Shares of Eaton Vance Corp. rose Thursday a day after the investment manager said its fiscal second-quarter profit more than doubled.
Eaton Vance shares rose $3.18, or 8.2 percent, to $41.94. Shares have traded between $26.94 and $50.03 during the past year.
The company earned $53.2 million, or 43 cents per share, during the quarter ended April 30, compared with profit of $23.1 million, or 17 cents per share, in the same period last year. Profit met analysts' expectations, according to Thomson Financial.
Eaton Vance's earnings were boosted by strong growth in assets under management. Clients added $4.9 billion to their accounts in the quarter, boosting investments under management by 4 percent to $159.1 billion.
"We think Eaton Vance once again demonstrated its ability to generate organic growth in a variety of operating environments," Keefe, Bruyette & Woods Inc. analyst Robert Lee wrote in a research note.
Lee maintained a "Market Perform" rating for the stock, saying the strong organic growth is reflected in current prices.
Goldman Sachs analyst Marc Irizarry increased his 2009 and 2010 earnings estimates for Eaton Vance, saying its fundamentals continue to improve, led by organic growth rates and "increased momentum" in its separately managed accounts division.
Irizarry raised his 2009 estimate to $2.15 per share from $2.03 per share. He raised his 2010 estimate to $2.40 per share from $2.37. His third and fourth-quarter estimates remained the same at 48 cents per share and 49 cents per share, respectively.
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