An analyst with Buckingham Research Group downgraded Eaton Vance's stock from "neutral" to "underperform," The Associated Press reports. The lowering was due in part to the bearish outlook for the broader asset management industry.

The analyst, William Katz, also pointed out that retail investors account for most of Eaton Vance's AUM.

Eaton Vance shares were trading at $16.90, down 3.65 percent, as of 2:44 p.m.

Meanwhile, Goldman Sachs analyst Marci Irizarry cut his fourth-quarter estimate for Eaton Vance to 34 cents per share. 

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