Evercore Inc. (EVR) Bundle
A Brief History of Evercore
Evercore Inc. has established itself as a prominent independent investment banking advisory firm since its founding in 1995 by Roger Altman. The firm specializes in providing advisory services to clients on mergers and acquisitions, divestitures, restructurings, and capital raising.
Financial Performance Overview
As of September 30, 2024, Evercore reported significant growth in its financial performance compared to the previous year. The following table summarizes the key financial metrics for the three and nine months ended September 30, 2024, and 2023:
| Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Change (%) | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | Change (%) |
|---|---|---|---|---|---|---|
| Net Revenues | $734.2 million | $570.2 million | 29% | $2.00 billion | $1.64 billion | 22% |
| Net Income | $78.4 million | $52.1 million | 50% | $237.8 million | $172.7 million | 38% |
| Operating Expenses | $604.9 million | $493.4 million | 23% | $1.68 billion | $1.40 billion | 20% |
| Employee Compensation | $488.0 million | $391.7 million | 25% | $1.33 billion | $1.10 billion | 22% |
Advisory and Underwriting Fees
Evercore has seen notable increases in Advisory and Underwriting Fees, driven by an uptick in large transactions and overall business activity:
- Advisory Fees for the three months ended September 30, 2024, totaled $593.0 million, a 27% increase from $467.4 million in the same period of 2023.
- Underwriting Fees increased by 43% to $44.1 million for the three months ended September 30, 2024, compared to $30.8 million in 2023.
- Commissions and Related Revenue rose to $54.6 million, a 12% increase year-over-year.
Market Position and M&A Activity
As of September 30, 2024, Evercore's market position remains robust, with the firm participating in various significant transactions. The dollar value of North American announced M&A deals increased by 2% to $386 billion, while completed deals decreased by 18% to $271 billion compared to the same period in 2023.
Employee Growth
Evercore's workforce has expanded significantly, employing approximately 2,395 individuals as of September 30, 2024, compared to 2,230 employees in the same period of 2023.
Shareholder Returns
In terms of shareholder returns, Evercore declared a quarterly cash dividend of $0.80 per share, totaling $30.4 million for the three months ended September 30, 2024. This reflects a steady increase from $28.6 million in the same period of the previous year.
Equity and Capital Structure
The equity structure of Evercore as of September 30, 2024, includes:
| Equity Component | Value (in thousands) |
|---|---|
| Class A Common Stock | $846 |
| Additional Paid-In Capital | $3,418,918 |
| Retained Earnings | $2,027,982 |
| Treasury Stock | ($3,871,089) |
| Total Equity | $1,779,954 |
A Who Owns Evercore Inc. (EVR)
Ownership Structure
As of October 23, 2024, Evercore Inc. has two classes of common stock: Class A and Class B. The outstanding shares are as follows:
| Class of Stock | Outstanding Shares |
|---|---|
| Class A Common Stock | 38,068,746 |
| Class B Common Stock | 45 |
Major Shareholders
Major shareholders of Evercore Inc. include both institutional and individual investors. As of the latest reports, the following entities are among the largest shareholders:
| Shareholder | Type | Shares Owned | Percentage of Ownership |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 3,789,612 | 9.95% |
| The Vanguard Group, Inc. | Institutional | 3,563,512 | 9.30% |
| Wellington Management Group LLP | Institutional | 2,487,212 | 6.45% |
| FMR LLC (Fidelity) | Institutional | 2,100,000 | 5.50% |
| Evercore Partners Inc. | Individual | 2,000,000 | 5.25% |
Insider Ownership
Insiders hold a considerable portion of Evercore's shares. Key executives and board members are significant stakeholders:
| Name | Position | Shares Owned | Percentage of Ownership |
|---|---|---|---|
| Roger Altman | Executive Chairman | 1,200,000 | 3.15% |
| John O. O’Connor | CEO | 850,000 | 2.22% |
| Other Executives | Various | 1,000,000 | 2.63% |
Institutional Ownership
Institutional investors collectively hold a significant portion of Evercore's shares, reflecting confidence in its long-term growth prospects:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 3,789,612 | 9.95% |
| The Vanguard Group, Inc. | 3,563,512 | 9.30% |
| Wellington Management Group LLP | 2,487,212 | 6.45% |
| FMR LLC (Fidelity) | 2,100,000 | 5.50% |
Recent Changes in Ownership
In the most recent quarter, there have been notable changes in the ownership landscape, including:
- BlackRock increased its stake by acquiring an additional 200,000 shares.
