|Bid||48.00 x 800|
|Ask||48.05 x 900|
|Day's Range||47.74 - 48.49|
|52 Week Range||32.28 - 48.81|
|Beta (3Y Monthly)||1.54|
|PE Ratio (TTM)||14.08|
|Earnings Date||Nov 26, 2019|
|Forward Dividend & Yield||1.50 (3.11%)|
|1y Target Est||44.94|
M&T Bank's (MTB) board of directors announces 10% hike in the company's quarterly common stock dividend, to be paid on Dec 31, to shareholders of record as of Dec 2, 2019.
Federated Investors (FII) concludes reorganization of 18 PNC equity, fixed-income and liquidity mutual funds into 16 corresponding Federated mutual funds.
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.
BOSTON , Nov. 19, 2019 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) will host a conference call and webcast at 11:00 AM ET on Tuesday, November 26, 2019 to discuss financial results for the fiscal quarter ...
Moody's (MCO) soars 57.2% year to date on the back of rebound in bond issuance volume and strategic buyouts. These factors are likely to support the company in the upcoming quarters as well.
Following the approval, T. Rowe Price (TROW) will be able to offer active strategies without the need to disclose certain information that might be harmful to the interests of fund shareholders.
EVM is a subsidiary of Eaton Vance Corp. Eaton Vance Corp. (EV) provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through principal investment affiliates Eaton Vance Management, Parametric, Atlanta Capital, Hexavest and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up and top-down fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures.
BOSTON , Nov. 14, 2019 /PRNewswire/ -- Eaton Vance Municipal Bond Fund (NYSE American: EIM) (the "Fund") today commenced a cash tender offer for up to 5% or 3,986,326 of its outstanding common ...
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.
(Bloomberg) -- Calling for a resurgence in inflation has proved a fool’s errand all year but the likes of BlackRock Inc. and Eaton Vance are in fighting spirits as they bet in the bond market against economic doom and gloom.As recent data undercut the case for recession and deflation, just a modest rise in price expectations which are still close to multi-year lows would boost long positions in so-called breakeven trades, according to fund managers.With developed market bonds flashing price stagnation for the next decade, the thinking goes that fixed-income strategies betting on a firmer inflation trajectory look too attractive to pass up.“Our view around inflation continues to be more positive than the market is pricing,” said Scott Thiel, BlackRock’s chief fixed-income strategist. “If financial conditions stayed where they were, we would get a situation where growth would effectively bottom and then re-accelerate back into more positive territory.”Thiel likes index-linked bonds in the U.S. and northern Europe, and sees the potential for a 15 basis-point upward move in breakeven rates across the board.Practically no one is betting on runaway inflation. But the BlackRock investor is not alone in eyeing a stronger price outlook relative to market expectations, even after this month’s upward move in U.S. breakevens driving nominal Treasury yields higher.Merian Global Investors has been adding to breakeven trades over the past two months, with long positions in France, Italy and Germany. Eaton Vance touts cheap breakevens in Australia and New Zealand in its Global Macro strategy and its Short Duration Strategic Fund.Buoyed by monetary stimulus and the prospect of government spending around the world, Amundi SA still talks up U.S. 10-year breakevens. “The Fed’s easier stance could provide a floor to the currently very depressed level, particularly if the recent escalation of trade war recedes somewhat,” said Vincent Mortier, deputy CIO at the 1.56 billion euro ($1.7 billion) manager.It may not take much to move the needle, amid signs economic data may be bottoming out relative to expectations. In Germany, domestic demand has held up despite trade weakness. The country’s sale of index-linked bonds due in 2030 this week drew bids 2.3 times the amount on offer, an increase from the average cover of around 1.6 times in the first half of the year.Lower oil prices relative to October last year may also be “skewing” the price outlook to the downside, according to Dariush Mirfendereski, the London-based global head of inflation trading at HSBC Bank Plc.