Evercore beats Q2 revenue, adjusted EPS estimates

Overview

• Investment banking advisory firm's Q2 net revenue rose 19% yr/yr, beating analyst expectations

• Adjusted EPS for Q2 beat consensus estimates

• Company declared quarterly dividend of $0.89 per share

Outlook

• Company did not provide specific guidance for the current quarter or full year

Result Drivers

• ADVISORY AND UNDERWRITING GROWTH - Higher advisory and underwriting fees driven by more large transactions and increased participation in deals

• RECORD BUSINESS SEGMENTS - Record Q2 revenues in North America Strategic Advisory, Private Funds Group, Equities, Underwriting, and Wealth Management businesses

• HIGHER OPERATING COSTS - Increased compensation and non-compensation expenses due to higher incentive accruals, salaries, travel, professional fees, and technology costs

Company press release: ID:nBwC0mV1a

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment banking & brokerage services peer group is "buy"

• Wall Street's median 12-month price target for Evercore Inc is $390.00, about 14.5% above its July 28 closing price of $340.50

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads

• July 28 - Invesco Q2 adjusted EPS beats analyst estimates on record inflows

• July 28 - AllianceBernstein Q2 adjusted EPS misses estimates on equity outflows

• July 29 - Nomura's first-quarter profit jumps 39%, boosted by markets

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)