Evercore stock dips after earnings and revenue fall short of analyst views, but the bank is hiring
Evercore Inc. (EVR) stock was down 3% in pre-market trading on Wednesday after the investment bank's second-quarter profit and revenue fell short of estimates, while the bank said it hired more senior managing directors in anticipation of an increase in deal-making. Evercore said its profit for the three months ended June 30 dropped by 61% to $37.21 million, or 95 cents a share, from $95.63 million, or $2.33 a share, in the year-ago quarter. Evercore was expected to earn $1.26 a share, according to FactSet research. Revenue at Evercore dropped to $503.6 million from $635.18 million, below the analyst target of $512.9 million. Evercore said seven advisory senior managing directors joined the firm during the quarter, and an additional six advisory senior managing directors committed to work at the bank. "It has been an extraordinary time to recruit exceptional talent and we are proud of our hiring success so far this year, positioning the firm for when the market recovers," said Evercore CEO John S. Weinberg. Senior chairman Robert Altman said the firm has done more external hiring in 2023 at the senior managing director level than any time in the bank's history.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-26-23 0756ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations