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Boston, MA-based Eaton Vance Corp. (EV - Snapshot Report) continues with its efforts to enhance shareholder value. The company’s board of directors recently authorized shares repurchase of up to 8 million non-voting common stock of the company.

Eaton Vance Corp. had declared a similar buy back program in Jan 2014. As of Jul 9, 2014, the company had repurchased 4.3 million shares underlying the prior authorization. Notably, the latest buyback authorization replaces the prior shares repurchase program.

In addition to this share repurchase authorization Eaton Vance Corp. also announced its regular quarterly dividend of 22 cents per share. The dividend will be paid on Aug 12 to shareholders of record as of Jul 31.

Eaton Vance Corp.’s efficient capital deployment activities in form of dividend payouts and shares repurchase positions it as an attractive asset for yield-seeking investors. The company had hiked its dividend by 10.0% in Oct 2013 and maintained the level since then. Moreover, the investment manager has consistently rewarded its shareholders with annual dividend hikes over the last 33 years.

Eaton Vance Corp. had declared its fiscal second-quarter 2014 results in May 2014. Adjusted earnings of 59 cents not only surpassed the Zacks Consensus Estimate by 5.4%, but were also up 13.5% year-over-year. We believe the company will continue to boost shareholder value in the forthcoming quarters backed by its earnings power.

Eaton Vance Corp. currently carries a Zacks Rank #2 (Buy). Some better-ranked investment managers include Kohlberg Kravis Roberts & Co. (KKR - Snapshot Report), Lazard Ltd. (LAZ - Analyst Report) and Noah Holdings Limited (NOAH - Snapshot Report). All these stocks sport a Zacks Rank #1 (Strong Buy).

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