EV - Eaton Vance Corp.
| Previous Close | 37.87 |
| Open | 38.86 |
| Bid | 37.80 x 800 |
| Ask | 37.82 x 900 |
| Day's Range | 37.78 - 39.06 |
| 52 Week Range | 23.59 - 51.79 |
| Volume | 391,505 |
| Avg. Volume | 934,464 |
| Market Cap | 4.342B |
| Beta (5Y Monthly) | 1.45 |
| PE Ratio (TTM) | 11.12 |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | 1.50 (3.95%) |
| Ex-Dividend Date | Apr. 29, 2020 |
| 1y Target Est | N/A |
- Zacks
Eaton Vance to Expand in Florida, Acquire WaterOak Advisors
Eaton Vance's (EV) agreement to acquire WaterOak Advisors will strengthen its presence in the Florida market.
- Reuters
INSIGHT-The heat's on Corporate America to reveal racial diversity data
American companies are coming under increasing pressure from investors to publicly disclose information about diversity among employees in the wake of nationwide protests against racial discrimination. Many executives have pledged to champion equality in response to the Black Lives Matter demonstrations across the United States and beyond. The goal of global investors increasingly focused on social and governance issues is to gain a common metric on racial diversity to compare companies and hold them to account on their pledges, building on a drive to improve gender equality.
- Zacks
Why Is Eaton Vance (EV) Up 16.1% Since Last Earnings Report?
Eaton Vance (EV) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
- Bloomberg
Kings of Controversial Debt Trades Cry Foul When on Other Side
(Bloomberg) -- Apollo Global Management Inc. and Angelo Gordon & Co.’s Ryan Mollett are renowned on Wall Street for finding creative ways to wring money from distressed companies at the expense of other lenders.But when it came to Serta Simmons Bedding, they got a taste of their own medicine, after the struggling mattress maker decided to pass on their rescue financing package. The company instead negotiated with mutual funds and collateralized loan obligations that usually take a back seat in these transactions.Apollo and Angelo Gordon are suing to block the deal, which they say will hurt them. Still, peers across the industry can’t resist pointing out the irony that the duo, in the middle of plotting another one of their asset-grab trades, were caught flat-footed.Fights like this one are becoming increasingly common as the slowing global economy tips more companies into distress. They’re also getting more acrimonious, with lenders and owners bickering over how to divide shrinking pies.A representative for Apollo said its proposal with other lenders fully complied with the letter and spirit of the company’s credit agreements, while the defendants are attempting to violate the agreements in an unprecedented manner. Representatives for Angelo Gordon and Gamut Capital Management LP, another one of the plaintiffs, declined to comment, as did Doraville, Georgia-based Serta Simmons.Restructuring DebtSerta Simmons, owned by private equity firm Advent International Corp., negotiated with a group of lenders including Eaton Vance Corp. and Invesco Ltd. to essentially forgive some of the company’s debt in exchange for allowing the firms to fare better than other creditors if the mattress maker goes bankrupt. The investors also agreed to lend $200 million of new money to the company. The transaction included a debt swap, where the investors agreed to trade their loan holdings for a smaller amount of new debt that has the first claim on assets if the mattress maker fails.Apollo, Angelo Gordon and Gamut, like Eaton Vance and Invesco, were investors in the company’s first-lien loans, giving them all the first claim on the mattress maker’s assets if it went bankrupt. After the new financing, investors including Eaton Vance and Invesco have what is known as a superpriority, meaning they essentially jumped in line ahead of other lenders.That shift amounts to a “brazen collateral grab,” according to Angelo Gordon, Apollo and Gamut. In their lawsuit, they said the transaction was a violation of their lending agreements, and that a deal like this could damage the broader loan market.According to Serta Simmons, the deal with Eaton Vance, Invesco and other lenders was better for the company than the one contemplated by Apollo and Angelo Gordon.When Serta Simmons asked lenders for help in April, Apollo and Angelo Gordon helped devise a proposal to front $200 million -- provided the new debt was secured with intellectual property and licenses. The assets would be transferred to a special subsidiary that lenders wouldn’t be able to seize if the company failed, a maneuver known as an “asset-drop down.”In a court document responding to the firms’ lawsuit on Tuesday, Serta Simmons said, “Plaintiffs complain of the company changing the loan market when it is plaintiffs that would have had the company pursue an asset-drop down strategy that is the hallmark of aggressive borrower tactics in complex finance.”Fair Play?When Mollett, Angelo Gordon’s global head of distressed and corporate special situations, was at Blackstone Group Inc.’s GSO Capital Partners, he put together a similar transaction for retailer J. Crew Group Inc. The seller of preppy clothing moved its intellectual property, including the J. Crew brand, to a subsidiary, to borrow against it, triggering litigation that ultimately affirmed the company’s right to complete the transaction.Mollett also shepherded a different kind of transaction involving credit-default swaps tied to homebuilder Hovnanian Enterprises Inc. which caused a storm in the credit-derivatives market and sparked discussions on the legality and ethics of such moves.Apollo worked on a debt deal for Caesars Entertainment Corp. that transfered valuable assets from its operating unit to other parts of the casino company before that unit, Caesars Entertainment Operating Co., filed for bankruptcy in January 2015.The actions were at the heart of subsequent lawsuits by angry bondholders who claimed it created a “good Caesars” and a “bad Caesars,” the latter of which would be put in bankruptcy where bondholders would be forced to accept less than they were owed. While the deals were disputed at the time by lenders, they were never found to be illegal.(Updates with Serta location, ownership in fifth and sixth paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Zacks
Solid Asset Balance Aids Eaton Vance (EV) Despite High Costs
While rising expenses and high debt levels will likely hurt Eaton Vance's (EV) growth in the near term, its diverse product offerings and solid asset balance will aid the top line.
