Eaton Vance (EV) Downgraded by Bank of America

Eaton Vance (NYSE:EV) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a note issued to investors on Monday, Marketbeat.com reports.

Other equities research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Eaton Vance from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Tuesday, April 30th. ValuEngine downgraded shares of Eaton Vance from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $42.00.

Shares of NYSE:EV opened at $40.11 on Monday. The company has a current ratio of 13.48, a quick ratio of 13.48 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $4.40 billion, a P/E ratio of 12.50, a P/E/G ratio of 1.56 and a beta of 1.60. Eaton Vance has a fifty-two week low of $32.28 and a fifty-two week high of $58.00.

Eaton Vance (NYSE:EV) last issued its quarterly earnings results on Tuesday, May 21st. The asset manager reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.13. The company had revenue of $411.86 million for the quarter, compared to the consensus estimate of $411.42 million. Eaton Vance had a net margin of 23.16% and a return on equity of 35.03%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.77 EPS. On average, analysts expect that Eaton Vance will post 3.16 EPS for the current year.

In other news, Director Brian D. Langstraat sold 7,740 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $41.76, for a total transaction of $323,222.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Several institutional investors and hedge funds have recently made changes to their positions in EV. Intercontinental Wealth Advisors LLC bought a new position in shares of Eaton Vance in the fourth quarter worth approximately $25,000. Essex Savings Bank bought a new position in shares of Eaton Vance in the fourth quarter worth approximately $25,000. Lindbrook Capital LLC bought a new position in shares of Eaton Vance in the fourth quarter worth approximately $31,000. Penserra Capital Management LLC bought a new position in shares of Eaton Vance in the first quarter worth approximately $31,000. Finally, Quadrant Capital Group LLC increased its position in shares of Eaton Vance by 295.2% in the first quarter. Quadrant Capital Group LLC now owns 913 shares of the asset manager’s stock worth $33,000 after purchasing an additional 682 shares during the last quarter. Hedge funds and other institutional investors own 70.37% 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.

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Analyst Recommendations for Eaton Vance (NYSE:EV)

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