NEW YORK (TheStreet) -- Shares of Eaton Vance (EV) - Get Report are advancing by 0.75% to $36.35 on Wednesday morning, after the company posted higher-than-expected revenue for the 2016 fiscal second quarter.
Before today's market open, the Boston-based investment management company reported revenue of $323.3 million, above Wall Street's projections of $321.4 million.
Last year, the company reported revenue of $331.6 million.
Adjusted earnings of 48 cents per diluted share matched analysts' estimates.
"Eaton Vance's second quarter operating results were adversely affected by lower revenue," CEO Thomas E. Faust Jr. said in a statement.
"Favorable market performance and positive organic revenue growth in the second quarter position the company for improved results going forward," he added.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its increase in net income, notable return on equity, good cash flow from operations and growth in earnings per share. We feel its strengths outweigh the fact that the company shows low profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: EV