- Zacks
Eaton Vance (EV) Q2 Earnings Beat, Costs Fall, Stock Down 3.1%
Eaton Vance's (EV) Q2 results underline lower expenses, as well as fall in revenues and assets under management (AUM) balance.
- Motley Fool
Eaton Vance Corp (EV) Q2 2020 Earnings Call Transcript
EV earnings call for the period ending April 30, 2020.
- Zacks
Eaton Vance (EV) Q2 Earnings Top Estimates
Eaton Vance (EV) delivered earnings and revenue surprises of 12.68% and -5.31%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?
- Zacks
Earnings Preview: Eaton Vance (EV) Q2 Earnings Expected to Decline
Eaton Vance (EV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- Bloomberg
How Much Can Airbnb Damage the Mortgage Market?
(Bloomberg Opinion) -- Airbnb Inc. is raising a war chest to get it through the coronavirus pandemic.Last week, the home-sharing company announced a $1 billion debt and equity deal from Silver Lake and Sixth Street Partners, with the second-lien securities reportedly offering an 11% to 12% interest rate. It turns out Airbnb was only getting started: This week, it secured commitments for a $1 billion syndicated loan from a group of more than 20 investors, including Silver Lake and more traditional money mangers like BlackRock Inc., Eaton Vance Corp., Fidelity Investments and T. Rowe Price Group Inc. According to people with knowledge of the situation, the funds could help Airbnb make it through this economic downturn without going public and might open the door to acquisitions.“All of the actions we have taken over the last several weeks assure that Airbnb will emerge from the storm of the pandemic even stronger, regardless of how long the storm lasts,” Brian Chesky, Airbnb’s chief executive officer and co-founder, said this week. On March 30, Airbnb announced that it was pledging $250 million to help support hosts impacted by cancellations. “We know a lot of people are facing serious hardships right now, and we’re working around the clock to help you. Our $250 million USD support will come entirely from Airbnb at no cost to the guest, and we hope you’ll accept it as a show of commitment to our hosts.”This backstop apparently divided the Airbnb community. In a March 31 article, Curbed quoted the woman who runs AirHostsForum as saying “the hosts who were more experienced felt Airbnb had no obligations to hosts,” while newer ones thought the company “needed to do something to rectify the situation.” Airbnb is the most prominent company that exists squarely in the cross-section of the travel industry and the mortgage market, two areas particularly targeted by the coronavirus outbreak and the ensuing economic shutdown. Without question, the company-specific carnage is bad enough: The Information reported that Airbnb projects revenue will drop to $2.2 billion this year from $4.8 billion in 2019. Airbnb’s valuation is likely closer to $18 billion, from $31 billion in 2017. The company’s board is intensifying pressure on Chesky to cut costs. The question that’s difficult to quantify is just how much damage a collapse in the Airbnb economy could cause to the $16 trillion U.S. mortgage market.The anecdotes on social media immediately spread like wildfire. Many centered on the idea that so-called “superhosts” — those who consistently meet certain thresholds including near-perfect ratings, a large number of bookings and infrequent cancellations — have taken out mortgages on several properties, banking on Airbnb income to cover those payments. Now with little to no cash flow, they’ll soon default on those mortgages, the thinking goes. In large enough numbers, that would bring about a reckoning.This is a compelling narrative. After all, a quick online search reveals articles such as “HOW TO MAKE MONEY WITH AIRBNB (OVER $10,000 PER MONTH!),” which comes from a millennial Ohio State graduate who lives in Los Angeles and manages nine listings in Columbus. It includes advice such as “by leveraging your debt capacity, you will be able to effectively invest more money than you would otherwise be able to.” If newer hosts were the ones clamoring for Airbnb to offer support, maybe they’re the most overleveraged.Backing up these anecdotes with any sort of hard data is the tricky part. My Bloomberg News colleague Christopher Maloney suggested I focus on trends specifically in investment property loans, which tend to have higher interest rates and larger down payments than traditional owner-occupied residences. In theory, a surge in investment properties could at least partially indicate some speculative activity in the market. More specifically, any uptick in single-family investment property loans could represent Airbnb superhosts, as opposed