“If you believe base effects are more one-offs -- and not a predictor of the next 10 years -- then any overshoot or undershoot of rates could be an opportunity to be a contrarian investor,” he said. “The longer the maturity of the bonds, the better this type of trading strategy is likely to work.”With signs the U.S and China may be rolling back on tariffs to work toward a deal, machinations in global commerce could prove a win-win for inflation-protection investing.Easing tensions are likely to juice short-term price expectations via improved business and consumer confidence. But BlackRock, Eaton Vance and Merian Global Investors warn the longer-term threat of protectionism risks higher inflation through tariffs, disruption of supply chains and exporters shifting to consumption-led growth.“When the trade war heats up, inflation expectation falls due to the demand shock nature of the trade war -- which shows me that markets are trading as if weaker demand will lower inflation,” said Eric Stein, co-director of Global Fixed Income at Eaton Vance. “They ignore the supply-side effects of higher tariffs, which could lead to higher inflation. Breakevens are very attractive place to invest.”For Merian Global Investors’ Mark Nash, the improved outlook in China and a softer dollar -- keeping global financial conditions easy -- could also help lift the price outlook, including in the euro zone where expectations remain not far off record lows.“The risk-reward is quite good as such low inflation is expected now,” said the London-based head of fixed income.It all suggests the interest-rate market could end 2019 on a more buoyant note on the economic trajectory relative to the recent angst.“The market is too pessimistic,” said Jim McCormick, global head of desk strategy at NatWest Markets. “Across much of the G-10 countries, wages are rising. Yet the inflation market implies we are staring at deflation risks.”(Adds U.S.-China tariff report in 13th paragraph.)To contact the reporter on this story: Anchalee Worrachate in London at email@example.comTo contact the editors responsible for this story: Samuel Potter at firstname.lastname@example.org, Sid Verma, Todd WhiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
BOSTON , Nov. 1, 2019 /PRNewswire/ -- The following Eaton Vance closed-end funds (the "Funds") announced distributions today as detailed below. Declaration – 11/1/2019 Ex-Date – 11/8/2019 ...
With the first-quarter round of 13F filings behind us it is time to take a look at the stocks in which some of the best money managers in the world preferred to invest or sell heading into the second quarter. One of these stocks was Eaton Vance Corp (NYSE:EV). Eaton Vance Corp (NYSE:EV) investors should […]
BOSTON , Oct. 31, 2019 /PRNewswire/ -- The Eaton Vance closed-end funds listed below released today the estimated sources of their October distributions (each a "Fund"). This press release is ...
(Bloomberg Opinion) -- Ask fund managers about their worst nightmare, and almost surely it’s some variation of being a “forced seller” in a weak market. Investors get panicky, rush to pull their money out and managers have no choice but to offload securities at fire-sale prices to raise cash.One of the benefits of running a collateralized loan obligation is that the constant specter of redemptions is nonexistent. The money is raised up front by selling tranches of bonds split up by credit rating, and then the manager purchases a swath of leveraged loans to pay those investors. The CLO securities can change hands in the secondary market, but the manager doesn’t have to worry about being on the hook for unloading loans if some people want out.And yet, even CLO managers can’t entirely escape forced selling. As a recent Bloomberg Businessweek article described, most of these vehicles are prohibited from having more than 7.5% of their portfolio tied up in loans rated triple-C or worse. During the heights of the economic expansion, that hasn’t been an issue. But given that almost one-third of leveraged loans, by some estimates, are just a downgrade away from triple-C, even a modest slowdown could be enough to create a snowball effect of sorts. In such a situtation, “the CLO managers will be in a bind: either unload that debt, and fast, or risk tripping ratings triggers that prevent them from making some payments to their investors,” Bloomberg’s Lisa Lee, Sally Bakewell and Katherine Doherty wrote. Given that CLOs own more than half of the leveraged loans outstanding, and big mutual-fund managers like Eaton Vance Corp. tend to stick to higher-quality obligations, it’s easy to envision holders of triple-C loans having to sell into a vacuum, causing spectacular price drops. Credit to Lee, Bakewell and Doherty for this illustrative chart:Obviously, a large-scale collapse into triple-C ratings hasn’t happened yet. But cracks are beginning to emerge in the riskiest corners of the debt markets.And Andrew Curtis is