction of $165,553.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leo I. Higdon, Jr. sold 4,883 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $44.32, for a total transaction of $216,414.56. The disclosure for this sale can be found here.

Several institutional investors and hedge funds have recently made changes to their positions in EV. Penserra Capital Management LLC acquired a new stake in shares of Eaton Vance during the 1st quarter worth approximately $31,000. Rehmann Capital Advisory Group boosted its position in shares of Eaton Vance by 127.0% during the 1st quarter. Rehmann Capital Advisory Group now owns 901 shares of the asset manager’s stock worth $36,000 after acquiring an additional 504 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of Eaton Vance by 59.4% during the 2nd quarter. Advisory Services Network LLC now owns 1,092 shares of the asset manager’s stock worth $47,000 after acquiring an additional 407 shares in the last quarter. Flagship Harbor Advisors LLC boosted its position in shares of Eaton Vance by 155.6% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 1,411 shares of the asset manager’s stock worth $60,000 after acquiring an additional 859 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in shares of Eaton Vance during the 2nd quarter worth approximately $77,000. 70.78% of the stock is currently owned by institutional investors.

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.

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

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