to multi-family loans, which are more strictly the domain of traditional landlords.Data compiled by FHN Financial and CPRCDR paint a mixed picture. At the very least, it casts cold water on the idea of rampant speculation the likes of which could topple the entire housing market.It’s true that the unpaid principal balance on 30-year mortgages for investor property has increased over the years. It doubled from 2003 to 2008 before plateauing in the wake of the 2008 financial crisis at about $150 billion. It then picked up during the economic expansion, reaching almost $250 billion most recently, though it never quite grew at the same pace as during the housing bubble. However, investor property loans as a percentage of all 30-year mortgages have declined in the past four years, to less than 7%. From 2011 to 2014, the share climbed from 5% to almost 8%. That roughly coincides with a huge jump in the number of guest stays through Airbnb as well as new hosts: A TechCrunch article from December 2013 declared “this is what hockey-stick growth looks like” in describing the company’s trajectory. It’s not a perfect correlation — Airbnb certainly kept growing in the following years, while the investor property share stagnated — but it’s not bad. Still, the fact that the uptick didn’t last through the expansion raises doubt about the prevalence of spread-thin superhosts.Again, it’s difficult, if not impossible, to track down data that pinpoints mortgages taken out with the intent to list the property for short-term rental. This data, though classified as single-family investor property, includes two-, three- and four-family housing. The overwhelming majority of single-family mortgages are in fact for one family, but it’s possible investor properties skew toward more than one. And, of course, this is not to minimize the potential financial stress on hosts who were counting on the extra income from renting a room or a guest house to pay the mortgage on their primary residences.Yet even if we assume the supposed worst-case scenario of thousands of superhosts with dozens of properties suddenly unable to pay those mortgages, it’s ultimately just a drop in the bucket. Data from the Consumer Financial Protection Bureau show more than 4 million mortgage loans were originated in 2017 for a purchase of a one- to four-family dwelling, either owner-occupied or not. Thus, Airbnb’s own package might go a ways to bridge its hosts’ lost revenue.And, if we’re being honest like my Bloomberg Opinion colleague Lionel Laurent, dialing back the Airbnb economy might not be so terrible. The demand boost has helped exacerbate housing shortages in large global cities and inflated real-estate prices across those metropolises. It’s a vastly different situation from extending subprime mortgages to virtually any American living anywhere and creating complex derivatives tied to those loans. Generally, those who take out investment property loans have strong credit: J.P. Morgan Mortgage Trust closed a transaction backed entirely by investment property loans earlier this year, and the average FICO score was 761.It’s an open question whether Airbnb will successfully bounce back from the coronavirus pandemic, or whether these months of sheltering-in-place will forever change people’s behavior. But there’s simply not much that indicates investment properties will quickly push the mortgage market into the abyss. Open the economy again in a safe and sustainable manner, and the payments will most likely sort themselves out.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
Airbnb Raises Another $1 Billion in Debt, IPO Prospects Diminish
(Bloomberg) -- Home-sharing leader Airbnb Inc. lined up $1 billion in debt, adding to last week’s same-size haul and boosting a financial cushion it can use to grow and pay bills as the global coronavirus pandemic crushes demand for travel and diminishes the prospect of an initial public offering.Airbnb is raising cash by issuing first-lien debt, which has priority on the company’s assets in case of a default, and it comes from a group of more than 20 investors, including Silver Lake, the largest participant, according to people with knowledge of the matter. Other investors are BlackRock Inc., Eaton Vance Corp., Fidelity Investments and T. Rowe Price Group Inc., said the people, who asked not to be identified discussing a private deal.The company confirmed in a statement it had secured commitments for a $1 billion syndicated loan but didn’t name investors or elaborate on details.San Francisco-based Airbnb, which makes money from homeowners who rent residences to travelers, had been planning to go public some time this year, but the outbreak of Covid-19 has sent markets into a tailspin and made an IPO less likely. People around the world have put travel plans on hold as governments issue shelter-in-place edicts to stop the contagion, slowing sales growth and crimping profit at Airbnb. The additional funds could help the company weather the economic crisis and even make acquisitions without going public.