lying in wait.Curtis is the head of Z Capital Credit Partners, which has issued two CLOs that can invest up to 50% in triple-C rated loans. Along with Ellington Management Group and HPS Investment Partners, the firm is effectively betting that when the inevitable spate of downgrades comes, its analysts can sift through the wreckage to find ultra-cheap debt from companies that are strong enough to pay back what they owe.I’ve been skeptical of this approach in the past, comparing it in July to catching a bunch of falling knives. At best that will usually come with a few deep cuts.However, since then, the Federal Reserve has cut interest rates twice and looks likely to do so again next week. This easing, which was more aggressive than markets expected, increases the likelihood that if the economy is truly on the verge of a slowdown, the central bank’s preemptive actions might have curbed its severity. In that kind of situation, companies with leveraged loans might still struggle and have their ratings downgraded to triple-C, but not necessarily hurtle toward default and restructuring. Survive and pay is something of an ideal scenario for these highly flexible CLOs.When asked if that aligns with his view of the markets, Curtis agreed. “In some ways, for these vehicles, potentially the best environment is where you have a slowdown but not a descent into full-blown recession. That slowdown drives weakening, but not terribly weak financial performance. That in turn drives volatility in prices and downgrades, which in turn drive further price volatility.”No one is rooting for a downturn, of course. “People love to talk about this being the beginning of the end, but we’re not convinced that’s the case,” Curtis said. Still, for investors, it pays to think ahead for what types of strategies might work well if economic conditions change. Leveraged loans, while risky by nature, are nonetheless senior debt obligations of a company. CLOs typically diversify across 100 or more borrowers. In the case of the Z Capital Credit Partners’s flexible CLOs, the triple-A tranche is 50% of the structure, less than normal, adding an extra buffer for losses. Add in the fact that they have the option to snipe their favorite triple-C rated loans at potentially bargain-bin prices, and almost never have to succumb to forced selling, and you can start to see the appeal.“People view vanilla-type, regular-way CLOs as safer than these newer deals, but vanilla deals have higher leverage, are all forced to buy the same covenant-lite slice of the loan market, and their structures push them to sell at the same time, which we believe makes them more dangerous,” Rob Kinderman, head of credit strategies at Ellington, said in July.I’m not sure I’d go so far to say that CLOs that own lower-rated loans are actually less risky. But they’re not the “powder keg” that worries investors. That stems from the vicious cycle of forced selling, which prevents companies from obtaining new credit or refinancing, which could vanquish them entirely.By contrast, while the overall CLO market has more than doubled to $660 billion since 2010, there’s only about $3 billion tied up in CLOs that are more lenient about owning triple-C debt. That’s paltry in comparison to the amount of leveraged loans on the brink of falling into that lower rating tier. Curtis said he and his team analyze companies as they veer toward a downgrade, rather than after, so they know which loans to buy and which to avoid if prices move sharply lower.Even now, Curtis said his CLOs have only about 15% invested in triple-C loans. He’s waiting for bigger disruptions that push prices even lower while also being cognizant that the single-B rated debt he owns could also fall into the triple-C tier. “You don’t want to utilize the capacity too early because then you don’t have the flexibility when the market is most interesting,” he said. Right now, the consensus is that low-rated debt is concerning, but it’s still well short of outright panic. If the CLO powder keg does blow eventually, better to be safely off to the side picking up the pieces than embroiled in the volatility.To contact the author of this story: Brian Chappatta at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or 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/opinion©2019 Bloomberg L.P.
New regulations allow the launch of actively-managed ETFs that disclose their holdings quarterly, like mutual funds, rather than daily.
BOSTON , Oct. 14, 2019 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) today reported consolidated assets under management of $489.7 billion on September 30, 2019 . This compares to $482.8 billion on July ...