Evercore Has Several Growth Drivers
Evercore: Time To Start Accumulating
Tougher Year Ahead For Evercore?
Wed, Apr. 27, 6:17 AM
Wed, Apr. 27, 6:08 AM
Tue, Apr. 26, 5:30 PM
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Wed, Feb. 3, 6:04 AM
Tue, Feb. 2, 5:30 PM
Dec. 9, 2015, 8:55 AM
- "Great bankers will figure out a way to make money," says Evercore Partners (NYSE:EVR) CEO Ralph Schlosstein, telling an investor conference his inclination is to hire rainmakers even when there's no job opening.
- He reminds the audience of a quote from Siegmund Warburg who would often get asked how he had so many great bankers at his firm: "It’s very simple. I look at a great banker the way I look at a nice tie. If I see it, I buy it whether I need it or not."
- Evercore is on a record hiring pace this year, including brining on dealmakers from Goldman Sachs and BofA, plus Lazard's Daniel Aronson for restructuring - an area where Schlosstein says his bank is better positioned versus larger competitors. “We have a benefit that you at Goldman Sachs don’t have, and that’s when things get a little tougher, we have a restructuring business."
- Previously: Boutique IBs hoping rates hikes boost restructuring work (Sept. 21)
Nov. 20, 2015, 3:36 PM
- The top five on KBW's list of financial stocks which saw the most institutional buying in Q3:
- Great Western Bancorp (NYSE:GWB) had a 12% boost in institutional ownership and gained 5.2% during the quarter.
- Kearny Finanical (NASDAQ:KRNY) had a 9.4% increase in ownership; Lending Club (NYSE:LC) a 7.9% increase; Popular (NASDAQ:BPOP) a 7.3% increase; Evercore Partners (NYSE:EVR) a 7.2% increase.
- Overall, says KBW, institutional funds boosted their holdings of financial stocks in Q3, but remain underweight the sector for the 6th straight quarter (just barely now).
Nov. 2, 2015, 7:17 AM
- Evercore (NYSE:EVR) announces a secondary offering of 5.455M shares, all of which are being sold by Mizuho Bank. 3.1M shares will be sold to the public, and Evercore is buying the rest of the offering.
- The shares being sold are those that are to be issued to Mizuho following exercise of a warrant the bank purchased in 2008. As part of the exercise, the bank will surrender the $120M of 5.2% senior notes due in 2020 that it acquired at that time.
- The two companies also announce an extension of their M&A cross-border alliance for another three years.
- Previously: Evercore Partners beats by $0.12, beats on revenue (Nov. 2)
Nov. 2, 2015, 6:07 AM
- Evercore Partners (NYSE:EVR): Q3 EPS of $0.81 beats by $0.12.
- Revenue of $305.6M (+36.0% Y/Y) beats by $30.86M.
Nov. 1, 2015, 5:30 PM
Oct. 27, 2015, 5:30 PM
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Oct. 12, 2015, 9:15 AM
- Continuing to prep for more energy deals, Evercore (NYSE:EVR) hires Bank of America rainmaker Laurie Cohen as a Senior Managing Director in charge of the company's Power and Utilities business in New York.
- Cohen was Global Co-Head of the Energy & Power Investment Banking Group at BAML.
- Evercore CEO Ralph Schlosstein: "We already have a strong franchise in this area in Europe and this appointment is a natural expansion of our preeminent Energy and Infrastructure investment banking practices in the U.S.
Sep. 21, 2015, 4:25 PM
- "I sometimes joke that it's almost impossible to go bankrupt in America today because somebody will lend you more money," says Greenhill & Co. (NYSE:GHL) CEO Scott Bok. "I think that will change," once the Fed begins raising interest rates. "I think the restructuring business could get extremely active again."
- Greenhill and boutique rivals like Moelis & Co.(NYSE:MC) and Evercore (NYSE:EVR) need more restructuring work to supplement their M&A advisory businesses. Both stocks are lower by 20% year-to-date.
- For its part, Evercore has been hiring to prepare for an increase in companies going bankrupt, and bankruptcy big-wheel Houlihan Lokey (NYSE:HLI) raised a bundle in an IPO last month.
- Source: Bloomberg
Jul. 22, 2015, 6:06 AM
- Evercore Partners (NYSE:EVR): Q2 EPS of $0.65 beats by $0.03.
- Revenue of $268.5M (+23.6% Y/Y) beats by $11.69M.
Jul. 21, 2015, 5:30 PM
Jun. 25, 2015, 2:59 PM
- Announced M&A year-to-date of $2.1T is up 37% from a year ago, and the second-busiest year ever, trailing just 2007.
- Adjusting for growth in global market valuations, however, says Goldman, and deal volume is still 15% below historical averages and 30% lower than 2007's record.
- According to Goldman, M&A cycles typically occur over five years, and with 2014 being the first year of underlying growth, it means this current uptick has another 2-3 years to go.
- The Goldman team in particular likes the stocks of boutique M&A banks such as Lazard (LAZ) and Greenhill (GHL +3.7%).
- Others to consider could be Evercore Partners (EVR +0.2%) and Moelis & Co. (MC -0.8%).
- ETFs: KCE, KBWC
Evercore Partners, Inc. is an independent investment banking advisory company. The company operates through two segments: Investment Banking and Investment Management. The Investment Banking segment includes its Advisory services, through which it provides advice to clients on mergers,... More
Industry: Asset Management
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