“I deeply appreciate the confidence and trust that so many have shown in our company even as every sector in travel is going through the storm of the pandemic,” Brian Chesky, Airbnb’s chief executive officer and co-founder, said in the statement. “All of the actions we have taken over the last several weeks assure that Airbnb will emerge from the storm of the pandemic even stronger, regardless of how long the storm lasts.”The list of participants includes Apollo Global Management Inc., Benefit Street Partners, Blackstone Group Inc., Glade Brook Capital Partners, Oaktree Capital and Owl Rock Capital, the people said.The deal builds on last week’s investment of the same size from Silver Lake and Sixth Street Partners, which is also participating in the new debt, said the people, who asked not to be identified because the deal isn’t public. Representatives for the other companies involved either declined to comment or didn’t immediately respond to requests.The five-year loan priced at a spread of 7.5 percentage points over the benchmark London interbank offered rate and at a discount of 97.5 cents on the dollar, the people said. Terms tightened from a rate of 8 percentage points over Libor and a discount of 96 cents on the dollar, the person said. Investor demand for the deal exceeded $2.5 billion.The new debt is senior to the company’s borrowing from Silver Lake and Sixth Street that it unveiled earlier this month, which is composed of second-lien debt and equity securities. The warrants valued the company at $18 billion, a fraction of its $31 billion peak. The new transaction doesn’t include warrants or other equity components, a person familiar with the deal said.(Updates with company confirmation from third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Thomson Reuters StreetEvents
Edited Transcript of EV earnings conference call or presentation 26-Feb-20 4:00pm GMT
Q1 2020 Eaton Vance Corp Earnings Call
- Zacks
Why Eaton Vance (EV) is a Top Dividend Stock for Your Portfolio
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Eaton Vance (EV) have what it takes? Let's find out.
- Zacks
Top Ranked Income Stocks to Buy for February 12th
Top Ranked Income Stocks to Buy for February 12th
- Zacks
Are You Invested In These 3 Mutual Fund Misfires? - February 12, 2020
Does your current advisor have your money invested in these "Mutual Fund Misfires of the Market" that charge high fees for low returns? If so, it may be time for a new advisor.
- Zacks
3 Top Dividend Stocks to Maximize Your Retirement Income - February 10, 2020
The traditional approaches to retirement planning are longer covering all expenses in nest egg years. So what can retirees do? Thankfully, there are alternative investments that provide steady, higher-rate income streams to replace dwindling bond yields.
- Zacks
3 Top-Ranked Dividend Stocks: A Smarter Way to Boost Your Retirement Income - February 04, 2020
The traditional approaches to retirement planning are longer covering all expenses in nest egg years. So what can retirees do? Thankfully, there are alternative investments that provide steady, higher-rate income streams to replace dwindling bond yields.
- Zacks
Eaton Vance (EV) Moves to Buy: Rationale Behind the Upgrade
Eaton Vance (EV) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
- Zacks
3 Top Dividend Stocks to Maximize Your Retirement Income - January 28, 2020
The traditional approaches to retirement planning are longer covering all expenses in nest egg years. So what can retirees do? Thankfully, there are alternative investments that provide steady, higher-rate income streams to replace dwindling bond yields.
- Zacks
VCTR vs. EV: Which Stock Should Value Investors Buy Now?
VCTR vs. EV: Which Stock Is the Better Value Option?
- Zacks
LM vs. EV: Which Stock Is the Better Value Option?
LM vs. EV: Which Stock Is the Better Value Option?
- Zacks
ABM Industries (ABM) to Report Q4 Earnings: What's in Store?
ABM Industries (ABM) fourth-quarter fiscal 2019 earnings and revenues are likely to have improved year over year.
- Zacks
Franklin (BEN) Rewards Shareholders With 4% Dividend Hike
Franklin (BEN) hikes dividend by 4% to 27 cents per share.
- Zacks
LM vs. EV: Which Stock Should Value Investors Buy Now?
LM vs. EV: Which Stock Is the Better Value Option?