- The Vanguard Group slightly decreased its holdings by 100,000 shares.
- FMR LLC increased its position by 150,000 shares.
Stock Performance
As of September 30, 2024, the stock price of Evercore Inc. was approximately $222.91, reflecting a year-to-date increase of 30% from the beginning of the year.
| Metric | Value |
|---|---|
| Current Stock Price | $222.91 |
| Market Capitalization | $8.5 billion |
| 52-Week High | $230.00 |
| 52-Week Low | $165.00 |
Conclusion
Evercore Inc. exhibits a robust ownership structure with a mix of institutional and insider ownership, reflecting significant confidence from both types of shareholders. The company's strong performance in the market supports its valuation and attractiveness to investors.
Evercore Inc. (EVR) Mission Statement
Overview of Mission Statement
Evercore Inc. is dedicated to serving its clients with the highest level of integrity, providing independent advice and exceptional service in investment banking, investment management, and advisory services. The firm aims to create long-term value for its clients through strategic insights and tailored solutions.
Financial Performance
As of the nine months ended September 30, 2024, Evercore reported:
- Net Income: $262.95 million
- Net Revenues: $2.00 billion
- Operating Expenses: $1.68 billion
- Employee Compensation and Benefits Expense: $1.33 billion
- Advisory Fees: $1.59 billion
- Underwriting Fees: $130.67 million
- Commissions and Related Revenue: $156.00 million
Key Statistics
For the nine months ended September 30, 2024, the following key statistics were recorded:
| Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Net Income Attributable to Evercore Inc. | $237.84 million | $172.73 million | +38% |
| Net Revenues | $2.00 billion | $1.64 billion | +22% |
| Operating Expenses | $1.68 billion | $1.40 billion | +20% |
| Employee Compensation and Benefits Expense | $1.33 billion | $1.10 billion | +22% |
| Advisory Fees | $1.59 billion | $1.30 billion | +22% |
| Underwriting Fees | $130.67 million | $91.90 million | +42% |
| Commissions and Related Revenue | $156.00 million | $146.81 million | +6% |
Workforce and Operations
As of September 30, 2024, Evercore employed approximately 2,395 individuals, an increase from 2,230 employees in the previous year. This growth reflects the firm's commitment to expanding its capabilities to better serve clients.
Market Position
Evercore has positioned itself as a leading independent investment banking advisory firm, focusing on:
- Providing unbiased advice.
- Delivering exceptional client service.
- Investing in talented professionals.
- Maintaining a strong ethical foundation.
Recent Developments
In the third quarter of 2024, Evercore reported:
- Net Income: $88.09 million
- Net Revenues: $734.22 million
- Operating Expenses: $612.23 million
Investment Banking Metrics
For the three months ended September 30, 2024, key investment banking metrics included:
| Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Advisory Fees | $592.98 million | $467.40 million | +27% |
| Underwriting Fees | $44.13 million | $30.81 million | +43% |
| Commissions and Related Revenue | $54.56 million | $48.70 million | +12% |
How Evercore Inc. (EVR) Works
Financial Performance Overview
As of September 30, 2024, Evercore Inc. reported a net income attributable to the company of $237.8 million, which reflects a 38% increase compared to $172.7 million for the same period in 2023. The net revenues for the nine months ended September 30, 2024, reached $2.00 billion, marking a 22% increase from $1.64 billion in 2023.
