Municipal Employees Retirement System of Michigan cut its stake in Eaton Vance Corporation (NYSE:EV) by 21.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,780 shares of the asset manager’s stock after selling 9,600 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Eaton Vance Corporation were worth $1,717,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in EV. OppenheimerFunds Inc. lifted its position in Eaton Vance Corporation by 5.9% in the first quarter. OppenheimerFunds Inc. now owns 7,136 shares of the asset manager’s stock valued at $321,000 after acquiring an additional 399 shares during the last quarter. FMR LLC lifted its position in Eaton Vance Corporation by 45.9% in the first quarter. FMR LLC now owns 249,204 shares of the asset manager’s stock valued at $11,204,000 after acquiring an additional 78,420 shares during the last quarter. Teachers Advisors LLC lifted its position in Eaton Vance Corporation by 1.6% in the first quarter. Teachers Advisors LLC now owns 148,048 shares of the asset manager’s stock valued at $6,656,000 after acquiring an additional 2,389 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Eaton Vance Corporation by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 954,835 shares of the asset manager’s stock valued at $42,928,000 after acquiring an additional 37,304 shares during the last quarter. Finally, Capstone Asset Management Co. lifted its position in Eaton Vance Corporation by 1.9% in the second quarter. Capstone Asset Management Co. now owns 10,975 shares of the asset manager’s stock valued at $519,000 after acquiring an additional 200 shares during the last quarter. 69.20% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Frederick S. Marius sold 8,915 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $47.55, for a total transaction of $423,908.25. Following the transaction, the insider now directly owns 30,955 shares in the company, valued at $1,471,910.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas E. Faust, Jr. sold 73,982 shares of the business’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $48.20, for a total transaction of $3,565,932.40. Following the transaction, the chief executive officer now owns 2,697,576 shares in the company, valued at $130,023,163.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 596,037 shares of company stock worth $29,808,641.
Eaton Vance Corporation (NYSE:EV) last issued its quarterly earnings results on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Eaton Vance Corporation had a return on equity of 34.47% and a net margin of 18.03%. The firm had revenue of $393.70 million for the quarter, compared to analyst estimates of $398.74 million. During the same quarter last year, the firm earned $0.56 earnings per share. The company’s revenue was up 15.4% compared to the same quarter last year. sell-side analysts anticipate that Eaton Vance Corporation will post 2.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.41%. This is a positive change from Eaton Vance Corporation’s previous quarterly dividend of $0.28. The ex-dividend date was Monday, October 30th. Eaton Vance Corporation’s payout ratio is 53.91%.
EV has been the subject of a number of research reports. BidaskClub cut shares of Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Zacks Investment Research cut shares of Eaton Vance Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Credit Suisse Group upped their target price on shares of Eaton Vance Corporation from $46.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 11th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $46.00 target price on shares of Eaton Vance Corporation in a report on Friday, August 18th. Finally, J P Morgan Chase & Co raised shares of Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 target price for the company in a report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $52.06.
Eaton Vance Corporation Company Profile
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.
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