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Shares of Eaton Vance (NYSE:EV) were up nicely yesterday. The mutual fund company reported Q1 earnings of 21 cents a share, which is a big drop from the 46 cents it made during last year’s first quarter (Call Transcript).

The silver lining is that Wall Street was expecting 19 cents a share. Revenues dropped from 28%, from $289.8 million to $209.5 million. This is going to be a rough year for Eaton Vance, but few stocks have the long-term record they do. The stock is worth holding, and it also carries a nice 4% yield.

Disclosure: Author holds a position in EV.

Source: Eaton Vance: Earnings Plunge, Stock Surges