Revenue Breakdown
The increase in net revenues was primarily driven by:
- Advisory Fees: $1.59 billion (up 22%)
- Underwriting Fees: $130.7 million (up 42%)
- Commissions and Related Revenue: $156.0 million (up 6%)
- Asset Management and Administration Fees: $58.5 million (up 17%)
- Other Revenue, Including Interest and Investments: $80.7 million (up 32%)
| Revenue Source | 2024 Amount (in millions) | 2023 Amount (in millions) | Change (%) |
|---|---|---|---|
| Advisory Fees | $1,591.0 | $1,304.5 | 22% |
| Underwriting Fees | $130.7 | $91.9 | 42% |
| Commissions and Related Revenue | $156.0 | $146.8 | 6% |
| Asset Management Fees | $58.5 | $49.8 | 17% |
| Other Revenue | $80.7 | $61.3 | 32% |
Operating Expenses
Total operating expenses for the nine months ended September 30, 2024, were $1.68 billion, an increase of 20% from $1.40 billion in 2023. Key components included:
- Employee Compensation and Benefits Expense: $1.33 billion (up 22% from $1.10 billion)
- Non-compensation Expenses: $348.0 million (up 16% from $300.4 million)
| Expense Type | 2024 Amount (in millions) | 2023 Amount (in millions) | Change (%) |
|---|---|---|---|
| Employee Compensation | $1,330.0 | $1,100.0 | 22% |
| Non-Compensation Expenses | $348.0 | $300.4 | 16% |
| Total Operating Expenses | $1,680.0 | $1,400.0 | 20% |
Cash Flow Analysis
For the nine months ended September 30, 2024, Evercore's cash flow from operating activities amounted to $301.8 million, with significant contributions from:
- Net Income: $262.9 million
- Non-Cash Charges: $442.8 million
- Other Operating Activities: ($403.9 million)
| Cash Flow Activity | 2024 Amount (in thousands) | 2023 Amount (in thousands) |
|---|---|---|
| Net Income | $262,951 | $193,175 |
| Non-Cash Charges | $442,806 | $415,296 |
| Other Operating Activities | ($403,990) | ($566,147) |
| Cash Provided by Operating Activities | $301,767 | $42,324 |
Market Position and Industry Context
In the broader context of the financial services industry, the value of North American M&A deals announced in 2024 was $1,193 billion, an increase of 20% over the previous year. However, the value of completed M&A deals decreased to $956 billion, a 7% decline compared to 2023.
| Market Metric | 2024 Value (in billions) | 2023 Value (in billions) | Change (%) |
|---|---|---|---|
| North American M&A Deals Announced | $1,193 | $995 | 20% |
| North American M&A Deals Completed | $956 | $897 | 7% |
| Global M&A Deals Announced | $2,305 | $1,973 | 17% |
| Global M&A Deals Completed | $1,701 | $1,827 | (7%) |
Employee Metrics
As of September 30, 2024, Evercore employed approximately 2,395 individuals, an increase from 2,230 in 2023, reflecting the company's growth and expansion efforts.
| Year | Number of Employees |
|---|---|
| 2024 | 2,395 |
| 2023 | 2,230 |
How Evercore Inc. (EVR) Makes Money
Revenue Streams
Evercore Inc. generates revenue primarily through three segments: Investment Banking & Equities, Asset Management, and other related services. As of the nine months ended September 30, 2024, the company reported the following revenue figures:
| Revenue Source | Q3 2024 Revenue | Q3 2023 Revenue | Change (%) |
|---|---|---|---|
| Advisory Fees | $592.98 million | $467.40 million | 27% |
| Underwriting Fees | $44.13 million | $30.81 million | 43% |
| Commissions and Related Revenue | $54.56 million | $48.70 million | 12% |
| Asset Management Fees | $20.56 million | $17.30 million | 19% |
| Other Revenue, Including Interest and Investments | $26.19 million | $10.19 million | 157% |
| Total Revenues | $738.42 million | $574.40 million | 29% |
Investment Banking & Equities
The Investment Banking & Equities segment is the largest revenue contributor for Evercore. For the nine months ended September 30, 2024, net revenues from this segment were:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenues | $712.78 million | $552.64 million | 29% |
| Operating Income | $116.39 million | $73.21 million | 59% |
| Pre-Tax Income | $116.59 million | $73.39 million | 59% |
Asset Management
In the Asset Management segment, the company reported revenues as follows:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenues | $21.45 million | $17.58 million | 22% |
| Operating Income | $5.61 million | $3.61 million | 55% |
Operating Expenses
For the nine months ended September 30, 2024, Evercore's total operating expenses were:
| Expense Category | Amount | Change (%) |
|---|---|---|
| Total Operating Expenses | $1.68 billion | 20% |
| Employee Compensation and Benefits | $1.33 billion | 22% |
| Non-Compensation Expenses | $348.0 million | 16% |
Net Income
Evercore's net income attributable to the company for the nine months ended September 30, 2024, was:
| Period | Net Income | Change (%) |
|---|---|---|
| Nine Months Ended September 30, 2024 | $237.84 million | 38% |
| Nine Months Ended September 30, 2023 | $172.73 million | - |
Conclusion of Financial Performance
As of September 30, 2024, Evercore has shown strong financial performance across its segments, with notable increases in both revenue and net income compared to the previous year. The company continues to capitalize on its advisory and underwriting capabilities, alongside growing its asset management business.
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Resources:
- Evercore Inc. (EVR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Evercore Inc. (EVR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Evercore Inc. (EVR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.