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Eaton Vance (EV) Rewards Shareholders With Special Dividend
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Eaton Vance (EV - Free Report) has announced a special dividend of $4.25 per share. This is part of the terms of its merger deal with Morgan Stanley (MS - Free Report) . The dividend will be paid on Dec 18 to shareholders of record on Dec 4.
Earlier on Oct 8, Eaton Vance inked a deal to be acquired by Morgan Stanley for an equity value of about $7 billion. The stock-cum-cash deal, which still awaits certain customary approvals, is anticipated to close in second-quarter 2021.
Additionally, Eaton Vance pays a regular quarterly cash dividend of 37.5 cents per share. Based on last day’s closing price of $67.07, the company’s dividend yield currently stands at 2.24%. The yield is impressive compared with the industry average of 1.83%. This yield is not only attractive for income investors but also represents a steady income stream.
Further, the company has a share-repurchase plan in place. In July 2019, Eaton Vance announced a new repurchase authorization of 8 million shares, replacing the prior buyback plan announced in October 2018. As of Jul 31, 2020, nearly 4 million shares remained available under the buyback authorization.
Thus, these efforts are expected to continue enhancing shareholder value.
Despite economic slowdown, Eaton Vance is expected to witness growth in revenues driven by solid assets under management balance and diverse product offerings. Also, its global footprint is expected to keep supporting growth in the long term.
Shares of Eaton Vance have rallied 27.8% over the past year, outperforming the industry’s 10.3% gain.
Over the past month, a few other finance companies have undertaken efforts to reward shareholders by announcing special dividend. Some of these include Cohen & Steers (CNS - Free Report) and Waterstone Financial (WSBF - Free Report) . Cohen & Steers declared a special dividend of $1 per share, which is payable on Dec 1 to shareholders of record as of Nov 16. Waterstone Financial announced a special dividend of 30 cents per share, which will be paid out on Dec 8 to shareholders on record as of Dec 1.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Eaton Vance (EV) Rewards Shareholders With Special Dividend
Eaton Vance (EV - Free Report) has announced a special dividend of $4.25 per share. This is part of the terms of its merger deal with Morgan Stanley (MS - Free Report) . The dividend will be paid on Dec 18 to shareholders of record on Dec 4.
Earlier on Oct 8, Eaton Vance inked a deal to be acquired by Morgan Stanley for an equity value of about $7 billion. The stock-cum-cash deal, which still awaits certain customary approvals, is anticipated to close in second-quarter 2021.
Additionally, Eaton Vance pays a regular quarterly cash dividend of 37.5 cents per share. Based on last day’s closing price of $67.07, the company’s dividend yield currently stands at 2.24%. The yield is impressive compared with the industry average of 1.83%. This yield is not only attractive for income investors but also represents a steady income stream.
Further, the company has a share-repurchase plan in place. In July 2019, Eaton Vance announced a new repurchase authorization of 8 million shares, replacing the prior buyback plan announced in October 2018. As of Jul 31, 2020, nearly 4 million shares remained available under the buyback authorization.
Thus, these efforts are expected to continue enhancing shareholder value.
Despite economic slowdown, Eaton Vance is expected to witness growth in revenues driven by solid assets under management balance and diverse product offerings. Also, its global footprint is expected to keep supporting growth in the long term.
Shares of Eaton Vance have rallied 27.8% over the past year, outperforming the industry’s 10.3% gain.
Currently, Eaton Vance carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Finance Stocks That Took Similar Action
Over the past month, a few other finance companies have undertaken efforts to reward shareholders by announcing special dividend. Some of these include Cohen & Steers (CNS - Free Report) and Waterstone Financial (WSBF - Free Report) . Cohen & Steers declared a special dividend of $1 per share, which is payable on Dec 1 to shareholders of record as of Nov 16. Waterstone Financial announced a special dividend of 30 cents per share, which will be paid out on Dec 8 to shareholders on record as of Dec 1.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>