Eaton Vance (EV) Upgraded at Zacks Investment Research

Eaton Vance (NYSE:EV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $45.00 target price on the asset manager’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.44% from the company’s previous close.

According to Zacks, “Shares of Eaton Vance have underperformed the industry over the past year. The company has a decent earnings surprise history, having surpassed the Zacks Consensus Estimate in two of the trailing four quarters. Earnings estimates have been going down ahead of the company's first quarter fiscal 2019 (ended Jan 31) results. While the use of high debt, mounting expenses remain  major near-term concerns for the company, revenue growth is expected to continue, mainly driven by steadily improving assets under management (AUM) as well as diverse product offerings and investment strategies. Also, the company's impressive capital deployment plan reflects strong balance sheet position.”

EV has been the topic of several other reports. Jefferies Financial Group restated a “hold” rating and issued a $45.00 price objective on shares of Eaton Vance in a research report on Monday, November 19th. ValuEngine upgraded Eaton Vance from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. JPMorgan Chase & Co. downgraded Eaton Vance from a “neutral” rating to an “underweight” rating and set a $38.00 price objective on the stock. in a research report on Wednesday, November 28th. Citigroup downgraded Eaton Vance from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $60.50 to $47.00 in a research report on Monday, November 19th. Finally, Credit Suisse Group reduced their price objective on Eaton Vance from $51.00 to $43.00 and set a “neutral” rating on the stock in a research report on Monday, January 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Eaton Vance presently has a consensus rating of “Hold” and an average target price of $43.00.

Shares of NYSE:EV opened at $40.38 on Wednesday. The company has a current ratio of 5.67, a quick ratio of 5.67 and a debt-to-equity ratio of 1.35. Eaton Vance has a 52-week low of $32.28 and a 52-week high of $58.64. The firm has a market capitalization of $4.68 billion, a PE ratio of 12.43, a P/E/G ratio of 0.90 and a beta of 1.56.

Eaton Vance (NYSE:EV) last issued its quarterly earnings data on Tuesday, November 27th. The asset manager reported $0.85 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. Eaton Vance had a return on equity of 35.94% and a net margin of 22.44%. The business had revenue of $435.97 million for the quarter, compared to the consensus estimate of $435.02 million. On average, equities analysts anticipate that Eaton Vance will post 3.11 EPS for the current fiscal year.

In other Eaton Vance news, Director Winthrop H. Smith, Jr. bought 10,000 shares of Eaton Vance stock in a transaction that occurred on Tuesday, December 18th. The shares were purchased at an average cost of $34.89 per share, for a total transaction of $348,900.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EV. Intercontinental Wealth Advisors LLC purchased a new position in Eaton Vance during the fourth quarter worth about $25,000. Essex Savings Bank purchased a new position in Eaton Vance during the fourth quarter worth about $25,000. Lindbrook Capital LLC purchased a new position in Eaton Vance during the fourth quarter worth about $31,000. Oregon Public Employees Retirement Fund increased its stake in Eaton Vance by 3,313.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,189,498 shares of the asset manager’s stock worth $62,000 after acquiring an additional 2,125,364 shares during the last quarter. Finally, Rockland Trust Co. acquired a new stake in Eaton Vance during the fourth quarter worth about $70,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.

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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