It has been about a month since the last earnings report for Eaton Vance (EV). Shares have lost about 1.2% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Eaton Vance due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Eaton Vance Q4 Earnings & Revenue Beat Estimates, Costs UpEaton Vance’s fourth-quarter fiscal 2020 (ended Oct 31) adjusted earnings of 88 cents per share for the reported quarter outpaced the Zacks Consensus Estimate of 86 cents. However, the bottom line declined 1% year over year.The results were driven by a rise in revenues and higher AUM balance (owing to inflows). However, increase in operating expenses was a headwind.Net loss attributable to shareholders (GAAP basis) was $35.9 million or 31 cents per share versus net income of $109.2 million or 96 cents per share in the prior year.For fiscal 2020, adjusted earnings per share of $3.29 lagged the consensus estimate of $3.34. Also, the metric was down 1% from the prior year. On a GAAP basis, net income was $138.5 million or $1.20 per share, down from $400 million or $3.50 per share in fiscal 2019.Revenues & Expenses Up (GAAP basis)Total revenues for the reported quarter were $451.1 million, up 4% year over year. A rise in management fees and performance fees were the main reason for higher revenues. Also, revenues beat the Zacks Consensus Estimate of $441.1 million.For fiscal 2020, total revenues grew 3% from a year ago to $1.73 billion. The top line beat the Zacks Consensus Estimate of $1.72 billion.Total expenses surged 56% from the prior-year quarter to $464.7 million. The rise was due to an increase in compensation, service fee expense, amortization of deferred sales commissions and other operating costs, which were partly offset by lower distribution expenses and fund-related expenses.Total operating loss was $13.7 million versus operating income of $135.4 million in the prior-year period.Liquidity Position Strong, AUM Balance ImprovesAs of Oct 31, 2020, Eaton Vance had $799.4 million in cash and cash equivalents compared with $557.7 million on Oct 31, 2019. The company had no borrowings outstanding under the $300-MILLION credit facility.Eaton Vance’s consolidated AUM rose 4% year over year to $515.7 billion as of Oct 31, 2020. For the fiscal fourth quarter, the company recorded market price appreciation of $11.7 billion, net inflows of $4.7 billion and new managed assets of $2.3 billion from the acquisition of business assets of WaterOak Advisors, LLC.Share Repurchase UpdateDuring fiscal 2020, Eaton Vance repurchased and retired nearly 4.2 million shares of its Non-Voting Common Stock for $171.5 million under the company’s existing repurchase authorization.How Have Estimates Been Moving Since Then?Fresh estimates followed an upward path over the past two months.VGM ScoresAt this time, Eaton Vance has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEaton Vance has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eaton Vance Corporation (EV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research