Zacks: Analysts Anticipate Eaton Vance Corp (NYSE:EV) Will Post Earnings of $0.89 Per Share

Wall Street brokerages expect that Eaton Vance Corp (NYSE:EV) will announce earnings per share (EPS) of $0.89 for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Eaton Vance’s earnings. The lowest EPS estimate is $0.87 and the highest is $0.90. Eaton Vance reported earnings of $0.85 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.7%. The firm is scheduled to announce its next earnings results on Tuesday, November 26th.

According to Zacks, analysts expect that Eaton Vance will report full-year earnings of $3.40 per share for the current fiscal year, with EPS estimates ranging from $3.37 to $3.42. For the next year, analysts expect that the company will report earnings of $3.54 per share, with EPS estimates ranging from $3.44 to $3.60. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for Eaton Vance.

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

Several equities research analysts have recently issued reports on the stock. ValuEngine raised shares of Eaton Vance from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research raised shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Friday, August 30th. Credit Suisse Group increased their target price on shares of Eaton Vance from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 28th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Eaton Vance from $44.00 to $42.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $43.57.

In related news, Director Brian D. Langstraat sold 3,772 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $43.89, for a total transaction of $165,553.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leo I. Higdon, Jr. sold 4,883 shares of the company’s stock in a transaction dated 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 added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in shares of Eaton Vance by 2.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,890,867 shares of the asset manager’s stock worth $80,930,000 after purchasing an additional 41,251 shares during the last quarter. Northern Trust Corp raised its position in shares of Eaton Vance by 0.8% during the 2nd quarter. Northern Trust Corp now owns 1,252,493 shares of the asset manager’s stock worth $54,019,000 after purchasing an additional 10,416 shares during the last quarter. Invesco Ltd. raised its position in shares of Eaton Vance by 16.8% during the 2nd quarter. Invesco Ltd. now owns 1,238,869 shares of the asset manager’s stock worth $53,432,000 after purchasing an additional 178,553 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Eaton Vance by 3.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,150,040 shares of the asset manager’s stock worth $49,602,000 after purchasing an additional 37,233 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Eaton Vance by 18.6% during the 2nd quarter. Schroder Investment Management Group now owns 963,410 shares of the asset manager’s stock worth $41,552,000 after purchasing an additional 151,422 shares during the last quarter. Hedge funds and other institutional investors own 70.78% of the company’s stock.

NYSE:EV opened at $43.47 on Wednesday. Eaton Vance has a one year low of $32.28 and a one year high of $47.44. The company has a debt-to-equity ratio of 1.98, a quick ratio of 11.85 and a current ratio of 11.85. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 2.27 and a beta of 1.55. The firm’s fifty day moving average is $43.60 and its two-hundred day moving average is $42.02.

Eaton Vance announced that its board has initiated a stock repurchase program on Wednesday, July 10th that permits the company to buyback 8,000,000 outstanding shares. This buyback authorization permits the asset manager to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.375 per share. This is a positive change from Eaton Vance’s previous quarterly dividend of $0.35. This represents a $1.50 annualized dividend and a dividend yield of 3.45%. Eaton Vance’s dividend payout ratio is presently 43.61%.

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.

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

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